Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 01, 2022

Financial information is presented below: Operating expenses Sales returns and allowances Sales discounts Sales revenue Cost of goods sold Gross profit would be $83000.

Financial information is presented below: Operating expenses Sales returns and allowances Sales discounts Sales revenue Cost of goods sold Gross profit would be $83000. $88000. $93000. $88000. $ 23000 5000 5000 184000 91000

Step by Step Solution

★★★★★

3.48 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

The correct answer is C Gross profit is calculated by subtracting the cost of goods sold from the sa... 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

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

Recommended Textbook for

Accounting Principles

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

10th Edition

1119491630, 978-1119491637, 978-0470534793

More Books

Students also viewed these Accounting questions

Question

★★★★★

Financial information is presented below for three different companies. Instructions Determine the missingamounts. Athena Cosmetics $90,000 Harry Panama Wholesalers $122,000 Groce Sales revenuc Sales...

Answered: 1 week ago

Question

★★★★★

Financial information is presented below operating expenses $ 90,000 sales returns and allowances 18,000 sales discounts 12,000 sales revenue 320,000 cost of goods sold 174,000 the amount of net...

Answered: 1 week ago

Question

★★★★★

Financial information is presented below for three different companies. Instructions Determine the missingamounts. Natural Cosmeties 90,000 Allied Wholesalers $144.000 12,000 Mattar Grocery Sales...

Answered: 1 week ago

Question

★★★★★

Do you agree with the following statements? Why or why not? a. The benefits of corrective taxes as a way to reduce pollution have to be weighed against the deadweight losses that these taxes cause....

Answered: 1 week ago

Question

★★★★★

Various information for Helix Company in relation to the cash account: The March bank reconciliation: Balance per bank $ 19,730 Plus: Outstanding deposits 500 Less: Outstanding cheques ($ 450, $...

Answered: 1 week ago

Question

★★★★★

List the advantages of using systems analysis and design techniques in approaching computerized information systems for business.

Answered: 1 week ago

Question

★★★★★

Assuming the normality assumption is valid, test ????0 ????1 = 0 versus ???????? ????1 0 at the ???? = 0.05 level when (a) ????1 = 0.61, ????????(????1) = 0.34, and ???? = 60. (b) ????1 = 4.54,...

Answered: 1 week ago

Question

★★★★★

The following financial statements were prepared on December 31, Year 6. Additional Information: Pearl purchased 80% of the outstanding voting shares of Silver for $3,300,000 on July 1, Year 2, at...

Answered: 1 week ago

Question

★★★★★

Fly Ltd is a manufacturer making smart watches for some local wholesalers. Its fiscal year end falls on 31 December. The company uses standard costing. The cost driver for variable manufacturing...

Answered: 1 week ago

Question

★★★★★

Alexander Smith and his wife Allison are married and file a joint tax return for 2019. The Smiths live at 1234 Buena Vista Drive, Orlando, FL 32830. Alexander is a commuter airline pilot but took 6...

Answered: 1 week ago

Question

★★★★★

1. EX.22.05.ALGO eBook Show Me How Question Content Area Production budget Healthy Habits Inc. produces a Bath version and a Gym version of its popular electronic scale. The anticipated unit sal...

Answered: 1 week ago

Question

★★★★★

do it fast The following cost data for the current year relate to Puzzle Puppies Pty Ltd, a manufacturer of jigsaw puzzles: Wages for assembly line staff Material cost of cardboard Wages of factory...

Answered: 1 week ago

Question

★★★★★

Suppose that the amount of taxes in the US is equal to $1800. Suppose that the government expenditures is equal to $1800. In addition, you know that the current level of debt in the US is equal to...

Answered: 1 week ago

Question

★★★★★

For the upcoming year, Spa Supplies expects to generate $3,850,000 of revenue. Since their busy season is the spring and summer, they expect 78% of the annual revenue to be earned in Q2 and Q3 and...

Answered: 1 week ago

Question

★★★★★

Question 6 (9 points) Crocley company leased a self-manufactured machine to Yaxon company on January 1, 2022. The machine has a cost of $220,000. The lease is for an 8-year period and requires equal...

Answered: 1 week ago

Question

★★★★★

Given your personal experience with online college courses and/or remote working, what challenges and benefits have you personally had with remote working in the academic and/or professional...

Answered: 1 week ago

Question

★★★★★

does anyone know how to do this problem question??? its mangerial accounting thank uuuu QS 23-17 (Algo) Pricing using total cost LO P6 Jos Ruiz starts a company that makes handcrafted birdhouses....

Answered: 1 week ago

Question

★★★★★

One Way Cellular accountants have assembled the following data for the year ended September 30, 2014: Prepare the operating activities section using the indirect method for One Way Cellulars...

Answered: 1 week ago

Question

★★★★★

(a) What is a statement of cash flows? (b) John Norris maintains that the statement of cash flows is an optional financial statement. Do you agree? Explain.

Answered: 1 week ago

Question

★★★★★

Bluma Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for Bluma...

Answered: 1 week ago

Question

★★★★★

Prya Company has the following production data for April: units transferred out 40,000, and ending work in process 5,000 units that are 100% complete for materials and 40% complete for conversion...

Answered: 1 week ago

Question

★★★★★

Another useful distribution that is based on the normal is the lognormal distribution. Among other applications, this distribution is used by environmental engineers to represent the distribution of...

Answered: 1 week ago

Question

★★★★★

If the number of chocolate chips in a chocolate-chip cookie follows a Poisson where the average is 3.6 chocolate chips per cookie, what is the probability of finding no chocolate chips in a given...

Answered: 1 week ago

Question

★★★★★

You are an executive at Procter and Gamble and are about to introduce a new product. Your boss has asked you to predict the market share (Q, a proportion between 0 and 1) that the new product will...

Answered: 1 week ago

Previous Question Next Question