An accountant sometimes must convert gross profit percentages. Required 1. Convert the following gross profit percentages based
Question:
An accountant sometimes must convert gross profit percentages.
Required
1. Convert the following gross profit percentages based on net sales to gross profit as a percentage of the cost of goods sold: 20%, 25%, and 40%.
2. Convert the following gross profit percentages based on the cost of goods sold to gross profit as a percentage of net sales: 20%, 25%, and 40%.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
The following formulas are useful in solving this problem ...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Question Posted:
Students also viewed these Accounting questions
-
The following ANOVA table is based on the data discussed in Problem 5 of Chapter 8. Use α = .05. a. Provide a test to compare the following two models: Y = β0 +...
-
The following software output is based on the mortality rate (deaths per 100,000 people) and the education level (average number of years in school) for 58 U.S. cities. Dependent variable is...
-
The following selected information is based on the Year 7 financial statements of the German healthcare firm, adopted from the financial statements Bayer Group. Bayer Group applies IFRS, and reports...
-
On January 5, Jones Ventures Inc. purchased 40% of the outstanding stock of Pilots Manufacturing Corp. The purchase was 20,000 shares at $10 per share. Jones received dividends from Pilots in the...
-
Gull Corporation, a cash method, calendar year C corporation, was formed and began business on November 1, 2013. Gull incurred the following expenses during its first year of operations (November 1,...
-
In Sec. 3.5 we discussed various aspects of relations between dynamics at different levels of organisation in a complex system. (a) Think of the human body and try to list the different time scales...
-
A researcher hypothesizes that drivers who use cellular phones will get into a greater number of traffic accidents than drivers who do not use these phones. For this example, a. What are the...
-
Waterways Corporation is a private corporation formed for the purpose of providing the products and the services needed to irrigate farms, parks, commercial projects, and private lawns. It has a...
-
Image transcription text PLAN VILL 2010 30 0 I SUGGESTED FIXING POINTS # x MIG TAPPED HOLES, 20 MIN FULL THREAD EQUI SP ON PCD 900 1700 300 1000 DIA MINIMUM CEILING HEIGHT ELECTRONIC CONTROL...
-
Donaldson Company has two service departments (personnel and financial) that provide services for one another as well as for two production departments, assembly and finishing. Data for the month...
-
The following gross profit data are taken from the financial records of the Eckhardt Company: Required 1. If it is known that volume declined 5% from 2007 to 2008, by how much did selling prices...
-
The Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during 2007: Required Compute the ending inventory by the retail...
-
Substances that dissolve in water generally do not dissolve in benzene. Some substances are moderately soluble in both solvents, however. One of the following is such a substance. Which do you think...
-
What relevant information is provided in each capital budgeting method?
-
For the funding of projects, why are municipalities moving from the use of general obligation bonds to revenue bonds, PFA bonds, and certificates of participation?
-
What major information (data) do you need for capital budgeting when you want to compare projects?
-
Explain why a relegation system would be difficult to implement in North American professional sport leagues.
-
How can a stadium or arena be built without putting too much financial burden on a local government?
-
a. What type of good is a high-speed rail network? b. Why might it be provided by government rather than privately? c. Can you think of parts of the United States that have a similar population...
-
1) Predict the organicproduct formed when BzCl reacts with cyclohexanol. BzCl = benzoylchloride. 2) Provide the majororganic product of the reaction below. 3) Draw the structureof the product formed...
-
Draw the plane given by the equation. x + 2y = 6
-
Shin Corporation had a projected benefit obligation of $3,100,000 and plan assets of $3,300,000 at January 1, 2010. Shin also had a net actuarial loss of $465,000 in accumulated OCI at January 1,...
-
Hawkins Corporation has the following balances at December 31, 2010. Projected benefit obligation $2,600,000 Plan assets at fair value 2,000,000 Accumulated OCI (PSC) 1,100,000 How should these...
-
Norton Co. had the following amounts related to its pension plan in 2010. Actuarial liability loss for 2010 $28,000 Unexpected asset gain for 2010 18,000 Accumulated other comprehensive income (G/L)...
-
In Boston, due to the large amount of snowfall during winter of 2014-2015, the city has brought in several "snow dragons" to melt the snow. Model SND5400 is rated at: 180 ton snow rated capacity per...
-
How does the three-tier model effectively meet the literacy development needs of individual students? How does the response to intervention model integrate the three-tiers of instruction? What are...
-
TCS was established in 1968 with its headquarters in Mumbai. It was formed as a division of Tata Sons Limited (TSL), one of India's largest business conglomerates, and was called 'Tata Computer...
Study smarter with the SolutionInn App