Lacy Stores has sales of $1,640,000, cost of sales of $680,000, and operating expenses of $304,000. What

Question:

Lacy Stores has sales of $1,640,000, cost of sales of $680,000, and operating expenses of $304,000. What is Lacy's return on sales?
a. 58.5%.
b. 41.5%.
c. 60%.
d. 40%.

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

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 9781259722660

9th Edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

See More Books

Question Posted: Apr 30, 2013 09:46 AM

See More Questions

NOTES PAYABLE ENTRIES Milo Radio Shop had the following notes payable transactions: Apr. Borrowed $5,000 from Builder's Bank, signing a 90-day, 8% note. 5 Gave a $2,000, 60-day, 7% note to Breaker...
C owns 60 shares and D owns 40 shares of Z Corporation, representing all of Zs outstanding shares. C and D are father and son. Z redeems all of Cs stocks. C stays on as Zs president with compensation...
B Ltd purchased an asset for $200 000 on 1 July 2015. This asset has a five year life and is depreciated straight line for both accounting and taxation purposes. B Ltd sold this asset to A Ltd on 1...
Please watch the video link and answer the following questions. https://youtu.be/VtvjbmoDx-I On January 22,1984, Apple produced one of the most famous Super Bowl ads of all time. Directed by Ridley...
For the multiprocessor illustrated in Figure 4.42 implementing the protocol described in Figure 4.43 and Figure 4.44, assume the following latencies: ¢ CPU read and write hits generate no stall...
Morgan Dance Inc. provides ballet, tap, and jazz dancing instruction to promising young dancers. Morgan began operations in January 2010 and is preparing its monthly financial statements for January...
For a unidirectional composite with a rectangular fiber array (Figure 3.18), use the equations of elasticity to set up the displacement boundary value problem for the determination of the transverse...
In divisional income statements prepared for Mills Construction Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll checks, and the...
1. What surprised you the most about radiation in our surroundings daily? Would you recommend this learning resource to family and friends? Why? https://www.epa.gov/radtown/radiation-sources-house
Two inhibitors of the same enzyme, inhibitor A and inhibitor B, were investigated to discover if they were competitive or non-competitive. In order to do this, the rate of reaction of the enzyme was...
The following information should be used to according to the provisions of SFAS 95 (Statement of Cash flows) and using the following data. Net Income .................... $50,000 Provision for bad...
Refer to the following end-of-period information for the Spring Company: Spring Company uses the indirect method for the Statement of Cash Flows. Net cash flows from operating activities for 2001...
A company is interested in evaluating its current inspection procedure on shipments of 50 identical items. The procedure is to take a sample of 5 and pass the shipment if no more than 2 are found to...
After reviewing financial statements and information, what John F. Kennedy International airport overall financial situation? Describe details on O&M expenses, capital expenses, sources of revenue...
Problem V.4 Consider the integers 3213 and 1386. Show the steps of the Euclidean Algorithm for 3213 and 1386. Show the steps of the Exended Euclidean Algorithm for 3213 and 1386.
What are the three most effective tools you have learned in this course to help you deliver a successful presentation?
What are the most significant (obvious) messages of communicated gender that you notice in your world?
One important difference between languages that provide syntax to encapsulate the definition of user defined data types is whether the syntax requires the specification details to be separated from...
Find the modulus and argument of (3 + j4)*(12 - j5) (3 - j4)(12 + j5)
Privitera and Freeman (2012) constructed a scale to measure or estimate the daily fat intake of participants; the scale was called the estimated daily intake scale for fat (EDIS-F). To validate the...
Refer back to Table 9.3. What range of risk premiums would you expect to see 68 per cent of the time for Europe? What about 95 per cent of the time? Table 9.3 Worldwide Risk Premiums Relative to...
Define each of the following terms: a. Going public; new issue market; initial public offering (IPO) b. Public offering; private placement c. Venture capitalists; road show; spread d. Securities and...
Is it true that the flatter, or more nearly horizontal, the demand curve for a particular firms stock, and the less important investors regard the signaling effect of the offering, the more important...
The SEC attempts to protect investors who are purchasing newly issued securities by making sure that the information put out by a company and its investment bankers is correct and is not misleading....
Siran plans to contribute $850 at the start of every half year to an investment that ears 7% compounded monthly. If Siran starts contributing on his 37th birthday, how much will he accumulate by his...
Milwaukee Insurance Company (MIC) has entered into a four-year plain vanilla swap with a counterparty. The notional principal is $80 million. MIC will pay payments based on a floating rate of the...
Newton Bay is a sparsely populated area. The government plans to build an international airport there and announces this plan publicly. When hotel chains learn about the airport, they become...

Lacy Stores has sales of $1,640,000, cost of sales of $680,000, and operating expenses of $304,000. What

Question:

Step by Step Answer:

d 40 Computation of Return on sales Sales 164...View the full answer

Intermediate Accounting

Students also viewed these Managerial Accounting questions