XYZ company provided the following information:Sales$30,0003,000Accounts payableSeling expenses4,000Administrative expensesOther revenuesCost of goods soldCash12,000Other expenses7,000Required: Calculate the following: (SHOW YOUR CALCULATIONS)1. Gross proft5,50010,00013,500

The gross profit is calculated as difference between sales and cost of goods sold.

XYZ company provided the following information: $30,000 Salms Accounts payable Seling expenses 3,000 4,000 Administrative expenses Other revenues 5,500 Cost of goods sold Cash 12,000 Other expenses 7,000 Required: Calculate the following: (SHOW YOUR CALCULATIONS) Gross proft 10,000 13,500

XYZ company provided the following information: $30,000 Salms Accounts payable Seling expenses 3,000 4,000 Administrative expenses Other revenues 5,500 Cost of goods sold Cash 12,000 Other expenses 7,000 Required: Calculate the following: (SHOW YOUR CALCULATIONS) Gross proft 10,000 13,500

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 12MCQ: Smoltz Company reported the following information for the current year: cost of goods sold,...

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Question

XYZ company provided the following information:
Sales
$30,000
3,000
Accounts payable
Seling expenses
4,000
Administrative expenses
Other revenues
Cost of goods sold
Cash
12,000
Other expenses
7,000
Required: Calculate the following: (SHOW YOUR CALCULATIONS)
1. Gross proft
5,500
10,000
13,500

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