Assume Jose Foods has the following reported amounts: Sales revenue 506,000, Sales returns and allowances 13,000, Cost

Question:

Assume Jose Foods has the following reported amounts: Sales revenue €506,000, Sales returns and allowances €13,000, Cost of goods sold €342,000, Operating expenses €110,000. Compute the following:

(a) Net sales,

(b) Gross profit,

(d) Gross profit rate. (Round to one decimal place.)

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

Step by Step Answer:

Related Book For answer-question

Accounting Principles

ISBN: 978-1119419617

IFRS global edition

Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt

See More Books

Question Posted: Jun 21, 2019 08:47 AM

See More Questions

The adjusted trial balance of Mendoza Auto Supply shows the following data pertaining to sales at the end of its fiscal year October 31, 2020: Sales Revenue 820,000, Freight-Out 16,000, Sales Returns...
Presented below are selected accounts for Midler Stores as reported in the worksheet at the end of May 2020. Ending inventory is $75,000. Instructions Complete the worksheet by extending amounts...
Park Shoe Shop had goods available for sale in 2020 with a retail price of 120,000. The cost of these goods was 84,000. If sales during the period were 90,000, what is the estimated cost of ending...
Suppose that we have a linear program that is not in standard form. We could produce the dual by first converting it to standard form, and then taking the dual. It would be more convenient, however,...
Write out the coefficient matrix for each of the systems in Exercise 1. In Exercise 1 x1 + x2 + x3 + x4 + x5 = 5 2x2 + x3 - 2x4 + x5 = 1 4x3 + x4 - 2x5 = 1 x4 - 3x5 = 0 2x5 = 2
Verify Greens Theorem by evaluating both integrals for the given path. C: square with vertices (0, 0), (1, 0), (1, 1), and (0, 1) y2 dx + x2 dy vP (-) [* = + xP+] we
On December 14, 2011, appellant Aaron Olson contracted to receive telephone service from respondent CenturyLink and also applied for reduced-rate service that CenturyLink provides through Minnesotas...
Elizabeth Johnson, CPA, has completed the audit of notes payable and other liabilities for Valley River Electrical Services and now plans to audit contingent liabilities and commitments. Required a....
IQ scores (as measured by the Stanford-Binet intelligence test) are normally distributed with a mean of 100 and a standard deviation of 16. What percentage of the population has an IQ score between...
USAir South Airlines operates a hub at the Pittsburgh International Airport. During the summer, the airline schedules 7 flights daily from Pittsburgh to Orlando and 10 flights daily from Orlando to...
Yangtze Canoes provides the following information for the month ended October 31, 2020 (amounts in Chinese yuan): sales on credit 280,000, cash sales 100,000, sales discounts 5,000, sales returns and...
Presented below is information related to Poulsen Industries for the month of January 2020. Instructions a. Prepare the necessary adjusting entry for inventory. b. Prepare the necessary closing...
Marketing research has traditionally been associated with manufacturers of consumer goods. Today an increasing number of organizations, both profit and nonprofit, are using marketing research. Why do...
The various methods economists use to elicit WTP for environmental services (such as flood control, or a decrease in respiratory illness due to improved air quality, or biodiversity) are generally...
Define the terms market value added (MVA) and economic value added (EVA).
Briefly identify the following concepts: the polluter-pays principle, regulatory capture, emission standards, effluent charge, and the double-dividend feature of the effluent charge (tax).
Why are efficient capital markets necessary for economic growth?
Discuss the similarities and differences between Lp metric and AHP for ranking suppliers.
In Exercises 9.191-9.196, we have given a hypothesis testing situation and (i) The population standard deviation, , (ii) A significance level, (iii) A sample size, and (iv) Some values of a. For each...
Explain the term global capital markets. This chapter primarily discusses global equity markets. What other types of financial instruments are traded in these markets? How important are global...
Explain why reclassification adjustments are necessary.
Briefly discuss how a transfer of securities from the available-for-sale category to the trading category affects stockholders equity and income.
When is a debt security considered impaired? Explain how to account for the impairment of an available-for sale debt security.
B2. Translate the following MIPS assembly instruction into machine language: Iw $t2, 32($0) B3. Write MIPS assembly code for the following C code section: h; if (i == j) f g else f g - h; Register...
An employee should never use Outlook s Calendar to schedule his or her personal appointments. Write a response that agrees or disagrees with this statement and give your reasons. Part two: An...
Complete the blank lines. Enter the dollar amounts for all line items. Enter the percentages of sales for Sales, Total variable expenses, and Contribution margin. 15% Commission 20% Commission Own...

Assume Jose Foods has the following reported amounts: Sales revenue 506,000, Sales returns and allowances 13,000, Cost

Question:

Step by Step Answer:

a Net sales 506000 13000 493000 b ...View the full answer

Accounting Principles

Students also viewed these Business questions