For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000,

Question:

For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of merchandise sold was $3,000,000.
a. What was the amount of net sales?
b. What was the amount of gross profit?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

See More Books

Question Posted: Aug 27, 2011 09:49 AM

See More Questions

The Starlight, Inc. financial statements for the fiscal year ended June 30, 2013, are presented below. The firm's sales are projected to grow at a rate of 20 percent next year, and all financial...
For the fiscal year ended April 30, 2015, Interform Corp. had the following account balances: Dr (Cr) Accounts receivable ............. $ 5,102,050 Notes receivable, due January 2016 ..........
The financial statement for urban outfitters for the fiscal year ending Jan 2012 can be found on google. Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this...
1. Conduct a SWOT analysis for HHI's proposed electronic commerce Web site. You can use the information in the case narrative, your personal knowledge of the retail hardware industry, and information...
The balance sheet of Terrier Company at the end of 2016 is presented here, along with certain other information for 2017: ..............................................................December 31,...
Let pM and pF be the proportions of all college males and females who worked last summer. The hypotheses to be tested are a. H 0 : p M p F = 0 versus H a : p M p F 0. b. H 0 : p M p F = 0 versus...
Inferentially, is there a significant relationship between the two variables? What tells you this?
Parisian Cosmetics Company is planning a one-month campaign for September to promote sales of one of its two cosmetics products. A total of $140,000 has been budgeted for advertising, contests,...
The following data about Maxwell Company is given for the month of August. August 1 Inventory 800 units at P10 12 Purchase 1,000 units at P12 14 Purchase 500 units at P11.50 16 Issue 800 units 18...
Balance sheets and income statements for 3M Company follow. 3M COMPANY Consolidated Statements of Income For Years ended December 31 ($ millions) 2018 2017 Net sales $32,765 $31,657 Operating...
Identify the errors in the following schedule of cost of merchandise sold for the current year ended July 31,2010: Cost of merchandise sold: Merchandise inventory, July 31, 2010 Purchases Plus:...
The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) Selling, (b) Administrative, or (c)...
As shown in Fig. 13-5, a column of water 40 cm high supports a 31-cm column of an unknown liquid. What is the density of that liquid? 40 cm U A Fig. 13-5 31 cm
Global Operations Management is supported by Strategic Supply Chain Management in many ways. Elucidate the following; List and briefly define/describe the Five (5) Components of Strategic Supply...
The Alpine House, Inc. is a large winter sports equipment broker. Below is an income statement for the company's ski department for a recent quarter. LA CASA ALPINA, INC. Income Statement - Ski...
Two investment portfolios are shown. Investment Portfolio 1 Portfolio 2 ROR Savings Account $1,425 $4,500 2.80% Government Bond $1,380 $3,600 1.55% Preferred Stock $3,400 $2,150 11.70% Common Stock...
The following information pertains to JAE Corporation at January 1, Year 1: Common stock, $8 par, 11,000 shares authorized, 2,200 shares issued and outstanding Paid-in capital in excess of par,...
Group dynamics are important elements within the leading facet of the P-O-L-C framework. Discuss a time in your professional, school, or personal life when you experienced the Five Stages of Group...
NPV of Loans Daniel Kaffe, CFO of Kendrick Enterprises, is evaluating a 10-year, 8 percent loan with gross proceeds of $5,850,000. The interest payments on the loan will be made annually. Flotation...
Question 6.10 Current and deferred tax worksheets and tax entries From the hip Ltd?s statement of profit or loss for the year ended 30 June 2007 and extracts from its statements of financial position...
Should we prefer a large hidden layer or a small one? Describe the benefits and drawbacks of each.
On January 1, 2012, Valuation Allowance for Trading Investments has a zero balance. On December 31, 2012, the cost of the trading securities portfolio was $33,200, and the fair value was $39,500....
On January 1, 2012, Valuation Allowance for Available-for-Sale Securities has a zero balance. On December 31, 2012, the cost of the available-for-sale securities was $62, 400, and the fair value was...
On January 1, 2012, Valuation Allowance for Available-for-Sale Securities had a zero Balance. On December 31, 2012, the cost of the available-for-sale securities was $7, 600, and the fair value was...
Ray Company provided the following excerpts from its Production Department's flexible budget performance report. Required: Complete the Production Department's Flexible Budget Performance Report....
Problem 1 5 - 5 ( Algo ) Lessee; operating lease; advance payment; leasehold improvement [ L 0 1 5 - 4 ] On January 1 , 2 0 2 4 , Winn Heat Transfer leased office space under a three - year operating...
Zafra and Stephanie formed an equal profit- sharing O&S Partnership during the current year, with Zafra contributing $100,000 in cash and Stephanie contributing land (basis of $60,000, fair market...

For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000,

Question:

Step by Step Answer:

a Net sales 5105...View the full answer

Accounting

Students also viewed these Accounting questions