Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4.) 5.) and 6.) 1 point In 2021, Five Below's Gross Profit was $1,030,444 (in thousands). If we divide the $1,030,444 gross profit by the

4.)
image text in transcribed
5.) and 6.)
image text in transcribed
1 point In 2021, Five Below's Gross Profit was $1,030,444 (in thousands). If we divide the $1,030,444 gross profit by the $2,848,354 in 5ales, the result is approximately 36%. This is called the gross profit percentage and means that Five Below earns a 36 cent gross profit for every dollar sold. This also means that Five Below pays on average 64 cents for goods that are sold to customers for a dollar (\$1 selling price minus the 36 cent profit). Assumethat all products in Five Below have a 36% gross profit percentage. If Five Below sells us an item for $5, how much did this item cost Five Below to purchase and bring into its store? $180 $3.20 $1.00 5064 A company's investors make an initial contribution of $10,000 to start a company. In its first year of operations, the company has $2,000 in revenues and $500 in expenses. Before the first vear ends, the company pays a $600 dividend back to its owners. What is the company's Retained Earnings at the end of its first year of operations? $900 $10.000 $10,900 $1.500 $2.000 Ipoint. A company's investors make an initial contribution of $10,000 to start a company. In its furst year of operations, the comparny has $2,000 in revenues and $500 in expenses. Before the first year ends, the company pays a $600 dividend back to its owners. What is the company's total Stockholders' Equity at the end of its first year of operaions? $10,000 $900 $2,000 $10.900 $1,500

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Tools for business decision making

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

6th Edition

978-0470477144, 1118096894, 9781118214657, 470477148, 111821465X, 978-1118096895

More Books

Students also viewed these Accounting questions