During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000.
Question:
a. What is the amount of the gross profit?
b. Compute the gross profit percentage (gross profit divided by sales).
c. Will the income statement necessarily report a net income? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (16 reviews)
a 7644000 31850000 24206000 b 24 7644000 3185...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Cost Accounting questions
-
During the current year, merchandise is sold for $32,800 cash and $379,500 on account. The cost of the merchandise sold is $250,000. What is the amount of the gross profit?
-
During the current year, merchandise is sold for $375,000 cash and $815,000 on account. The cost of the merchandise sold is $700,000. What is the amount of the gross profit?
-
During the current year, merchandise is sold for $795,000. The cost of the merchandise sold is $477,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross...
-
Return to Better Mousetraps in Problem 18. Suppose the firm can cut its requirements for working capital in half by using better inventory control systems. By how much will this increase project NPV?...
-
The senior management of Calvin Company has proposed the following three performance measures for the company: 1. Net income as a percent of stockholders equity 2. Revenue growth 3. Employee...
-
An electronic circuit board dissipating 50 W is sandwiched between two ducted, forced-air-cooled heat sinks. The sinks are 150 mm in length and have 24 rectangular passages 6 mm by 25 mm. Atmospheric...
-
Given the following costs for Lease A, all incurred during 2018, prepare income statements and unclassified partial balance sheets for a successful efforts (SE) company and a full cost (FC) company....
-
Golden Years Easy Retirement Homes owns several adult care facilities throughout the southeast United States. A budget analyst for Golden Years has collected the data found in the file Dat9-10.xls on...
-
The Zagat Restaurant Survey provides food, decor, and service ratings for some of the top restaurants across the United States. For 21 restaurants located in a certain city, the average price of a...
-
The Temple Toy Company has decided to manufacture a new toy tractor, the production of which is broken into six steps. The demand for the tractor is 4800 units per 40-hour workweek: TASK A B C D E F...
-
Financial statement data for years ending December 31, 2019 and 2018, for Edison Company follow: ______________________________________ 2019 _____________ 2018 Sales...
-
After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The...
-
a. Express sin 3cos in the form Rsin( ), where R > 0 and 0 < < 90. Give the exact value of R and the value of correct to 2 decimal places. b. Hence solve the equation sin 3cos = 2 for 0 < ...
-
Putting a clear plastic sheet over a swimming pool helps keep the water warm during dry weather. Explain
-
Chalk is calcium carbonate, CaCO 3 . (Its basicallymade of tiny shells of ancient sea creatures.) The density ofchalk is 2.499 g/cm 3 . Calcium carbonate reactswith hydrochloric acid to make calcium...
-
Reflecting upon your learnings of Digital Business Analysis core knowledge areas and skillset and Plan future professional development to address areas for improvement. Develop strategies for own...
-
Exercise 13-1 Below are two classes that store some information about two different types of art pieces, Paintings and Sculptures. Each class has an instance variable containing the artist's name (a...
-
How has the development of advanced numerical modeling tools like the finite difference method (FDM) and the distinct element method (DEM) revolutionized the analysis of soil-structure interaction,...
-
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. Rent paid in advance for use of property B....
-
Quadrilateral EFGH is a kite. Find mG. E H <105 G 50 F
-
A stockbroker advises a client to buy preferred stock with that type of stock, [you] will never have to worry about losing the dividends. Is the broker right?
-
A stockbroker advises a client to buy preferred stock with that type of stock, [you] will never have to worry about losing the dividends. Is the broker right?
-
Bernie Ebbers, the CEO of WorldCom, a major telecommunications company, was having personal financial troubles, Ebbers Pledged a large stake of his WorldCom stock as security for some personal loans....
-
Assignment A partnership is a legal entity formed by two or more people who agree to share the profits and losses of a business. Partnership accounting is the process ofrecording and reporting the...
-
Which statement below correctly describes merchandise inventory?Multiple choice question.Merchandise inventory is an asset reported on the balance sheet and contains the cost of products purchased...
-
Consulta las fuentes orientadas y otras de inters relacionadas con la asignatura y realiza las siguientes actividades: Con los conocimientos adquiridos en la unidad y las orientaciones del...
Study smarter with the SolutionInn App