How much is net income
Q: During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is…
A: Gross Profit: Gross profit represents the revenue after the deduction of cost of goods sold from the…
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: Calculate the gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and…
A: Sales = OMR 20000 Cost of goods sold = OMR 8000 Return inwards = OMR 6000 Net sales = Sales-Return…
Q: Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on…
A: Gross Profit = Total Sales less Cost of Goods Sold
Q: The records of a business show the following information. Sales, p724,200; Sales discounts, P10,000;…
A: Net sales in the business means sales revenue of the business after deducting sales discounts and…
Q: During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost…
A: Gross profit = Sales - Cost of merchandise sold. First, compute the total sales as shown below:
Q: The records of a business show the following information: Sales, P724,200; Sales discounts, P10,000;…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Calculate the missing information based on the format of the income statement. Net Sales Cost of…
A: An income statement is one of the financial statements of a company prepared at the end of the…
Q: Presented below are the components in Jane Company's income statement. Determine the missing…
A: Cost of goods sold means the cost incurred on the goods which has been sold including all direct…
Q: Assuming Net Sales is $180,000, Cost of Goods Sold is $79,000, Selling Expenses are $28,500, General…
A: Income from operations are the income that is generated from the daily operations of the business.…
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: Given: The Company showed Cost of Goods Sold amounting to P440,000 and its gross profit rate is 45%.…
A: Gross profit ratio is a profitability ratio that calculates the percentage of sales that exceed the…
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 $43000 cash and for $307000 on account. The cost of…
A: Gross profit is considered as the excess of revenue over the cost of merchandise sold.
Q: Calculate the missing information based on the format of the income statement. Net Sales Cost of…
A: Net income: Net income is the revenue of the company after deducting all the expenses and taxes. It…
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: During the current year, merchandise is sold for $665,000. The cost of the merchandise sold is…
A: Gross Profit=Total Sales - Cost of Goods Sold Gross profit percentage=Gross profit / Sales
Q: If the amount of net sales is RM23,000, net purchase is RM10,000 and the cost of sales is RM2,450,…
A: Gross Profit =Net Sales - Cost of goods sold
Q: Calculate gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and…
A: given Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 4000.
Q: For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances…
A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES - COST OF GOODS SOLD
Q: Follow Accrual method Cost of Goods Sold $ 164,000 Income Tax Expense 17,470 Merchandise Sales…
A: Cost of goods sold is the actual cost of goods that are being sold to the customers. Gross profit is…
Q: If August Sundries uses a multi-step income statement format, what is their gross margin?
A: Gross margin is the amount of profit over Sales Revenue by deducting cost of goods sold. Gross…
Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Net Income is the measure of profitability of the business. This is calculated by deducting all type…
Q: Calculate gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return…
A: Gross profit is the profit a company makes after deducting the costs associated with making and…
Q: Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within…
A: Net sales = Sales - Discount Gross profit = Net sales - Cost of goods sold
Q: Calculate gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and Return…
A: Given Sales = 25000 Cost of goods sold = 15000 return inward =5000
Q: .Calculate the gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and…
A: Net sales = Sales - Return inwards = OMR 25000 - OMR 2000 = OMR 23000
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: Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on…
A: The cash or profit that is still available after production costs are deducted from sales is known…
Q: Using the following information, what is the amount of net income? Purchases $32,000 Selling…
A: Cost of goods sold = Beginning inventory + Purchases - ending inventory = 5700+32000-6370 = $31,330
Q: Calculate gross profit from the following? Sales OMR 50000, Cost of goods sold OMR 30000 and Return…
A: Formula: Net sales = Sales - return inwards Deduction of return inwards from sales derives the net…
Q: 13. For the accounting period ended 31 December 2021, merchandise inventories sold were RM100,000 in…
A: Solution Given merchandise inventories sold in cash 100000 merchandise inventories sold…
Q: Using the following information, what is the amount of gross profit? Purchases $42,000 Merchandise…
A: Cost of Goods Sold = Opening stock + Net Purchases + Direct Expenses - Closing Stock…
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: Calculate the missing information based on the format of the income statement. Gross Operating Net…
A: Formula: Net profit = Gross margin - Operating expenses
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 $237,500 cash and $625,000 on account. The cost of…
A: Gross profit means sales revenue earned over and above cost of goods that are sold to customers.…
Q: Calculate gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return…
A: Costs incurred directly by a corporation for producing goods and services are known as cost of goods…
Q: revenue from sales is P98,760; sales return is P35,500; cost of goods sold is P8,490; salaries cost…
A: Computation of gross profit as well as net profit are as follows:
Q: Using the accounts and amounts below, calculate Income from Operations Account Amount Sales Revenue…
A: Solution: Income from operations = Net Sales - Cost of goods sold - Operating expenses
Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Solution: Gross margin is computed as Net sales minus cost of goods sold.
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, merchandise is sold for $925000. The Gross Profit is $411000. What is the…
A: Gross profit = Sales - Cost of merchandise sold
Q: Using the following information, what is the amount of net income? Purchases $25,987 Selling…
A: The income statement is one of the essential parts of the financial statements used for reporting…
Q: multi-step income statement
A: Multi-step income statement means an income statement in which items are classified according to…
Q: Using the following information, what is the amount of net income? Purchases $ 25,599 Selling…
A:
Q: Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling…
A: Formula: Gross profit = Sales - Cost of goods sold
Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Interest income is not considered as operating revenue.
Q: Compute the following transactions using multi-step income statement 3. Calculate Sales and Net…
A: Answer - Multi-step Income Statement Format : Particulars Amount Sales XXX Less : Sales…
Q: Given: The Company showed Cost of Goods Sold amounting to P645,750 and its gross profit rate is 40%.…
A: Calculation of Total Sales Revenue Total Sales Revenue = Cost of goods sold/ (100% - Gross Profit…
You are given the following: Sales: ₱10,158,841; Cost of sales: ₱4,583,846; Merchandise Inventory, beginning: ₱207,222; Merchandise Inventory, end: ₱258,265; Other income: ₱155,930; and Operating expenses: ₱3,035,563. How much is net income?
Net income = Sales + other income - cost of sales + opening inventory - closing inventory - operating expenses
Net income = ₱10,158,841 + ₱155,930 - ₱4,583,846 + ₱207,222 - ₱258,265 - ₱3,035,563
= ₱2,644,319
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost of the merchandise sold is P76,240. What is the amount of the gross profit?Required to answer.
- During the current year, merchandise is sold for $970,000. The cost of the merchandise sold is $630,500. a) What is the amount of the gross profit? (b) compute the gross profit percentage. (c) when will thr income statement necessarily report a net income?During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement necessarily report a net income? Explain.During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of the goods sold is $341,500. What is the amount of the gross profit? $
- .Calculate the gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and Return inwards OMR 2000.,Return outwards 5000, Purchases 5000 a. OMR 8000 b. OMR 5000 c. OMR 10000 d. OMR 15000Calculate the gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 6000, Return outwards 4000, Purchases 15000. a. OMR 5000 b. OMR 8000 c. OMR 6000 d. OMR 12000If gross sales is P40,000, sales returns and allowances P1,000, sales discounts P400, and delivery expenses P100, the net sales of the business will total
