Question

Company XYZ it made sales of $230,000 during 2019 the fixed expenses were $90,000 and variable expense with $50,000 the cost of goods as sold was $35,000 calculate the gross margin for XYZ

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Accounting Ratio Analysis

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: Javier and Anita Sanchez purchased a home on January 1 of year 1 for $1,000,000 by paying $200,000 d...

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions t...

Q: under the FCA term , a Indian customer ordered a batch of electronic watch from Chinese watchmaker, ...

A: FCA is the term used to coin free carrier. FCA defines that the seller meets the obligation and resp...

Q: "I think we goofed when we hired that new assistant controller," said Ruth Scarpino, president of Pr...

A: Equivalent units of production: In process costing, all the materials put into production are not tu...

Q: Helen Bowers, owner of Helen’s Fashion Designs, is planning torequest a line of credit from her bank...

A: Click to see the answer

Q: Required information [The following information applies to the questions displayed below.] Steve Pra...

A:  Capital gain may be defined as the gain recognized by the tax payer upon the sale of capital assets...

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to ha...

A: The following calculations are done in the records of Jaguar Ltd. to consider the purchase of equipm...

Q: The following information is available to reconcile Branch Company’s book balance of cash with its b...

A: Journal: Recording of a business transactions in a chronological order.

Q: Carmichael Co. adopted a stock option plan for its top executives. Under the plan, each option grant...

A: Options are the financial instruments that give right to the buyer to sell or buy the options on the...

Q: REQUIRED: MAKE THE JOURNAL ENTRIES USING PERIODIC SYSTEM   Diana Villanueva  owns and operates the D...

A: Journal entries are the initial recording of the business transaction in the books of accounts under...

Q: a. On January 1, 20X1, your firm issues a $10,000, 5-year, 10% bond with interest payable annually f...

A:  The process by which all the financial transactions are recorded by the firm in its journal is know...

Q: Required: Journal Entries using PERIODIC INVENTORY SYSTEM   1- Paid P300 for store supplies bought f...

A: Journal entry: Journal entries are the first step of accounting cycle. It records the transactions b...

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to ha...

A: The taxes are to be calculated at the rate of 30%. The expenses not paid and income not received wil...

Q: Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks', nonves...

A: Click to see the answer

Q: A new company, is being established to manufacture and sell an electronic tracking device:the Tracki...

A: Cash Receipt Budget is an account showing the cash balance of revenue received in a period. Material...

Q: Date of entering lease 1 July 2019 Duration of lease 5 years Life of asset 6 years Unguaranteed resi...

A: Fair value of the lease is the present value of future lease payments. Lease payments includes initi...

Q: Accounting Question

A: Journal: Recording of a business transactions in a chronological order.

Q: Coffeecup (Pty) Ltd operates a chain of coffee shops, with each shop making their own breads. The ma...

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...

Q: Expenses on the income statement may be grouped by: C . either function or nature.

A: Statement is true Income Statement: The statement that is used for reporting a corporation's financi...

Q: Joint Cost Allocation—Net Realizable Value Method Lily’s Lemonade Stand makes three types of lemonad...

A: Cost Allocation Method:   The cost allocation method is the method by which the costs to be assigned...

Q: Western Industries pays employees on a weekly basis on Tuesday for the week ended the previous Frida...

A: Definition: Payroll tax: The costs incurred by an employer to pay the employee for his labor, includ...

Q: Prepare entries to record the following events and transactions for Tropical Township for the year 2...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: Red Company uses normal costing. During the year ended December 31, 2019, the following information ...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: Joint Cost Allocation—Market Value at Split-off Method Toil & Oil processes crude oil to jointly...

A: Cost Allocation Method:   The cost allocation method is the method by which the costs to be assigned...

Q: A worker is paid the day-work rate if she earns less than 100% incentive premium. The standard is 75...

A: Piece rate system of wage determination into which number of units are used as a base to make the pa...

Q: The comparative balance sheets for Ramirez Company as of December 31 are presented: RAMIREZ COMPANY ...

A: Cash flow statement: It is prepared to show the net cash flow of the company by analyzing the total ...

Q: 3. A sales manager is proud of having doubled sales in the past four years. What questions should be...

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions t...

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to ha...

A: Taxable income: It refers to the income earned by an individual or corporation that is chargeable to...

Q: Milbank Repairs & Service, an electronics repair store, prepared the following unadjusted trial ...

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the unanswere...

Q: Accounting Question

A: “Since you have asked multiple questions, we will solve the first three sub parts of first question ...

Q: Lynch Company manufactures and sells a single product. The following costs were incurred during the ...

A: In variable Costing Income statement variable cost of goods is subtracted from sales revenue to obta...

Q: International Printer Machines (IPM) builds three computer printer models: Alpha, Beta, and Gamma. I...

A: Weighted average unit contribution margin is the weighted average contribution margin where sales mi...

Q: The following information is related to Sunglow Solar Ltd:• Sales for the year ended 30 June 2019 wa...

A: Warranty is a promise or guarantee given by the organization to its customer if any default is found...

Q: Walker Corp. has current liabilities of $440,000, a quick ratio of .81, inventory turnover of 5.7, a...

A: Quick ratio = Quick assets / Current liabilities Quick assets = Current assets - Inventory - Prepaid...

Q: Joint Cost Allocation—Physical Units Method Blake’s Blacksmith Co. produces two types of shotguns, a...

A: Click to see the answer

Q: RutgersFriends Corporation (RFC) started business on December 10, 2011 by issuing 30 shares of $100 ...

A: 1- The table below shows the formulas used for calculation of current, quick and cash ratio:  

Q: Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.0...

A: Journal entry refers to the recording of transactions on the basis of a double-entry system which me...

Q: suggesting any four (4) factors to be considered in choosing a basis of accounting for the preparati...

A: General purpose financial report is the report which shows complete financial information of the com...

Q: Accounting Question

A: Cost Sheet is statement differentiating the expenditure incurred on manufacturing of the product by ...

Q: Fitbit Ltd has leased a machine on the following terms:Date of entering lease 1 July 2019 Duration o...

A: Lease:   Lease is a contractual agreement whereby the right to use an asset for a particular period ...

Q: Applying Overhead to Jobs, Costing Jobs Gorman Company builds internal conveyor equipment to client ...

A: Job costing: It is a method of costing where in all the costs like direct material, direct labor and...

Q: 1.Adams owns 80% of Williams and has a carrying value of the investment at January 1, 2020 of $600,0...

A: Journal entry is a process of recording business transactions in the books of accounts for the first...

Q: On July 1, 2018, Jones Corporation, a new corporation, issued 40,000 shares of its common stock to f...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: Is accounting theory really necessary for the making of accounting rules?

A: Solution:- Is accounting theory really necessary for the making of accounting rules:- Accounting the...

Q: Provide for depreciation as follows : On motor vehicles :15% per annum on reducing balance method. O...

A: Depreciation is Decrease in the Value of Asset due to use and Wear and Tear. Depreciation Expense is...

Q: Based on the accrual accounting rule, the revenue is recognized when ___________ and the expense is ...

A: Accrual based accounting method record revenue and Expense when the transaction is incurred rather t...

Q: After researching the different forms of business organization, Natalie Koebel decides to operate “C...

A: As posted multiple independent sub parts we are answering only one kindly repost the unanswered ques...

Q: Dillon rented his personal residence at Lake Tahoe for 14 days while he was vacationing in Ireland. ...

A: Itemized deductions: It is the amount of deduction that can lower the taxable income of individual t...

Q: Please provide answers of each.

A: This is a problem of decision making. The decision can be made by analysing the current state of ope...

Q: J & B Company uses the percentage of sales approach to estimate its uncollectible accounts. The ...

A: Credit sales = total sales - cash sales = $500000 - 500000*2% = $490, 000

Q: For producing 200 units of product, a company uses P60,000 of direct materials, pays P70,000 of dire...

A: Product Costs: Product costs are the costs that are incurred during the production process to produc...