During the current year merchandise is sold for 45,870,000. The cost of the merchandise sold is 33,026,400. What is the amount of gross profit?

Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…

A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…

Q: The cost of goods sold for a company for the year was $1,900,000.  Merchandise inventory at the…

A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

Q: Income Statement For the Year Ended April 30, 2020 $7,700,000 Sales revenue Cost of goods sold…

A: Cashflow statement prepared using the indirect method adjust  net income to calculate the cashflow…

Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…

A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.

Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Gross margin (gross profit):Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, merchandise is sold for $158,900 cash and $434,900 on account. The cost of…

A: Formula: Gross profit = Sales - Cost of goods sold

Q: Determining gross profitDuring the current year, merchandise is sold for $31,850,000. The cost ofthe…

A: Gross Profit:   Gross profit represents the revenue after the deduction of cost of goods sold from…

Q: Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold…

A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…

Q: Income Statement and Accounts for Merchandiser For the fiscal year, sales were $6,580,000 and the…

A: a Compute the gross profit:     Sales $6,580,000   Less: Cost of Goods sold $3,816,000   Gross…

Q: Assuming that net purchases was P900,000 during the year and that ending merchandise inventory was…

A: Ending inventory = beginning inventory - decrease in inventory = P250000 - P20000 = P230,000

Q: e current year, merchandise is sold for $135,100 cash and $501,500 on account. The cost of the goods…

A: Gross profit is the profit which is arrived at by deducting cost of goods sold from Total net sales.…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…

A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…

Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, merchandise is sold for 86,000 cash and 93,950 on account. The cost of the…

A: Sale means when the goods are sold to an outsider . Cost means the amount which is paid by business…

Q: If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of…

A: Formula: Gross margin = Total sales - Cost of goods sold

Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…

A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…

Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…

A: Gross Profit is Sales minus Cost of Goods Sold

Q: Presented below is information for Ayayai Company for the month of March 2020. Cost of goods sold…

A: Gross profit is an excess value of revenue over the cost of goods sold. The gross profit rate can be…

Q: During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of…

A: Formula: Gross profit = Sales - Cost of goods sold

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…

A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: During the current year merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Sales = Cash Sales + Credit Sales Sales = $95,500 + $1,315,000 Sales = $1,410,500

Q: The days' sale in inventory is 73. The cost of goods sold is 720,000. The net sales are 1,020,000,…

A:

Q: During the current year, merchandise is sold for $98,300 cash and $644,900 on account. The cost of…

A: Calculate the amount of net sales.

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: The cost of merchandise sold for Kohl’s Corporation for a recent year was $12,265 million. The…

A: There are various payments made in process of running business. When the merchandise is purchased,…

Q: Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of…

A: Income Statement: Income Statement is the part of the financial statement which is prepared to…

Q: The cost of merchandise sold reported on the income statement was $240,000. The accounts payable…

A: Compute the value of purchases.

Q: The days' sales in inventory is 73. The cost of goods sold is 720,000. The net sales are Php…

A: Inventory means goods held by a business which ultimate goal is to resale them.

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales inventory It is  an estimation of the typical number of days or time expected for a…

Q: Determining gross profitDuring the current year, merchandise is sold for $8,100,000. The cost of the…

A: The gross profit is calculated as difference between sales and cost of goods sold.

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: A company has sales of $742,600 and cost of goods sold of $297,600. Its gross profit equals:

A: Formula: Gross Profit= Sales - Cost of goods sold

Q: LaRoe Lawns’ inventory increased during the year by $6 million. Its accounts payable increased by $5…

A: Merchandise purchases = Cost of goods sold + Increase in Inventory = $25 million + $6 million = $31…

Q: Determining gross profit During the current year, merchandise is sold for $ 11, 750,000. The cost…

A: A. Gross profit = Sales - Cost of goods sold = $11,750,000 - $7,050,000 = $4,700,000

Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…

A: Profit in simple terms is the difference between revenues and cost. It is the gain acquired for…

Q: Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost…

A: The gross profit is calculated as difference between sales and cost of goods sold.

Q: Financial information is presented below: Operating expenses $ 42,000 Sales returns and allowances…

A: The income statement represents the net income or net loss that is calculated by deducting the…

Q: Himantayon Company provided the following information for the current year: Beginning inventory…

A: Gross purchase is the sum of the net purchase and purchase return. The net purchase can be…

Q: During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: During the current year, merchandise is sold for $117,500 cash and $241,750 on account. The cost of…

A: Working Notes: 1. Total Sales of current year = Cash Sales of current year + Credit Sales of current…

Q: During the current year, goods sold in cash was $40,000 and $100,000 on credit. The cost of goods…

A: Formula: Gross profit = Sales - Cost of goods sold.

Q: During the year, a firm purchased $144,000 of merchandise and paid freight charges of $12,600. If…

A: Ne delivery cost of purchase included the cost of material, other freight costs but exclude purchase…

Q: During the current year, merchandise is sold for $54,900 cash and for $80,900 on account. The cost…

A: Gross profit refers to that part of the profit of the company that it makes after subtracting the…

Q: During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of…

A: Gross profit is considered as the difference between total sale and cost of goods sold.In simple…

Q: During the current year, merchandise is sold for $714000. The cost of the merchandise sold is…

A: Gross profit = Sales - Cost of merchandise sold