Williamson Inc. has Sales of $90,000, Sales Returns and Allowances of $4,700, Sales Discounts of $1,300 and

Fantastic news! We've Found the answer you've been seeking!

Question:

Williamson Inc. has Sales of $90,000, Sales Returns and Allowances of $4,700, Sales Discounts of $1,300 and Cost of Goods Sold of $63,000.

What is Williamson's Gross Profit?

Related Book For answer-question

Fundamentals of Financial Accounting

ISBN: 978-0078025914

5th edition

Authors: Fred Phillips, Robert Libby, Patricia Libby

See More Books

Posted Date: Mar 23, 2024 12:40 AM

See More Questions

Given the premises "If you drive too fast, then you will get a ticket" and "If you get a ticket, then you will pay a fine," is it a valid argument to conclude "If you pay a fine, then you drive too...
Bottle-Up, Inc. was organized on January 8, 2010. and made its Selection on January 24, 2010. The necessary consents to the election were filed in a timely manner. Its address is 1234 Hill Street,...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1 and 2. On September 1, Irene opened a retail store that specializes in sports car...
With reference to the Auditors Report, answer the following questions: The recent final audit report of an FMCG carries a line which is read as in the manner so required and respectively give a true...
An acceptance sampling procedure is being developed to check whether batteries have the required voltage. The batteries are shipped in very large batches, and the voltages of a random sample of n =...
The following is a program skeleton: #include using namespace std; #include // for strlen(), strcpy() struct stringy { char * str; // points to a string int ct; // length of string (not counting...
Is there a single standard command-line processor to parse and process argv?
The Harvey Motorcycle Company produces three models: the Tiger, a sure-looted dirt bike; the LX2000, a nimble cafe racer: and the Golden, a large interstate tourer. This months master production...
1. An object of mass of 4 kg is resting at a height of 2 m and then falls to the ground. a. Model the energy of the object-Earth system with Energy Bar Charts when at the initial height and ground...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 8,000 Accounts receivable 20,000 Inventory 36,000...
20. In (0, 1], let B be the class of sets that either (a) are of the first category or (b) have complement of the first category. Show that B is a o-field. For A E B, define P(A) to be 0 in case (a)...
The Open Boat By Stephen Crane On this thread, please continue your discussion of Crane. This time, focus on the irony of the piece. What is the situational irony, that is, the relationship of the...
A 1.20-kg skateboard is coasting along the pavement at a speed of 5.00 m/s when a 0.800- kg cat drops from a tree vertically downward onto the skateboard. What is the speed of the skateboard-cat...
Follow the news over the next few days; keep your eyes open for clear examples of PR at work. Make note of those you find, including a description of the PR efforts. This can include something like a...
One example of a(n) __________ (blank) decision is determining whether the firm should hire an outside firm to develop a component in order to save two months of development time. Design Engineering...
Case Scenario - Known to other parties Mangrove Bay Development (MBD) is planning construction of a hotel with adjacent mixed retail/commercial development in Abu Dhabi overlooking an area of...
1. Define and describe ratio analysis. 2. Explain how the liquidity, profitability, leverage, and market ratios are used to analyze and compare financial statements. Part II: 1. Define and describe...
Do the three planes x + 2x + x 3 = 4, X X 3 = 1, and x + 3x = 0 have at least one common point of intersection? Explain.
The financial records of Dunbar Inc. were destroyed by fire at the end of 2015. Fortunately, the controller had kept the following statistical data related to the income statement. 1. The beginning...
Maher Inc. reported income before income tax during 2015 of 790,000. Additional transactions occurring in 2015 but not considered in the 790,000 are as follows. 1. The corporation experienced an...
Presented below is the trial balance of Thompson Corporation at December 31, 2015. Instructions Prepare an income statement and a retained earnings statement. Assume that the only changes in retained...

Williamson Inc. has Sales of $90,000, Sales Returns and Allowances of $4,700, Sales Discounts of $1,300 and

Question:

Expert Answer:

Williamsons Gross Profit To find Williamsons gross profit we need to calculate their net ... View the full answer

Fundamentals of Financial Accounting

Students also viewed these accounting questions