During 2021, Rogue Corporation reported net sales of $600,000. Inventory at both the beginning and end of the year totaled $75,000. The inventory turnover ratio for the year was 6.0. What amount of gross profit did the company report in its 2021 income statement?

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A:

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A: Cost of goods sold means that value of opening stock plus purchases minus closing stock.

Q: Power Company's income statement for 2021 is given below. If inventory balances are 10000 in 2021…

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A: Cost of goods sold = 55,000 Inventory balance in 2020 = 9,000 Inventory balance in 2021 = 5,000…

Q: Power Company's income statement for 2021 is given below. If inventory balances are 5000 in 2021 and…

A: The cash payment include the total payments made in cash during the period.

Q: Power Company's income statement for 2021 is given below. If inventory balances are 10000 in 2021…

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A: a.

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A: Average days in inventory depict the number of days for which a company holds its inventories before…

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A:

Q: Vaughn Manufacturing had January 1 inventory of $300000 when it adopted dollar-value LIFO. During…

A: Dollar Value LIFO :           Inventory valuation is important for accurate cost of goods sold which…

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A: An income statement is a report prepared and maintained by the business in order to understand the…

Q: Determine the Inventory Turnover Ratio (ITR) and Days Sales Outstanding (DSO

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A: Cash flow statement: It is the statement which is consists of each and every cash or cash…

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A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…

Q: The data shown below were obtained from the financial records of the BST Corporation for the year…

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A: a) Calculate the net income as shown below: Resultant table Hence, the net income is $1,132.50.

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Q: In its 2015 annual report, Gap Inc. reported inventory of $1,889 million on January 31, 2015, and…

A: Workings: Inventor turnover = Cost of Goods sold / Average inventory.

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A: Net cash flows From Operating activities  =$ 2,022,800 Refer step 2 for  Partial Cash flow statement…

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A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: Presented below is information related to Sheridan Corp. for the year 2020. Net sales   $1,196,000…

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A: Retained earning means amount of profit remain after all the adjustment of expense and adjustments.…

Q: A company provided the following data: sales, $500,000; beginning inventory, $40,000; ending…

A:

Q: The following data were extracted from the income statement of Keever Inc.:   Current Year Previous…

A: Inventory Turnover Ratio represents the number of times the inventory has been sold out in a…

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A: Inventory turnover is calculated as cost of goods sold divided by average inventory.

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Q: The income statement of Swifty Company is presented here. SWIFTY COMPANY Income Statement For the…

A: The statement of cash flows records all the sources and use of the cash in the business during a…

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Q: The income statement of Sunland Company is shown below. SUNLAND COMPANY INCOME STATEMENT FOR THE…

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