During the current year, merchandise is sold for $32,800 cash and $379,500 on account. The cost of

Question:

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?

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

Step by Step Answer:

Related Book For book-img-for-question

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

See More Books

Question Posted: Aug 27, 2011 09:47 AM

See More Questions

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...
During the current year ended December 31, Rank Company disposed of three different assets. On January I of the current year, prior to their disposal, the asset accounts reflected the following: The...
During the current year, merchandise is sold for $200,000 cash and for $950,000 on account. The cost of the merchandise sold is $805,000. a. What is the amount of the gross profit? b. Compute the...
You are an information technology (IT) intern working for Health Network, Inc. (Health Network), a fictitious health services organization headquartered in Minneapolis, Minnesota. Health Network has...
In December 2017, Rangers Inc. invested $100,000 of idle cash in U.S. Treasury notes. The notes mature on October 1, 2018, at which time Rangers expects to redeem them at face value of $100,000. The...
Draw the dual of the circuit in Fig. 8.121. 5 A 3 1 F 0.25 12 V
Selected accounts and a section of a worksheet for Sunhill Stores are shown below. Required (a) The beginning and ending inventory were $$45$ 760 and $$52$ 420 respectively. Enter the beginning...
At December 31 of a recent year, the following information (in thousands) was available for sunglasses manufacturer Oakley, Inc.: ending inventory $155,377; beginning inventory $119,035; cost of...
a) A real estate contract is a contract between parties for the purchase and sale, exchange, or other conveyance of real estate. The sale of land is governed by the laws and practices of the...
State Bank's balance sheet is listed below. Market yields and durations (in years) are in parenthesis, and amounts are in millions. a. What is the repricing gap if the planning period is six months?...
Who bears the freight when the terms of sale are? (a) FOB shipping point, (b) FOB destination?
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?
Suppose you have fit a linear model to some data and now take a look at the residuals. For each of the following possible residuals plots, tell whether you would try a re-expression and, if so, why....
Question A) What is the SWEATT model, and why is it essential to an organization? Question B) How can the SWEATT model be applied to the USPS or other organizations? Can you align each of...
This involves implementing a simple university personnel management program. The program contains at least three classes: Staff, Student and Faculty. Your program stores relevant information such as...
Which strategy tool technique offers the least benefit to the success of the overall implementation phase when implementing a new health IT technology? Explain with examples.
A ray of light, emitted beneath the surface of an unknown liquid with air above it, undergoes total internal reflection as shown in the figure below. (Assume d 21.0 cm and h = 22.7 cm.) m n d What is...
Given the many potential benefits from delegation, evaluate why might leaders fail to delegate as much as they should.
Write up the asset, liability and capital accounts to record the following transactions in the records of B. Spector's business: July 1 Started business by putting $ 15,000$ of his own money into a...
During the year land was revalued and the surplus reported as Revaluation surplus; and an asset costing 80,000, written down to 38,000, was sold for 40,000. Identify the cost of any non-current...
Suppose that we have the following data (one variable). Use complete linkage to identify the clusters. Data: 0 0 1 3 3 6 7 9 10 10
Mattel, Inc., designs, manufactures, and markets toy products worldwide. Mattels toys include BarbieTM fashion dolls and accessories, Hot WheelsTM, and Fisher-Price brands. For a recent year, Mattel...
During 2012, Pierport Inc. has monthly cash expenses of $400,000. On December 31, 2012, the cash balance is $3,600,000. a. Compute the ratio of cash to monthly cash expenses. b. Based on (a), what...
Delta Air lines, one of the worlds largest airlines, provides passenger and cargo services throughout the United States and the world. Delta reported the following financial data on million) for the...
1. Given the functions f(x) = x + 1 and g(x) = 3-x, determine an equation for the combined function y = f(x)+ g(x). 2. If f= {(-7, 1), (-5, 8), (3, 11), (5,-1)) and g = {(-6, 4), (-5, 3), (-1, 7),...
Identify an area of Financial Services where you feel significant opportunities lie in relation to process management. Why do you feel this?
What is urban economics and what components of a city usually results in higher demand of a city's real estate. Describe at least three

During the current year, merchandise is sold for $32,800 cash and $379,500 on account. The cost of

Question:

Step by Step Answer:

Merchandise sold for cash Merc...View the full answer

Accounting

Students also viewed these Accounting questions