A company shows the following balances: Sales Revenue Sales Returns and Allowances Sales Discounts Cost of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
A company shows the following balances: Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold What is the gross profit rate? 27.5% 41.5% 53.5% 72.5% $2455000 405000 50000 1450000 A company shows the following balances: Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold What is the gross profit rate? 27.5% 41.5% 53.5% 72.5% $2455000 405000 50000 1450000
Expert Answer:
Answer rating: 100% (QA)
Answer The Correct Option A 275 Sales revenue Less Sales ret... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
A Company shows the following unit costs for its product: Direct materials $40 Direct labor 30 Variable overhead 2 Fixed overhead 5 A started the year with 8,000 units in inventory, produced 50,000...
-
Cost of Goods Sold is reported as an asset on the balance sheet. as a direct reduction of equity on the statement of changes in stockholders\' equity. as an addition to Sales Revenue on the income...
-
Cost of goods sold is $100,000. Accounts payable increased by $2,000. Inventory increased by $5,000. Cash paid to suppliers is: Multiple Choice $107,000. $103,000. $100,000. $93,000.
-
Lets assume the client in the fact pattern in this weeks discussion board did not want to purchase the mothers house (in other words, forget about only those facts) and now has been appointed as the...
-
During Year 1 (the first year of the companys existence), employees of the company earned vacation days as follows: (1) Make the journal entry necessary at the end of Year 1 to record the unused...
-
A department store conducted an experiment to investigate the effects of advertising expenditures on the weekly sales for its men's wear, children's wear, and women's wear departments. Five weeks for...
-
Explain at least three ways to reduce ATM fees charged to your account. Also describe the trade-offs involved in each action. Write About It Create a list with your explanations.
-
Buttercup Corporation issued 300 shares of $10 par value common stock for $4,500. Prepare Buttercups journal entry.
-
Studying Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are as follows: a. Assuming a perpetual inventory system and using the weighted average method,...
-
Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential customers. Students will have the opportunity to establish payroll records and to...
-
Every organization wants their systems to function properly and "talk" to each other. One of the biggest issues companies have is that they have information stored in different systems and it is very...
-
There is a lizard known as the Yellow Spotted Lizard in our proposed project area that was listed as a threatened species under the Endangered Species Act (ESA) on September 2, 2019. The local high...
-
A spring oscillator is designed with a mass of 0.252 kg. It operates while immersed in a damping fluid, selected so that the oscillation amplitude decreases to 1.00% of its initial value in 9.47 s....
-
Tacko Fall is a college basketball player from Dakar, Senegal.His picture with the CBS reporter, Tracy Wolfson, became anovernight sensation during March Madness in 2019 as it clearlyhighlighted how...
-
Liquidity ratios denote the current ability to pay short term debt obligations like accounts payable, accruals, etc. The higher the ratio the more liquid. What is the difference between current and...
-
Demand for GeForce RTX 4090 graphic card at NVIDIA from its North and South America markets for the last 4 years are as follows: Year 2019 2020 2021 2022 Quarter Q1 Q2 Q3 Q3 Q4 Q3 Q2 Q3 Q4 Demand...
-
There is a cash inflow of $500 today and a cash outflow of $500 two years from now. If the current market rate of interest is 8%, then the value of these cash flows as of year 1 is closest to
-
One Way Cellular accountants have assembled the following data for the year ended September 30, 2014: Prepare the operating activities section using the indirect method for One Way Cellulars...
-
David Rodriguez owns a chain of travel goods stores, Rodriguez Travel Goods. Last year, his sales staff sold 25,000 suitcases at an average sales price of $150. Variable expenses were 60% of sales...
-
Benjamin Doore is a national paint manufacturer and retailer. The company is segmented into five divisions: Paint Stores (branded retail locations), Consumer (paint sold through home improvement...
-
The cash receipts journal of Silver Plastics follows. Silver s general ledger includes the following selected accounts, along with their account numbers: Indicate whether each posting reference (a)...
-
Make as comprehensive as possible a list of the assets you own today including your home if you own one, or unexpired rent if you still have some time to go before your next rent bill is due. Decide...
-
Deduct ion your total value of assets drawn up in the previous Review activity any liabilities : (mortgages, bank loans, etc.) to calculate how much you are worth (this is referred to as your owner's...
-
In what important ways will a profit and loss account differ from a statement of cash flow?
Study smarter with the SolutionInn App