Multiple choice1. What is the Income from operationA. 20,000B. 55,000C. 60,000D. 190,0002. What is the net incomeA. 60,000B. 65,000C. 55,000D. 180,000 Sales revenueCost of goods soldSales discountsSales returns and allowancesOperating expensesP480,000300,00020,00015,00085,000Interest revenue5,000

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Answered: Multiple choice 1. What is the Income…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%
Financial information is presented below: Operating Expenses $ 90000 Sales Returns and Allowances 22000 Sales Discounts 9000 Sales Revenue 281000 Cost of Goods Sold 157000 The gross profit rate would be 49.3%. 37.2%. 43.1%. 55.2%.
Financial information is presented below: Operating expenses $ 48000 Sales returns and allowances 6000 Sales discounts 7000 Sales revenue 140000 Cost of goods sold 88000 The amount of net sales on the income statement would be $127000. $134000. $133000. $140000.
lf the cost of purchases 130 000 lD., sales revenue 200 000 lD.,beginning inventory 20 000 lD.,sales discount 25 000 lD.,sales returns 50 000 lD.,ending inventory 25 000 lD . , the cost of goods sold are :- *
If the beginning inventory 140 300 ID., cost of purchases 230 100 ID., selling and Administrative expenses 25 000 ID.,sales returns and discount 2 100 ID., sales 192 700 ID, purchases allowance and discount 27 800 ID., ending inventory 48 000 ID. the gross -:loss are
J Gross Sales Sales Return & Allowances Sales Discounts Cost of Merchandise Sold 33,000 O $87,000 O $46,000 100,000 Given the above values, determine Net Sales. O $67,000 10,000 O $54,000 3,000 Need help? Review these concept resources.
Sold goods to G George, invoice detailed 60 items @ R80 exclusive per item) Mark up is 150%. Calculate the sales Debtors Control account of the Debtors Journal? what is the Cost Of Sales?
Sold goods on credit for R17100 to J Jade.The mark up on the trading items is 60% on cost (Vat included) What is the Sales amount?
Calculate the gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return inwards OMR 4000, Return outwards 2000, Purchases 5000.
Using the following information, what is the amount of gross profit? Purchases$44,000Merchandise inventory, September 16,600Selling expense1,550Merchandise inventory, September 307,100Sales94,000Interest expense1,240Administrative expense1,110Rent revenue2,200
Financial information is presented below: Operating expenses $ 51000 Sales returns and allowances 4000 Sales discounts 7000 Sales revenue 188000 Cost of goods sold 99000 Gross Profit would be $85000. $93000. $78000. $89000.
31 - _____________________ / _____________________153 COMMERCIAL GOODS XX191 DEDUCTIBLE VAT XX320 SELLERS XX_____________________ / _____________________Which of the following belongs to the above journal entry?A) Returns B) Buy Discounts C) Purchase of Goods on Credit D) Sales Returns E) Sales of Goods on Credit

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Multiple choice 1. What is the Income from operation A. 20,000 B. 55,000 C. 60,000 D. 190,000 2. What is the net income A. 60,000 B. 65,000 C. 55,000 D. 180,000