During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000.
Question:
During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000.
a. What is the amount of the gross profit?
b. Compute the gross profit percentage (gross profit divided by sales).
c. Will the income statement always report a operating income? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 93% (15 reviews)
a 3402000 8100000 4698000 b 42 3402000 810000...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 9781337398169
15th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Business questions
-
During the current year, merchandise is sold for $32,800 cash and $379,500 on account. The cost of the merchandise sold is $250,000. What is the amount of the gross profit?
-
During the current year, merchandise is sold for $375,000 cash and $815,000 on account. The cost of the merchandise sold is $700,000. What is the amount of the gross profit?
-
During the current year, merchandise is sold for $795,000. The cost of the merchandise sold is $477,000. a. What is the amount of the gross profit? b. Compute the gross profit percentage (gross...
-
In Problems 1158, perform the indicated operation, and write each expression in the standard form a + bi. 2 + 3i 1-i
-
The financial statements of M&S (GBR) are presented in Appendix A. The company's complete annual report, including the notes to the financial statements, is available online. Instructions Refer to...
-
Let X be a random variable that takes on nonnegative values and has distribution function F(x). Show that Hint: Integrate by parts. Illustrate this result by calculating E(X) by this method if X has...
-
The coefficient of determination between two variables is .64. Answer the following questions: a. What is the Pearson correlation coefficient? b. How strong is the relationship? c. How much of the...
-
Vodra was employed as a salesperson and contracting agent for American Security Services. As part of his contract of employment, Vodra signed an agreement that for three years after leaving this...
-
What guidelines for developing a training program are most important? (Research actual training programs to support your answer) How much does the answer depend on the type of system, the people...
-
Ellipses Corp is a small business that operates in Herndon, VA. The company is located at10 Period Lane, Herndon, VA 20170. Its federal Employer Identification Number is 77-7777777, and its...
-
Financial statement data for years ended December 31, 20Y3 and 20Y2, for Edison Company follow: a. Determine the asset turnover ratio for 20Y3 and 20Y2. b. Is the change in the asset turnover ratio...
-
For a recent year, Best Buy (BBY) reported sales of $39,528 million. Its gross profit was $9,191 million. What was the amount of Best Buys cost of goods sold?
-
HRM is full of paradoxes. The field is high on rhetoric and low in content. Comment.
-
ABC Corp is struggling financially. Prior to any debt renegotiations, they have assets valued at about $13 million and liabilities in the amount of $15 million. As a result of their financial...
-
Solomon Corporation's computer services department assists two operating departments in using the company's information system effectively. The annual cost of computer services is $573,400. The...
-
1. After eating the Gum Gum fruit, Luffy found that he could stretch his arm 2.7 meters, which gave him a PE spring equal to 4,500 Nm. What is the spring constant for Luffy's arm? How much force can...
-
Gobble Goop Corp incorporated in 2008. In their current year (2011), the company has furnished you (a super star accountant) with the following information regarding their financial and tax returns:...
-
What sales compensation plan would be appropriate for the two distinct environments? What are likely consequences to the business by adopting a misaligned/misguided sales compensation plan? You have...
-
Find the derivative of the following functions. f(x) = xe -x
-
$10,000 was borrowed at 3.5% on July 17. The borrower repaid $5000 on August 12, and $2000 on September 18. What final payment is required on November 12 to fully repay the loan?
-
The following are inputs and outputs to the copying process of a copy shop: Percent jobs done on time Number of times paper supply runs out Number of pages copied per hour Number of employee errors...
-
The following are inputs and outputs to the copying process of a copy shop: Percent jobs done on time Number of times paper supply runs out Number of pages copied per hour Number of employee errors...
-
In applying the high-low method of cost estimation, how is the total fixed cost estimated?
-
sked byChina699 BEMIDJI STATE UNIVERSITY Department of Technology, Art & Design TADT 3217 : Materials Science & Metallurgy Hardness Testing [A continued look at the Heat Treatment of Steel] ...
-
1. Advocate Aurora Sheboygan Memorial Hospital health care product or service to be marketed in your community. 2. Conduct appropriate market research in your community to determine the demographics...
-
How do ethical leaders integrate ethical considerations into strategic decision-making processes, balancing short-term business objectives with long-term ethical imperatives to ensure sustainable...
Study smarter with the SolutionInn App