Q: What does inventories /sales ratio mean?
A: An accounting metric used to measure liquidity, solvency, efficiency etc. of a business entity is…
Q: Explain an example how to calculate gross profit percentage.
A: Gross margin percentage: The percentage of gross profit generated by every dollar of net sales is…
Q: Briefly explain the difference between gross profit, net profit and EBIT.
A: Gross Profit is computed by deducting Cost of goods sold from Sales. Gross profit is the profit a…
Q: What is the gross profit? [ Select ] How much is the operating expense? | Select I | Select ] How…
A: Solution:- As per the above questions first we required to compute income statement. which helps to…
Q: Sales to Y Sales to others Cost of goods sold
A: A consolidated financial statement is inclusive of all the subsidiary companies where the owner has…
Q: calculate gross profit using FIFO and weighted average
A: FIFO and weighted average are methods of valuation of inventory. FIFO means First - in -First out,…
Q: which of the following would be considered in the calculation of gross profit? Sales and returns…
A: Gross Profit is the operating profit calculated by deducting the cost of goods sold from the revenue…
Q: The formula "(Sales Revenue – Cost of Goods Sold) + Sales Revenue" produces:
A: The income statement represents the net profit or net loss of the company that is calculated by…
Q: Calculation of Net income and Cost of Goods Sold
A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…
Q: An example of an expense classifi cation by function is: C . cost of goods sold.
A: Expenses are either classified by nature or by function.
Q: What does the gross profit percentage measure, and how is it calculated?
A: Gross margin percentage: The percentage of gross profit generated by every dollar of net sales is…
Q: Gross profit ratio
A: (Since you have posted a multi-part question, we will solve the first three parts for you. For the…
Q: Operating expenses are comprised of the following: O General and Administrative Expense, Cost of…
A: Operating Expenses (OpEx) are those expenses which are directly associated with the day to day…
Q: gross profit are
A: Gross profit is the residual income that is determined by reducing costs that are directly related…
Q: rk-in-prc
A: Cost of goods manufactured is as under:- Particular Amount Amount Direct material…
Q: How to get or compute the gross sales
A: Gross sales is presented in income statement.
Q: Cost of Goods Sold = [ ? ]
A: COGS includes all the direct expenses that are incurred in production. Indirect expenses to…
Q: cost of goods sold
A: Net purchases = Purchases - Purchase returns Grant Lee Purchases $355,200 $185,800 Purchase…
Q: What is the consolidated cost of goods sold?
A: On 30.06.2021, ABC acquired EFG = 70% Financial statement of 2022 states that : 1. In 2021, EFG sold…
Q: How to calculate gross margin and gross sales
A: Sales means the amount recorded in books as revenue earned by selling the goods or services. Account…
Q: Which of the following would calculate Net Income or Net Loss? O Gross Profit - Operating Expenses O…
A: Net income is calculated as the Sales-Cost of goods sold-Operating expense Where Gross profit is…
Q: Explain an example how to calculate gross profit.
A: Gross profit is the left over revenue after deducting all direct costs of making the products or…
Q: 1. What is the cost of goods available for sale? 2. What is the gross profit?
A: Cost of goods available for sale includes beginning inventory and net cost of purchases made. Gross…
Q: A measure of the overall price level paid for various goods and services by individuals: O a. Gross…
A: Solution:- Gross Domestic Product (GDP) means the sum total of prices of goods and services paid by…
Q: amount of profit
A: Total Fixed cost = OMR 40000 Selling price per unit = OMR 20 Total Sales = OMR 120000 Number of…
Q: Net net profit is computed in the
A: Net profit in computed in the Income statement or profit and loss statement . The format of the…
Q: the cost of goods sold is
A:
Q: Explain the difference between the flow of cost and the flow of goods as it relates to inventory.
A: Flow of cost means allocation of various cost to inventory It refers to a process of allocating…
Q: How much is the Net Purchases? how much is the Net Cost of Goods Purchased? how much is the Cost…
A: Purchases means where the goods has been purchased for the resale purpose. Gross purchases means…
Q: Operating expenses are comprised of the following: General and Administrative Expense, Cost of…
A: Solution Concept Cost of goods sold includes the direct material and direct labor and shall be…
Q: How do I calculate Net Income & Net Profit Margin
A: Net income: The bottom line of income statement which is the result of excess of earnings from…
Q: what is the estimated cost of goods sold & the estimated gross margin
A: The answer for the theory question on estimated cost of goods sold and estimated gross profit margin…
Q: The COGS is estimated by deducting the gross profit from sales revenue. Distinguish between gross…
A: Gross profit is calculated by deducting the cost of goods sold from the sales. The percentage of…
Q: Sales revenue min a. gross margin income from c b. C. cost of goods d. net sales
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…
Q: What is the gross profit? | Select) How much is the operating expense? [ Select ] | Select) How much…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Calculate Gross profit ratio
A: Gross profit ratio = Gross profit/ Sales *100
Q: cost of goods sold.
A: Understating ending inventory will overstate Cost of Good sold
Q: Define Gross profit ratio.
A: Ratio analysis: The analysis of a company using the financial ratios and comparing its trends and…
Q: How is gross profit calculated, and what does it represent?
A: Gross profit is the difference of amount obtained by subtracting Cost of goods sold from Net…
Q: Cost of Goods Sold
A: Under LIFO inventory value Inventory that is brought at a later date need to be sold first Closing…
Q: total net revenue
A: Statement of comprehensive income is a part of financial statements which shows the net income from…
Q: Compute the following: a) Net sales revenue b) Cost of goods sold
A: Gross profit is the amount earned from selling the company's products or rendering services. It is…
Q: Gross earning
A: Total sales = $146000 Commission 2% up to $80000 = $1600 3.5% from $80000-$100000 = 3.5%*$20000 =…
Q: Calculate gross profit percentage and return on sales ratio
A: The formula to calculate the given ratios are:
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- Return on assets The financial statements of The Hershey Company (HSY) are shown in Exhibits 6 through 9 of this chapter. Based upon these statements, answer the following questions. The percent that a company adds to its cost of sales to determine the selling price is called a markup. That is Hershey’s markup percent? Round to one decimal place.(Learning Objectives 1, 2: Show how to account for inventory transactions; applythe FIFO cost method) Accounting records for Jubilee Corporation yield the following datafor the year ended June 30, 2018 (assume sales returns are non-existent):Inventory, June 30, 2017.......................................................................... $ 7,000Purchases of inventory (on account)......................................................... 61,000Sales of inventory—77% on account; 23% for cash (cost $49,000).........Inventory at FIFO, June 30, 2018 ............................................................100,00019,000Requirements1. Journalize Jubilee’s inventory transactions for the year under the perpetual system.2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriatefinancial statement.Use this information to Prepare a multiple-step income statement with earnings per sharedisclosure Denver Co. 12/31/2022 Debits CreditsPartial Trial Balance DataSales revenue 700,000Interest revenue 60,000Salary payable 15,000Gain on sale of land 110,000Patent 15,000Supply inventory 25,000Cost of goods sold 500,000Salary expenses 150,000Common stock 250,000Retained earnings 150,000Cash 250,000Office expense 100,000Denver's business segment, Division A, was sold at a pretax loss of 25,000 on July 1, 2022. Ithad earned a $13,000 pretax operating income from January 1, 2022 to the disposal date. Denverhad 50,000 shares of stock outstanding throughout the year. Income tax expense has not yet beenaccrued. The effective tax rate is 30%. dont give me handwritten answers thank you
- Calculate Cost of goods sold from the following? Opening stock OMR 10000, Carriage outwards OMR 1000, Purchases OMR 25000, Sales OMR 40000, Closing Stock OMR 10000, Salaries and wages OMR 5000 and Sales return - OMR 3000.(Learning Objectives 1, 2: Show how to account for inventory transactions; applythe FIFO cost method) Accounting records for Allegheny Corporation yield the followingdata for the year ended June 30, 2018:Inventory, June 30, 2017.......................................................................... $ 13,000Purchases of inventory (on account)......................................................... 53,000Sales of inventory—82% on account; 18% for cash (cost $46,000).........Inventory at FIFO, June 30, 2018 ............................................................73,00020,000Requirements1. Journalize Allegheny’s inventory transactions for the year under the perpetual system.2. Report ending inventory, sales, cost of goods sold, and gross profit on the appropriatefinancial statementCalculate Cost of goods sold from the following? Opening stock OMR 5000, Carriage outwards OMR 2000, Purchases OMR 20000, Sales OMR 30000, Closing Stock OMR 6000, Salaries and wages OMR 5000 and Sales return OMR 3000 a. OMR 16000 b. OMR 19000 c. OMR 24000 d. OMR 26000
- Calculate Cost of goods sold from the following? Opening stock OMR 30000, Carriage outwards OMR 1000, Purchases OMR 40000, Sales OMR 40000, Closing Stock OMR 20000, Salaries and wages OMR 5000 and Sales return OMR 3000 a.OMR 56000 b.OMR 47000 c.OMR 50000 d.OMR 55000(Learning Objective 7: Calculate return on assets) Hometown Supply Companyreported the following information in its comparative financial statements for the fiscal yearended January 31, 2018:January 31,2018January 31,2017Net sales....................................Net earnings..............................Average total assets...................$84,000$ 4,200$70,000$82,600$ 4,050$69,450Requirements1. Compute the net profit margin ratio for the years ended January 31, 2018, and 2017. Did itimprove or worsen in 2018?2. Compute asset turnover for the years ended January 31, 2018, and 2017. Did it improve orworsen in 2018?3. Compute return on assets for the years ended January 31, 2018, and 2017. Did it improveor worsen in 2018? Which component—net profit margin ratio or asset turnover—wasmostly responsible for the change in the company’s return on assets?Hello Tutor, I completed the below table but wanted to make sure I got it correct. Can you please verify? Thank you [1] using common size on income statement : ABC Inc., Income Statement 2020 % 2019 % Sales $126,200 $100,000 Sale returns and allowances 2,426 2,000 Net sales $123,774 $ 98,000 Cost of goods sold 58,800 50,000 Gross profit $ 64,974 $ 48,000 Selling expenses 17,310 15,000 Depreciation expenses 500 500 Salary and wages expenses 5,000 4,000 Rent Expenses 7,000 7,000 Utilities expenses 964 500 Total operating expenses $ 30,774 $ 27,000…
- How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…The income statement of Stellar Company is shown below. STELLAR COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020Sales revenue$6,910,000Cost of goods soldBeginning inventory$1,920,000Purchases4,420,000Goods available for sale6,340,000Ending inventory1,590,000Cost of goods sold4,750,000Gross profit2,160,000Operating expensesSelling expenses450,000Administrative expenses710,0001,160,000Net income$1,000,000 Additional information: 1. Accounts receivable decreased $370,000 during the year.2. Prepaid expenses increased $170,000 during the year.3. Accounts payable to suppliers of merchandise decreased $280,000 during the year.4. Accrued expenses payable decreased $110,000 during the year.5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows using the direct method. STELLAR COMPANYStatement of Cash Flows (Partial)choose the accounting periodselect an opening section nameselect an item$enter a…Presented below is income statement data for Short & Company as of year-end 2019: Income Tax Expense $5,400 Cost of Goods Sold 14,300 Other Expenses 500 Net Revenue 62,950 Operating Expenses 27,000 RequiredPrepare a multi-step income statement for 2019. Note: Do not use negative signs with your answers. SHORT & COMPANYIncome Statement2019 AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Gross Profit on Sales Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Operating Income Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Income before Income Taxes Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses…