Chapter 15, Problem 15.40E

Solve this Accounting MCQ

I need help with this general accounting question using standard accounting techniques.

Elegant Furnishings earned net sales revenue of $42,375,000 in 2023. The cost of goods sold was $29,662,500, and net income reached $7,800,000, the company's highest ever. Compute the company's gross profit percentage for 2023.

Depreciation is classified as a(n):a) Assetb) Expensec) Liabilityd) Revenue

Strudel Company reported 2008 sales ($ in millions) of $4,825 and a cost of goods sold of $3,560. The company uses the LIFO method for inventory valuation. It discloses that if the FIFO inventory valuation method had been used, inventories would have been $86.3 million and $71.8 million higher in 2008 and 2007, respectively. If Strudel used the FIFO method exclusively, it would have reported 2008 gross profit closest to? A. $1,265.0 million B. $1,279.5 million C. $1,351.3 million

Could you help me solve this financial accounting question using appropriate calculation technical.

5 POINTS

Which account is classified as a liability?a) Accounts Receivableb) Inventoryc) Accounts Payabled) Revenue

Please explain the solution to this general accounting problem with accurate explanations.