She purchased merchandise costing 75,000 for which she paid freight of 7,500. She sold 60% of the merchandise for 68,000, after spending for various expenses totalling 13,000. She also paid 2,000 for interest on a money she borrowed for her store. Questions 1. How much was her cost of sales? 2. How much gross profit did she make? 3. How much was her net profit?
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She purchased merchandise costing 75,000 for which she paid freight of 7,500. She sold 60% of the merchandise for 68,000, after spending for various expenses totalling 13,000. She also paid 2,000 for interest on a money she borrowed for her store.
Questions
1. How much was her cost of sales?
2. How much gross profit did she make?
3. How much was her net profit?
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Solved in 2 steps
- esther has a small store. last month, she purchased merchandise costing p75,000.00, for which she paid freight of p7,500.00. she sold 60% of the merchandise for p68,000.00, after spending for various expenses totalling p13,000.00. she also paid p2,000.00 for interest on money she borrowed for her store. a. how much was her cost of sales? b. how much gross profit did she make? c. how much operating profit did she make? d. what was her net profit?Ester has a small store. For the current month, she purchased merchandise costing 75000 for which she paid for 7500. She sold 60% of the merchandise for 68000, after spending for various expenses totaling 13000. She also paid 2000 for the interest on a money she borrowed for her store. a. How musch was her cost of sales?b. How much gross profit did she make?c. How much operating profit did she make?Consider the overall effects on Fischer of selling antiques on credit for £53,000 and incurring expenses totalling £40,000. What is Fischer's profit or loss?
- Ryan, an agent, was able to sell Mikoy Frozen Products worth 50,000.00. Given her commission of 10%. How much will he receive if his earnings are based on commission alone? a. 7,200.00 b. 7,300.00 c. 7,400.00 d. 7,500.00Ryan, an agent, was able to sell Mikoy Frozen Products worth 50,000.00. Given her commission of 10%. How much will he receive if his earnings are based on commission alone?Ian bought some goods in May for $600 and sold them in the following August for $950.For the financial year ending on 30 June,which of the following statements is correct? A.Ian has expenses amounting to $600 B.Ian has assets of $600 C.Ian has revenues amounting to $950 D.Ian has a profit of $350 (Why A is correct and D is incorrect?)
- Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account. The goods cost your company $155 and were paid for in a previous period. Your company also recorded salaries and wages of $145, of which only $45 has been paid in cash. How would I record the following activities in the journal?ASLEY is in the business of purchasing accounts receivable from businesses at a discount and then collecting them. Last year, she purchased a $30,000 account receivable for $25,000. This year, the account was settled for $25,000. How much loss can Peggy deduct and in which year? a.$5,000 for the prior year. b.$5,000 for the prior year and $5,000 for the current year. c.$5,000 for the current year. d.$-0- for the current year.Michelle went to Likhang Maragondon Native Products Trading and bought 50 face mask for ₱ 16,000.00. When she got back to Manila, she sold 40 of the face masks for a total of ₱ 14,000.00 and the rest as ₱ 320.00 each. How much profit did Michelle gain?
- Botsogo is setting up a new business. Before actually selling anything she boughta van for 4,500,a market stall for 2,000 and an inventory of goods for 1,500. She did notpay in full for her inventory of goods and still owes 1,000 in respect of them. Sheborrowed 5,000 from Boineelo. After the events just described and before trading startsshe has 400 cash in hand and 1,100 cash at bank. Calculate the amount of her capital.Lisa is a wholesaler of DIY kitchen fittings. In the year ended 28 February 2021 her business transactions included the following: Purchase on credit of goods for resale at a cost of £13,100 Drawings by Lisa of £10,000 Payment of interest on a business bank overdraft of £550 Sale of a non-current asset for £7,000. The asset had cost £23,000 and accumulated depreciation at the date of sale was £18,660. For each transaction show the impact on cash, other assets and liabilities and the impact on profit.Ian bought some goods in May for $600 and sold them in the following August for $950.For the financial year ending on 30 June,which of the following statements is correct? A.Ian has expenses amounting to $600 B.Ian has assets of $600 C.Ian has revenues amounting to $950 D.Ian has a profit of $350