Chapter 16, Problem 7BE

General Accounting

Please provide the answer to this general accounting question using the right approach.

I am searching for the correct answer to this general accounting problem with proper accounting rules.

The following figures are reported on the income statement of Brighton Co.: • Revenue: $50,000 • Cost of goods sold: $20,000 • Operating expenses: $22,000 • Net income: $8,000 What is the gross margin percentage? a) 60.0% b) 44.0% c) 40.0% d) 16.0%

The petty cash administrator at Evergreen Business Solutions performed the weekly reconciliation. The fund was established at $950, with receipts showing staff refreshments $210, postage $145, and parking fees $265. When counting the remaining cash, only $275 was found. The manager asked to determine the discrepancy amount.

I am searching for a clear explanation of this financial accounting problem with valid methods.

What is the value of the office supplies that should appear on balance sheet?

I am looking for the correct answer to this general accounting question with appropriate explanations.

What is the unit product cost for the month under variable costing?