QUESTION 14Random Rotailers, Inc.'s income statoment for the year ended December 31, 2015, included the folowing accounts:Sales..Cost of goods sold.Selling expenses (total.General and administrative expenses.$100,000,000$36,000,000$10,000,000$25,000,000Income tax expense...$5,500,000What was the gross profit ratio for the year-ended December 31, 20X5?Oa 25.0%Ob.36.0%O. 64.0%Od. 40.0%QUESTION 15XYZ Co. extemal auditor rendered an opinion on the financial statements which stated that, in the opinion of the auditor, the financial statementsand related disclosures fairly presented financial information in all material renpects fairly in terms of U.S. GAAP except for the fact that an assetthat should have been reported at original historical cost wos reported at its higher tair market value as of the date of the preparation of thestatement of financial position. This is an example of a (an)On Qualifed opinion.Ob Disclaimer opinion.Adverse opinion.Unqualified (unmodified) opinion.

The first question is answered for you. Please resubmit specifying the question number you want…

Answered: What was the gro6s profit ratio for the…

Business

Accounting

What was the gro6s profit ratio for the year-ended December 31, 20XS?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A condensed income statement for Weber Associates and a partially completed vertical analysis follow. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year, Cost of Goods Sold was 31 percent of Net Revenues, computed as ($1,397 ÷ $4,571). 2. Does Cost of Goods Sold, as a percentage of Net Revenues, represent better or worse performance in 2019 as compared to 2018? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year, Cost of Goods Sold was 31 percent of Net Revenues, computed as ($1,397 ÷ $4,571). (Decreases should be indicated by a minus sign. Round your answers to the nearest whole percent.) Net Revenues Cost of Goods Sold Research and Development Expense Sales and Marketing Expense General and Administrative Expense Income from Operations Other…
16 )
b) Calculate mark-up (in percentage to 2 decimal places)c) Calculate the margin as a % to 1 decimal placed) What is the operating profit margin percentage if the selling expense isreduced by 25%? Show this to nearest whole number %e) Define the following and provide respective examples.f) If a company has a mark-up of 27% and sales revenue of £130,597, thenwhat is the cost of sales in whole £’s?g) If a company has a net margin of 50%, gross margin of 66.67% and costs of sale of £1,150,000, then what is the sales revenue and overhead?
In a common-sized income statement, 100% is the a. net cost of goods sold b. gross profit c. sales d. net income
Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 79,000 48,000 29,000 0 12,000 4,000 $ 9,200 12,200 40,000 82,000 197,600 107,000 27,000 35,000 $ 341,000 $ 341,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,100 direct materials to Job 402. $ 7,400 direct materials…
What are the following amounts for the year ended 2/1/20: Net Sales _________ Cost of Goods Sold ____________ Gross Margin ____________ Gross Margin Percentage ____________ Operating Income ____________ Net Income ____________
X-1 Corp's total assets at the end of last year were $420,000 and its EBIT was $47,500. What was its basic earning power (BEP) ratio? O a. 15.08% O b. 11.31% O c. 10.16% O d. 8.48% O e. 5.65%