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v A LTI Launch x M Question 7 - Chapter X G Marcus Xavier notice X Course Hero * M Starred - kucks2@gn x | Financial Aid - Self-S X 5 Account Activity - Sel x + X G ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow. S Chapter 4 Practice Saved Help Save & Exit Submit Check my work mode : This shows what is correct or Incorrect for the work you have completed so far. It does not indicate completion. Return to question 7 Monique Wallace owns an upscale jewelry store in downtown Atlanta, Georgia. The following events occurred during her first year of operations, Year 1: points 1. The store sold on account merchandise with a list price of $35,000 on June 1, Year 1. The sale offered the customer payment terms of 2/10, n/30 2. On June 2, Year 1, the customer from the first event returned merchandise to Monique with a list price of $10,000. 3. On June 5, Year 1, Monique collected the balance of accounts receivable from the customer in Event 1. Required Determine the amount of net sales from the Information given. x Answer is not complete. Calculation of Net Sales For the Year Ended December 31, Year 1 Sales 35,000 Less: Sales returns (10,000) Less: Sales discounts Net sales 25,000 MS Hill 1 84 F 1:46 PM Q Search Sunny 9/17/2024v A LTI Launch x M Question 8 - Chapter X G Marcus Xavier notice x Course Hero * M Starred - kucks2@gn x * Financial Aid - Self-S( X 5 Account Activity - Sel x + X -> G "ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow.. S Chapter 4 Practice i Saved Help Save & Exit Submit Check my work 8 The following income statements were drawn from the annual reports of the Fenway Company and the Wrigley Company: Fenway Wrigley points Net sales 6 550,000 5 580, 000 Cost of goods sold (285, 000) (450, 000) Gross margin 265,000 130, 000 Less: Operating expense Selling and admininstrative expense (180, 000) (40, 000) eBook Net income $ 85,000 $ 90, 000 Required Print a. Compute the gross margin percentage for both companies. . Compute the return-on-sales percentage for both companies. Note: For all requirements, round answers to the nearest whole percentage References Fenway Wrigley a. Gross margin percentages % 1% b. Return-on-sales percentages % % MS Hill 1 84 F 1:47 PM Q Search Sunny 9/17/2024v A LTI Launch X M Question 9 - Chapter X G Marcus Xavier notice x Course Hero * M Starred - kucks2@gn x * Financial Aid - Self-S X 5 Account Activity - Sel x + X G " ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fconnect%252Fltiwrapper%252FltiaCloseWindow... S Chapter 4 Practice Saved Help Save & Exit Submit Check my work 9 Ricardo Sanchez owns an art store called Creative Solutions. At the beginning of the year, Creative Solutions had $25,000 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $45,000. At the end of the year, inventory on hand amounted to $14,500. points Required: a. Determine the amount of cost of goods sold that will be reported on the year-end income statement. b. Determine the balance of inventory on the year-end balance sheet. eBook a. Cost of goods sold b. Inventory Print References MS Hill 1 84 F 1:48 PM Sunny Q Search 9/17/2024