During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is $24,206,000.
Question:
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 necessarily report a net income? Explain.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 86% (15 reviews)
a 7644000 31850000 24206000 b 24 7644000 3185...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Accounting
ISBN: 978-1337899451
27th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Cost Accounting 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...
-
Return to Better Mousetraps in Problem 18. Suppose the firm can cut its requirements for working capital in half by using better inventory control systems. By how much will this increase project NPV?...
-
The senior management of Calvin Company has proposed the following three performance measures for the company: 1. Net income as a percent of stockholders equity 2. Revenue growth 3. Employee...
-
The bookkeeper for the community of Spring Valley has asked for your assistance regarding the following items. Required Prepare a memo discussing the proper accounting and financial reporting in the...
-
Define anti-patterns, functional decomposition and the relationship between them.
-
1. How is software adding value to automakers products? 2. How are the automakers benefiting from software- enhanced cars? How are customers benefiting? 3. What value chain activities are involved in...
-
If you took $450,000 mortgage loan to be repaid over 30 years at 7.0%, calculate the amount of principal reduction in the first year.
-
The following transactions of Beltville College transpired during 2020. The funds necessary are the Endowment Fund, the Annuity Fund, the Plant Fund?Unexpended, the Plant Fund?Investment in Plant,...
-
Financial statement data for years ending December 31, 2019 and 2018, for Edison Company follow: ______________________________________ 2019 _____________ 2018 Sales...
-
After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment for a cash refund. The...
-
The following information was taken from the records of Midler Cosmetics, Inc., at December 31, 2014: Requirements 1. Using the End- of- Chapter Summary Problem (pages 637638) as an example, prepare...
-
What strategies might these enterprises use to strengthen their business models (a) a small pizzeria operating in a crowded college market, and (b) a detergent manufacturer seeking to unveil new...
-
When Howard Schultz founded Starbucks in 1987, he wanted to create a company that would genuinely care for the well-being of its employees. He had been very influenced by his memories of his father,...
-
Prior to its 2016 acquisition by Alaska Airlines, Virgin America was consistently rated as one of the top U.S. airlines. Founded in 2004, the airline served 20 destinations out of its main hub in San...
-
In April 2011, Larry Page, one of Googles two founders, became CEO of the company. Page had been CEO of Google from its establishment in 1998 through 2001, when Eric Schmidt took over. After 10...
-
In 1854, Louis Vuitton founded a trunk-making company in Paris. He had observed that most trunks could not be easily stacked because they had rounded tops; he thus began producing trunks with flat...
-
The intensity of the single-slit diffraction pattern can be calculated by summing the amplitudes of infinitely many field amplitudes corresponding to waves from every infinitesimal part of the slit....
-
If |62x|>9, which of the following is a possible value of x? A. 2 B. 1 C. 0 D. 4 E. 7
-
A stockbroker advises a client to buy preferred stock with that type of stock, [you] will never have to worry about losing the dividends. Is the broker right?
-
A stockbroker advises a client to buy preferred stock with that type of stock, [you] will never have to worry about losing the dividends. Is the broker right?
-
Bernie Ebbers, the CEO of WorldCom, a major telecommunications company, was having personal financial troubles, Ebbers Pledged a large stake of his WorldCom stock as security for some personal loans....
-
Scenario: Yarning Circle and Talking Stick Sarah has recently been employed by Blue Bay Early Learning Centre. Sarah is very proud of having just achieved the Diploma of Children's Services and she...
-
The principal at your school decides to retire, and several well-qualified teachers on the staff apply for the position. Mr. England has been teaching for four years and has his administrator's...
-
Sandi's parents have been divorced since she was five years old. She is now seven. She lives with her mother and visits her father every other weekend. He brings her to school on Monday mornings...
Study smarter with the SolutionInn App