For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000,
Question:
a. What was the amount of net sales?
b. What was the amount of gross profit? Discuss.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (6 reviews)
a Net sales 5105...View the full answer
Answered By
Rehab Rahim
I am well versed in communicating and teaching in areas of all business subjects. I have helped many students in different ways from answering answers to writing their academic papers.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
For the fiscal year ended April 30, 2015, Interform Corp. had the following account balances: Dr (Cr) Accounts receivable ............. $ 5,102,050 Notes receivable, due January 2016 ..........
-
The Starlight, Inc. financial statements for the fiscal year ended June 30, 2013, are presented below. The firm's sales are projected to grow at a rate of 20 percent next year, and all financial...
-
The financial statement for urban outfitters for the fiscal year ending Jan 2012 can be found on google. Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this...
-
Find the lengths of the curves. The cardioid r = 1 + cos
-
Daybook Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $105,000 for September and $116,000 for...
-
An architect wants to draw a rectangle with a diagonal of 2 5 centimeters. The length of the rectangle is to be 1 0 centimeters more than twice the width. What dimensions should she make the...
-
Explain the following pairs in relation to each other: a. Method and operation b. Event and state. c. Interaction and message.
-
The state of Artexva advance refunded $8,000,000 par of 20X2, 10% serial bonds by issuing $9,000,000 par of 20Y6, 6% serial bonds. Required Prepare the entries required to record the following...
-
The technology company, Samsung, is considering to revamp an old tablet product of theirs and would like for it to make a big impression against other competitors in this day and age. -What branding...
-
Ellen wants to know how many books each author wrote. Write a SQL statement to provide such information to Ellen? Use the following information: Ellen Novotny started an online bookstore in 2017. You...
-
Identify the errors in the following schedule of cost of merchandise sold for the current year ended July 31,2010: Cost of merchandise sold: Merchandise inventory, July 31, 2010 Purchases Plus:...
-
The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) Selling, (b) Administrative, or (c)...
-
In October 2015, Firm G completed a consulting engagement and received a $200,000 cash payment for its services. In December, the client notified Firm G that it was unsatisfied with the work and...
-
Real Estate Pro Forma I just need to see the work for the answer above. All of thedata I was given is above "Check answers" PRACTICE WORK - FIN 3070 Inputs Financial Info Interest Rate Term Percent...
-
BREAK-EVEN ANALYSIS An advantage of the contribution margin approach is that we can quickly and easily estimate breakeven sales. Breakeven is simply the amount of sales required to generate a net...
-
A thin coating is placed onto a wooden surface to waterproof it. In order to apply the coating, which is 2mm thick, it is put on at an initial uniform temperature of T; = 200C. The coating has a...
-
Suppose the production function in per capita terms is f(k) = Ak. The model parameters are: 0 = (Capital share of income) A = 2 (Level of technology) n = 0.15 (Population growth rate) 60.25...
-
mework B K Question 6, EF11-20 (similar to) Part 1 of 5 County Company had the following partially completed payroll register. (Click the icon to view the partial payroll register.) Read the...
-
In a balanced system, the phasor sum of the line-to-line voltages and the phasor sum of the line-to-neutral voltages are always equal to zero. (a) False (b) True
-
Identify Thank You mission, strategy and core competencies. Identify strategy changes that have taken place at Thank You since its founding in 2008. Your answer must in text references and must be...
-
Which of the following is the greatest thickness: 1 mm, 0.1 cm, or 0.001 m?
-
Oaks Company had the following balances in its accounting records as of December 31, 2010. The following accounting events apply to Oaks's 2010 fiscal year: Jan. 1 Acquired an additional $70,000 cash...
-
The following information was drawn from the records of Ruth & Associates at December 31, 2010. Required Use the preceding information to construct an income statement, statement of changes in...
-
Relationship of accounts to financial statements Required Identify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders equity (SE),...
-
The Acme Rocket Car Company has a $9000 note due in 5 years. How much should be deposited at the end of each quarter in a sinking fund to pay off the note if the interest rate is 6.3%.
-
If you put $100 per month in account earning 3% annual interest, compounded monthly for 10 years, how much can you withdraw from that account each month for the next year?
-
Solve for X X x= 22 33 33 -22
Study smarter with the SolutionInn App