Minnick Co. has sales revenue of $105,000, cost of goods sold of $70,000, and operating expenses of $20,000. What is its gross profit and its gross profit rate?
Answer to relevant QuestionsPaul Scott Company reports net sales of $800,000, gross profit of $370,000, and net income of $240,000. What are its operating expenses?From the information in BE5-3, In BE5-3, Prepare the journal entries to record the following transactions on Kwang Company’s books using a perpetual inventory system.(a) On March 2, Kwang Company sold $900,000 of ...Assume the same information as in BE5-11 and also that Gallant Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $730,000. Determine the amounts to be reported for cost of goods sold ...Information related to Harwick Co. is presented below.1. On April 5, purchased merchandise from Botham Company for $23,000, terms 2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of $900 on merchandise ...An inexperienced accountant for Huang Company made the following errors in recording merchandising transactions.1. A $195 refund to a customer for faulty merchandise was debited to Sales Revenue $195 and credited to Cash ...
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