Question
1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and net income $62,920. Calculate the profit margin and gross
1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and net income $62,920. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to 0 decimal place, e.g. 10%.)
Profit margin | enter profit margin in percentages rounded to 2 decimal places % | |
---|---|---|
Gross profit rate | enter gross profit rate in percentages rounded to 0 decimal % |
2. Presented here are the components in Sheridan Companys income statement. Determine the missing amounts.
Sales Revenue | Cost of Goods Sold | Gross Profit | Operating Expenses | Net Income | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$ 65,504 | $enter a dollar amount | (b) | $ 27,600 | $enter a dollar amount | (d) | $11,132 | |||||||
$99,360 | $64,400 | $enter a dollar amount | (c) | $enter a dollar amount | (e) | $27,140 | |||||||
$enter a dollar amount | (a) | $66,148 | $100,832 | $42,504 | $enter a dollar amount | (f) |
3. Ivanhoe Company provides this information for the month ended October 31, 2022: sales on credit $324,000, cash sales $162,000, sales discounts $5,400, and sales returns and allowances $20,520. Prepare the sales section of the income statement based on this information.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started