The gross of MARIGOLD Trading for the first quarter of the year amounted to P8, 284,000 and the sales returns and allowance totaled P313, 900. Find the net sales?
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: Determining cost of goods soldFor a recent year, Best Buy (BBY) reported sales of $39,528 million.…
A: The gross profit is calculated by deducting the cost of goods sold from the sales revenue.
Q: Shelcal, Inc. provides the following data for the year2017: Sales revenue $420,000 Sales…
A: We have the following information: Sales revenue: $420,000 Sales returns and allowances: $1,400…
Q: Last year, the gross billings for merchandise made by ABC Company amounted to P15,720,000, purchase…
A: Solution: Net Cost of purchase = Purchases - Purchase return and allowances - purchase discount +…
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: Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill…
A: Ratio analysis helps the management to evaluate the performance of the entity, facilitate future…
Q: During the current year, the merchandise is sold for 45,870, 000. The cost of the merchandise sold…
A: Introduction: Gross profit: Deduction of cost of goods sold value from the sales value derives the…
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: Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000…
A: Percentage of sales of particular account = Particular account amount * 100 / Sales for the year
Q: A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales,…
A: The common size income statement is prepared as comparing all the elements of income statement with…
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: From the following financial statements, compute the required ratios (for year 2002 and 2003) and…
A: 1. Average Inventory = Opening Inventory + closing Inventory2 for year 2002 = 540,000.00…
Q: Ash Company reported sales of $440,000 for Year 1, $490,000 for Year 2, and $540,000 for Year 3.…
A: Trend percent = Current Years Sales/Previous Year Sales x 100
Q: Acme's gross profit ratio increased by 20% over the prior year. Net sales and cost of goods sold for…
A: Gross profit of prior year = Net sales for the prior year - cost of goods sold for the prior year =…
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: 0,000. The cost of the goods sold is $4,698,000. a. What is the amount of the gross profit? $
A: a) Amount of gross profit= Sales - Cost of goods sold= $8,100,000 - $4,698,000= $3,402,000
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: Kingbird, Inc. had net credit sales of $9023000 and cost of goods sold of $5449000 for the year. The…
A: Average days in inventory depict the number of days for which a company holds its inventories before…
Q: What is the amount of gross profit?
A: Given information is: During the current year, the merchandise is sold for 45,870, 000. The cost of…
Q: Acme's gross profit ratio increased by 20% over the prior year. Net sales and cost of goods sold for…
A: Solution: Particulars Amount Net Sales $120,000 Less: COGS $90,000 Gross Profit…
Q: hat is the net i
A: As per rule, allowed to answer first question and post the remaining in the next submission.
Q: The following information for the year ending December 31, 2011, has been provided for Calle…
A: Comprehensive income: It includes net income and unrealized income and foreign currency transaction…
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: 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: A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie…
A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shows…
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: 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: 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: For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million.…
A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…
Q: The income statement account balamnces for the year ended Dec. 31 shows the following: Net Sales…
A: Formula: Gross profit = Net sales - Cost of goods sold
Q: Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current…
A: Preparation of comparative income statement with other requirement are as follows.
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: For a recent year Best Buy (BBY) reported sales of $39,528 million. It's gross profit was $9,191…
A: Gross margin: Difference between the sales and the cost of goods sold is called gross margin. Gross…
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: to P276,000, sales this year at last year's prices is P230,000, the cost of sales this year is…
A: Variance : When there is a difference in the budgeted amount and what actually produces or occur is…
Q: What was the amount of Best Buy’s cost of merchandise sold
A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…
Q: Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and…
A: Net sales can be calculated by deducting sales returns and allowances from the gross sales value.
Q: Angel Department Store had net credit sales of P12,000,000 and cost of goods sold of P8,000,000 for…
A: Inventory turnover ratio is the number of times a company uses the investor available in a year, it…
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: If the sales this year amounted to P276,000, sales this year at last year's prices is P230,000, the…
A: Variance:- When there is a difference in the budgeted amount and what actually produces or occur is…
Q: A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie…
A: Common size income statement shows each item of income statement as a percentage of total sales.
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: Determining Gross Profit During the current year, merchandise is sold for $31,850,000. The cost of…
A: Meaning of Gross Profit Gross profit is refer as the profit of the company which is computed after…
Q: The Fortune Company reported the following income for Year 2: Sales $136,000 Cost of goods sold…
A: Time Interest Earned Ratio is to show that how much the Pre tax Income will able to adjust the…
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.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. 1,220,000
- Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
- Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for Sundahl Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
- Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for Cuneo Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 3. Prepare a common-size income statement for Year 3 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)On January 1, Pope Enterprises inventory was 625,000. Pope made 950,000 of net purchases during the year. On its year-end income statement, Pope reported cost of goods sold of 1,025,000. Calculate Popes December 31 ending inventory.
