Shelcal, Inc. provides the following data for the year2017:   Sales revenue $420,000 Sales returns and allowances $1,400 Sales discounts $850 Net sales revenue $417,750 Cost of goods sold $260,000 The cost of goods sold as a percentage of net sales revenue is:   a. 62.58%   b. 61.90%   c. 62.45%   d. 62.24%

Q: For the year ended 2012 Wendy's Retail Store's Net income is PI50,000 (10% of Net Sales). Operating…

A: Formulas: beginning merchandise inventory = Cost of sales x 20% where, Cost of sales  = Net sales -…

Q: For Mortenson Company, the following informationis available: Cost of goods sold £240,000 Sales…

A: Net Sales = Gross Sales - Sales Discount Net Sales = $400,000 - $8,000 Net Sales = $392,000

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

A: a. Calculate gross profit: Gross profit = Sales - Cost of goods sold Gross profit = $11,750,000 -…

Q: ​Elephant, Inc.'s cost of goods sold for the year is $ 2 comma 400 comma 000$2,400,000​, and the…

A: The correct answer is Option (B).

Q: The records of a business show the following information: Sales, P364,000; Purchases, P252,000;…

A: GIVEN: Sales  P364,000 Purchases P252000                                     Freight-in, P11,000…

Q: Targee Inc. has the following income statement (in mulons). Targee, INC. Income Statement For the…

A: The answer is as fallows

Q: The records of a business show the following information: Sales, P364,000; Purchases, P252,000;…

A: Solution 1: Net purchases = Purchases + Freight in - Purchase discount - Purchase returns = P252,000…

Q: A company shows the following balances: Sales Revenue $2962000 Sales Returns and Allowances 402000…

A: Gross profit rate = Gross profit / Net sales *100

Q: Given the information below, what is the gross profit?          Sales revenue $ 305,000…

A: The correct answer is $32,000.

Q: Following are data foE Net sales $5,365,000 Cost of sales, and related buying costs Accounts…

A: The ratio analysis helps to analyze the financial statements of the business.

Q: Given the following data, what is the cost of goods sold? Sales revenue $950,000 Beginning inventory…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to earned sales for the…

Q: Financial information is presented below: Operating expenses $ 41000 Sales returns and allowances…

A: Net sales means sales after taking deduction of sales discounts and sales returns and allowances.

Q: The company's gross profit based on the following is sales $48,000, sales returns and allowances…

A: The multi-step income statement demonstrates critical linkages that aid in determining how…

Q: cushman company had 834,000 in sales sales discount of 12510 sales returns and allowness of 18765…

A: Formula: Net sales = sales - sales discount - sales returns and allowances. Deduction of sales…

Q: Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and 26,000…

A: The gross profit margin is calculated as gross profit divided by net sales revenue. Gross profit =…

Q: The following information appeared in a company’s income statement: Sales . . . . . . . . . . . . .…

A: Income statement is the statement which shows the performance of a firm during the accounting…

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, of which…

A: Introduction: Inventory turnover ratio: Division of Average inventory with cost of goods sold…

Q: Presented below is selected information for Marigold Company for the month of March 2022. Cost of…

A: Answer) Calculation of Net Income Net Income = Net Sales – Cost of Goods Sold – Other expenses Net…

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: 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: Newark Company has provided the following information: · Cash sales, $450,000 · Credit sales,…

A: Cost of goods sold= Net sales- Gross profit Net sales = Cash sales + Credit sales - Sales Discount -…

Q: sing the financial information presented below:             Operating Expenses  $ 55,000…

A: Answer 1) Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales…

Q: I see that the answer is 61.5%. But I want to know is how do I solve for the answer, what is it that…

A: The formula to calculate net sales is given below:

Q: Given the following information regarding to a recent period's operations: Sales - P? Beginning…

A: Gross margin is the difference between  sales  and cost of goods sold. Gross margin can be…

Q: For Mortenson Company, the following information is available: Cost of goods sold P  60,000; Sales…

A: Income statement of a company  shows its gross profit or gross loss and net profit or net loss.…

Q: Using the accounts and amounts below, calculate Gross Profit: Account Amount Sales Revenue $124,357…

A: The formula for calculating gross profit = Revenue - Cost of Goods Sold Revenue = Net revenue. i.e…

Q: A company reported the following data for the year ending 2018: Description Amount Sales Sales…

A: Gross profit is a profit that a company makes after deducting the cost associated with making and…

Q: Ace Company reported the following information for the current year:   Sales $ 416,000 Cost of…

A: The cost of goods sold includes the total cost of goods that are sold during the period.  Cost of…

Q: Following is an incomplete current-year income statement.   Determine Net Sales, Cost of goods sold…

A: Computation of the Net sales, cost of goods sold and Net Income are as follows :

Q: The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which…

A: Answer -  Formula for Inventory Turnover ratio -   = Cost of goods sold /  (Beginning inventory +…

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: A company shows the following balances: $2,500,000 Sales Revenue Sales Returns and 450,000…

A: Gross profit is the amount of profit earned by an entity after spending on all the expenses to earn…

Q: If a company has sales revenue of $631000, net sales of $500000, and cost of goods sold of $385000,…

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

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: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution: Net sales is computed as deducting sales discounts and returns and allowances from total…

Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution:- Calculation of Net income as follows under:- Note:- Calculation of net sales =Sales -…

Q: Safety Company had $45,000 in gross sales, $1,200 in sales discounts, $10,000 in cost of goods sold,…

A: NET SALES : = GROSS SALES + TRANSPORTATION COST - SALES DISCOUNT - SALES RETURN AND ALLOWANCES

Q: Using the information below, calculate Gross Profit: Sales Revenue $5,000 Sales Discounts $664 Sales…

A: Answer) Calculation of Gross Profit Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = $…

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: Coleman, Inc. provides the following data from its Income Statement for 2018: Net Sales  $…

A: Gross Profit Ratio : It is one of the profitability ratios which shows the relationship between the…

Q: Based on the given information below of FDNACCT Co., how much is the cost of goods available for…

A: Cost of goods available for sale is the amount of goods that an entity has, for the purpose of…

Q: Presented below is information for OB Company for the month of April 2019. Cost of goods sold…

A: Gross Profit Rate = (Gross profit / sales) x 100 (68,500/174500)×100=39%

Q: Use the following to answer questions 18 – 21 BY Ic., begins the year with inventory of $36,500 and…

A: Net sales = Sales - Sales returns and allowances Cost of goods sold = Beginning inventory +…