What the answer for 22The first time I had put 950,000The second time I had put 5,930,000both was WRONGAnswer only question 22Thank you Use the following to answer questions 22 – 29GHT Corporation reports the following amounts in itsDecember 31, 20XD income statement:Cost of goods sold $525,000 Net salesSales discountsSalaries expense$950,00020,000 Advertising expense221,000 Utilities expense125,00032,500Interest revenue5,000|Effective income tax rate20% Interest revenue5,000 Effective income tax rate20%22. $Determine Sales23.$Determine gross profit24. $Determine operating expenses25. $Determine Income before income taxes(IBT)26. $Determine Income tax expense27. $Determine net income28.%Calculate gross profit ratio (round toone decimal place).Comparing GHT's common sizedincome statement with its competitor. The competitor'sgross margin is 43.6%, which company is doing better?29.

22. Ans. $ 970,000 Net Sales ($ 950000 + Sales Discount ( $ 20,000)= $ 970,000

Answered: 22. $ Determine Sales

Business

Accounting

22. $ Determine Sales

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.2MBA: Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on...

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Question

What the answer for 22 The first time I had put 950,000 The second time I had put 5,930,000 both was WRONG Answer only question 22 Thank you

Interest revenue
5,000 Effective income tax rate
20%
22. $
Determine Sales
23.
$
Determine gross profit
24. $
Determine operating expenses
25. $
Determine Income before income taxes
(IBT)
26. $
Determine Income tax expense
27. $
Determine net income
28.
%
Calculate gross profit ratio (round to
one decimal place).
Comparing GHT's common sized
income statement with its competitor. The competitor's
gross margin is 43.6%, which company is doing better?
29.

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