Hi expert solve this question. Accounting Wolfard Equipment Company had the following data for theperiod just ended:Cashsales, $40,000; creditsales, $280,000;salesdiscounts, $25,000; sales returns & allowances, $18,000; freight-in, $23,000; and freight-out, $16,000.The company would report net sales revenue on its incomestatement of:a) $238,000.b) $254,000.c) $261,000.d) $277,000.e) None of the above.

Step 1:- Define Net SalesSales consist of cash sales and credit sales. The cost of sales returns,…

Answered: Wolfard Equipment Company had the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 5EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

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During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of $5,500,000 and average capital assets of $12,000, 000. What is the sales margin?
Pollux Company had the following income statement for last year Sales-$360,000 Less: Cost of goods sold-$195,000 Gross margin-$165,000 Less: Selling & administration expense-$78,600 Operating income- $86,400 Beginning assets were $565,000 and ending assets were $597, 000. Carry computations out to three decimals places A. What are average operating assets? B. what is margin? C. what is turnover? D. What is ROI?
Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and Allowances, $73,000; Cost of Goods Sold, $580,000; and Selling, General & Administrative Expenses, $120,000. How much was Quartz’s gross profit? $802,000 $222,000 $875,000 $248,000 $102,000
Calculate the net income for a company given the following information: Sales revenue = $100,000, Cost of goods sold = $40,000, Operating expenses = $20,000, Interest expense = $5,000, and Income tax rate = 25%.
The following data and information are provided for Waltz Corporation. Use net income after taxes as margin. Sales Revenue $1,000,000 Average total assets used during the year = $200,000 Cost of Goods Sold -500,000 Inventory = $60,000 Gross Margin 500,000 Long-term liabilities = $100,000 Selling Expenses -386,000 Accounts receivable = $10,000 Administrative Expenses -80,000 Cost of total invested capital = 12% Net Operating Income 34,000 Fixed expenses = $300,000 Other Income & Expense -6,000 Variable expenses = 666,000 Net Income before Taxes 28,000 Average price per unit sold = $10 Income Taxes -8,000 Net Income after Taxes $ 20,000…
Cushman Company had $820,000 in sales, sales discounts of $12,300, sales returns and allowances of $18,450, cost of goods sold of $389,500, and $282,080 in operating expenses. Net income equals??
Edison Co. reported the following for the current year: net sales of $80,000; cost of goods sold of $56,000; net income of $16,000; beginning balance of total assets of $60,000; and ending balance of total assets of $68,000. Compute (a) profit margin and (b) return on total assets.
16 )
Rogue Industries reported the following items for the current year: Sales = $3,000,000; Cost of Goods Sold = $1,500,000; Depreciation Expense = $170,000; Administrative Expenses = $150,000; Interest Expense = $30,000; Marketing Expenses = $80,000; and Taxes = $300,000. Rogue's gross profit is equal to Select one: a. 1,070,000 b. $1,100,000 c. $1,500,000 d. $770,000
During the year, net sales were $131,000; gross profit was $53,000; net income was $21,500; income tax expense was $5,300; and selling, general, and administrative expenses were $23,500. Required: Calculate cost of goods sold, income from operations, income before taxes, and interest expense. Income Statement Net sales Cost of goods sold Gross profit Selling, general, and administrative expenses Income from operations Interest expense Income before taxes Income tax expense Net income $ $ $ 131,000 53,000 23,500 5,300 21,500
In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of goods sold was $450,000. The gross profit % (rate) was a) 41.7%. b) 40%. c) 37.5%. d) 36%.
Amaz-a-nation reported the following data for the year just ended: sales revenue, $1,850,000; cost of goods sold, $860,000; cost of goods manufactured, $566,000; and selling and administrative expenses, $183,000. What is Amaz-a-nation's gross margin?

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