The gross profit margin ratio for mile wide for 2015 and 2016 for the provided table, Income statement Revenue 2016($) 2015($) Total sales 219,827 205,852 Sales return and allowance 8,512 7,983 Net sales 211,315 197,869 Cost of goods sold Beginning inventory on January 1 42,816 40,512 Purchases 97,523 94,812 Ending inventory, December 31 43,182 42,521 Cost of goods sold 97,157 92,803 Gross profit from sales 114,158 105,066 Operating expenses Salary 28,940 27,000 Insurance 800 750 Utilities 1,700 1,580 Rent 3,600 3,000 Depreciation 2,000 2,400 Total operating expenses 37,040 34,730 Net income 77,118 70,336

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Answer 1

Question

Chapter 21, Problem 8PT

To determine

To calculate: The gross profit margin ratio for mile wide for 2015 and 2016 for the provided table,

Income statement

Revenue 2016($) 2015($)

Total sales 219,827 205,852

Sales return and allowance 8,512 7,983

Net sales 211,315 197,869

Cost of goods sold

Beginning inventory on January 1 42,816 40,512

Purchases 97,523 94,812

Ending inventory, December 31 43,182 42,521

Cost of goods sold 97,157 92,803

Gross profit from sales 114,158 105,066

Operating expenses

Salary 28,940 27,000

Insurance 800 750

Utilities 1,700 1,580

Rent 3,600 3,000

Depreciation 2,000 2,400

Total operating expenses 37,040 34,730

Net income 77,118 70,336

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Answer 2

Question

Chapter 21, Problem 8PT

To determine

To calculate: The gross profit margin ratio for mile wide for 2015 and 2016 for the provided table,

Income statement

Revenue 2016($) 2015($)

Total sales 219,827 205,852

Sales return and allowance 8,512 7,983

Net sales 211,315 197,869

Cost of goods sold

Beginning inventory on January 1 42,816 40,512

Purchases 97,523 94,812

Ending inventory, December 31 43,182 42,521

Cost of goods sold 97,157 92,803

Gross profit from sales 114,158 105,066

Operating expenses

Salary 28,940 27,000

Insurance 800 750

Utilities 1,700 1,580

Rent 3,600 3,000

Depreciation 2,000 2,400

Total operating expenses 37,040 34,730

Net income 77,118 70,336

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Answer 3

Question

Chapter 21, Problem 8PT

To determine

To calculate: The gross profit margin ratio for mile wide for 2015 and 2016 for the provided table,

Income statement

Revenue 2016($) 2015($)

Total sales 219,827 205,852

Sales return and allowance 8,512 7,983

Net sales 211,315 197,869

Cost of goods sold

Beginning inventory on January 1 42,816 40,512

Purchases 97,523 94,812

Ending inventory, December 31 43,182 42,521

Cost of goods sold 97,157 92,803

Gross profit from sales 114,158 105,066

Operating expenses

Salary 28,940 27,000

Insurance 800 750

Utilities 1,700 1,580

Rent 3,600 3,000

Depreciation 2,000 2,400

Total operating expenses 37,040 34,730

Net income 77,118 70,336

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Answer 4

Question

Chapter 21, Problem 8PT

To determine

To calculate: The gross profit margin ratio for mile wide for 2015 and 2016 for the provided table,

Income statement

Revenue 2016($) 2015($)

Total sales 219,827 205,852

Sales return and allowance 8,512 7,983

Net sales 211,315 197,869

Cost of goods sold

Beginning inventory on January 1 42,816 40,512

Purchases 97,523 94,812

Ending inventory, December 31 43,182 42,521

Cost of goods sold 97,157 92,803

Gross profit from sales 114,158 105,066

Operating expenses

Salary 28,940 27,000

Insurance 800 750

Utilities 1,700 1,580

Rent 3,600 3,000

Depreciation 2,000 2,400

Total operating expenses 37,040 34,730

Net income 77,118 70,336

Expert Solution & Answer

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Answer 5

Chapter 21, Problem 8PT

To determine

To calculate: The gross profit margin ratio for mile wide for 2015 and 2016 for the provided table,

Income statement

Revenue 2016($) 2015($)

Total sales 219,827 205,852

Sales return and allowance 8,512 7,983

Net sales 211,315 197,869

Cost of goods sold

Beginning inventory on January 1 42,816 40,512

Purchases 97,523 94,812

Ending inventory, December 31 43,182 42,521

Cost of goods sold 97,157 92,803

Gross profit from sales 114,158 105,066

Operating expenses

Salary 28,940 27,000

Insurance 800 750

Utilities 1,700 1,580

Rent 3,600 3,000

Depreciation 2,000 2,400

Total operating expenses 37,040 34,730

Net income 77,118 70,336

Answer 6

Chapter 21, Problem 8PT

To determine

To calculate: The gross profit margin ratio for mile wide for 2015 and 2016 for the provided table,

Income statement

Revenue 2016($) 2015($)

Total sales 219,827 205,852

Sales return and allowance 8,512 7,983

Net sales 211,315 197,869

Cost of goods sold

Beginning inventory on January 1 42,816 40,512

Purchases 97,523 94,812

Ending inventory, December 31 43,182 42,521

Cost of goods sold 97,157 92,803

Gross profit from sales 114,158 105,066

Operating expenses

Salary 28,940 27,000

Insurance 800 750

Utilities 1,700 1,580

Rent 3,600 3,000

Depreciation 2,000 2,400

Total operating expenses 37,040 34,730

Net income 77,118 70,336

Answer 7

Chapter 21, Problem 8PT

To determine

To calculate: The gross profit margin ratio for mile wide for 2015 and 2016 for the provided table,

Income statement

Revenue 2016($) 2015($)

Total sales 219,827 205,852

Sales return and allowance 8,512 7,983

Net sales 211,315 197,869

Cost of goods sold

Beginning inventory on January 1 42,816 40,512

Purchases 97,523 94,812

Ending inventory, December 31 43,182 42,521

Cost of goods sold 97,157 92,803

Gross profit from sales 114,158 105,066

Operating expenses

Salary 28,940 27,000

Insurance 800 750

Utilities 1,700 1,580

Rent 3,600 3,000

Depreciation 2,000 2,400

Total operating expenses 37,040 34,730

Net income 77,118 70,336

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 21.1 - Prob. 1-1SC Ch. 21.1 - Prob. 1-2SC Ch. 21.1 - Prob. 1-3SC Ch. 21.1 - Prob. 1-4SC Ch. 21.1 - Prob. 2-1SC Ch. 21.1 - Prob. 2-2SC Ch. 21.1 - Prob. 2-3SC Ch. 21.1 - Prob. 2-4SC Ch. 21.1 - Prob. 3-1SC Ch. 21.1 - Prob. 3-2SC

Solution Summary: The author calculates the gross profit margin ratio for mile wide for 2015 and 2016 for the provided income statement.

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Chapter 21 Solutions

Income statement

Revenue	2016($)	2015($)
Total sales	219,827	205,852
Sales return and allowance	8,512	7,983
Net sales	211,315	197,869

Cost of goods sold
Beginning inventory on January 1	42,816	40,512
Purchases	97,523	94,812
Ending inventory, December 31	43,182	42,521
Cost of goods sold	97,157	92,803

Gross profit from sales	114,158	105,066

Operating expenses
Salary	28,940	27,000
Insurance	800	750
Utilities	1,700	1,580
Rent	3,600	3,000
Depreciation	2,000	2,400
Total operating expenses	37,040	34,730

Net income	77,118	70,336