The Happy Auto Shop has the following annual information: gross sales,$700,000; net sales, $696,000; and gross profit, $448,000. What are theshop’s returns and allowances and cost of goods sold?

Q: During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is…

A: Given: Merchandise sold =$8780000Cost of goods sold =$5531400

Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…

A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…

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: For the past year, Hawkeye, Inc., had a cost of goods sold of $63,882. At the end of the year, the…

A: Accounts payable turnover in days is used to signify how long it takes a company to clear its…

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: During the current year, merchandise is sold for $158,900 cash and $434,900 on account. The cost of…

A: Formula: Gross profit = Sales - Cost of goods sold

Q: Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold…

A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…

Q: Income Statement and Accounts for Merchandiser For the fiscal year, sales were $6,580,000 and the…

A: a Compute the gross profit:     Sales $6,580,000   Less: Cost of Goods sold $3,816,000   Gross…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

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: The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown…

A: sales - cost of goods sold  = Gross profit  Gross profit - operating expenses = Net profit

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: The following costs were among those incurred by Woodcroft Corporation during 2007: Merchandise…

A: Cost system is the system which is designed to evaluate the monitor the cost incurred by the…

Q: The income statement for Gilmore Uniforms shows gross profit of $143,000, operating expenses of…

A: Gross profit:  Gross profit is calculated after deducting the costs associated with production of…

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: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…

A: Gross profit:Gross profit can be defined as the profit generated from deducting the cost of goods…

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: Flint’s Fabrics sold merchandise for $185000 cash during the month of July. Returns that month…

A: Formula: Net Sales = Total sales - sales returns. Deduction of sales returns from total sales…

Q: Find the average payment period of accounts payable is $20,000, costs of goods sold is $200,000, and…

A: A solvency ratio that provides information regarding the capability of a firm to pay off its…

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 $366,100 cash and $1,420,000 on account. The cost…

A: Revenue (Cash) = 366,100 Revenue (Credit) = 1,420,000 Total Revenue = Cash Revenue + Credit Revenue…

Q: During the current year, merchandise is sold for $615,000 cash and $4,110,000 on account. The cost…

A: Gross profit can be defined as the excess of net sales revenue over the cost of goods sold. Gross…

Q: Consider the following information about operations of a business for the period ending December 31,…

A: Gross profit is the amount of profit that is arrived at by deducting cost of goods sold from Net…

Q: Presented below is information for Obley Company for the month of March 2010. Cost of goods sold…

A: Income statement gives the details of the revenues and expenses of the current year.

Q: what is the operating cycle

A: Answer:   104.42 days

Q: During the current year, merchandise is sold for $98,300 cash and $644,900 on account. The cost of…

A: Calculate the amount of net sales.

Q: Mario's Home Systems has sales of $2,830, costs of goods sold of $2,170, inventory of $506, and…

A: Given, sales of $2,830, costs of goods sold of $2,170, inventory of $506, and accounts receivable of…

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: The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown…

A: The question is related Income Statement for the year ended August.The details are given.

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…

A: Profit in simple terms is the difference between revenues and cost. It is the gain acquired for…

Q: Bravo Company has the following information at month-end: Sales - P100,000 Sales Returns and…

A: Net sales = Gross sales -Sales returns and allowances - Sales Discounts

Q: In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of…

A: In accounting gross profit refers to the profit that a business earns from selling its products…

Q: Below are the accounts of Llamado Poultry Supply Store for the year ended June 30, 2020. Sales…

A:

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: Presented below is information for Jorge Company for the month of March 2012. Cost of goods sold…

A: Net income refers to the income earned after deducting the company’s expenditures from the company’s…

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: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

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: Our company is a manufacturer and has the following data available for the current year: sales,…

A: Sales 550000 Less: Sales discounts 20000 Less: Sales returns and allowances 15000 Net sales…

Q: During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost…

A:

Q: Blake Distributors had a beginning inventory for June of $100,000. They purchased $25,000 in goods…

A: Net sale is the amount of sales which has been earned by the company after deducting the sales…

Q: Murphy Co. is a high-end retailer of fine fashions for men. Murphy’s inventory balance at…

A: Cost of goods sold: It can be defined as the total of direct costs that are incurred by the business…

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: During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of…

A: Gross profit is considered as the difference between total sale and cost of goods sold.In simple…

Q: The following is Cullumber Company’s income statement for the past year. Sales revenue   $336,000…

A: Markup percentage = (Gross margin / Cost of goods sold) x 100