Question: Using the financial information is presented below: Operating Expenses$ 55,000 Sales Returns and Allowances 13,000 Sales Discount 6,000 Sales 160,000 Costs of Goods Sold 77,000

Using the financial information is presented below:

Operating Expenses$ 55,000

Sales Returns and Allowances 13,000

Sales Discount 6,000

Sales 160,000

Costs of Goods Sold 77,000

Thegross profit rate would be:

.538

.546

.500

.454

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

questions: Joe is a warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates documentation procedures are...

Q:

Use the information presented to prepare a Form 1065 and Schedule D. Also prepare one Schedule K-1 (on form 1065) for Ms. Maine. ACCT 346 Spring 2014 Tax Return Case Study Part 2 -- Form 1065 During...

Q:

please i really need gelp with page 4,5 and schedule k-1 TAX FORM/RETURN PREPARATION PROBLEMS The Dapper-Dons Partnership was formed ten years ago as a general partnership to cus- tom tailor men's...

Q:

Resources:Phoenix Medical Data Part 3,Phoenix Medical Worksheet Student Part 3,Schedule K-1 Instructions,Schedule K-1 Form 1065, Instructions Form 1065, andReturn Form 1065 Using the included...

Q:

Using the financial information is presented below: Operating Expenses$ 55,000 Sales Returns and Allowances 13,000 Sales Discount 6,000 Sales 160,000 Costs of Goods Sold 77,000 Thegross profit rate...

Q:

Financial accounting questions,need answer Joe is a warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates...

Q:

need answers, plz help,thx Joe is a warehouse custodian and also maintains the accounting record of the inventory held at the warehouse. An assessment of this situation indicates documentation...

Q:

Perform ratio analysis, and discuss changes in financial position and operating results. FIS.3A (LO 3) Writing Condensed balance sheet and income statement data for Jergan Corporation are presented...

Q:

This is my important final review for the test please give me a correct answers Please explain your answers: 1. Which of the following should be included in the physical inventory of a company? A)...

Q:

COMPANY BACKGROUND Pets Paradise sells pet foods, toys and accessories bought from a number of suppliers who source the goods from local and overseas manufacturers. The goods are sold to several pet...

Q:

Use Tukeys test, with a 0.05 level of significance, to analyze the means of the 5 different brands of headache tablets in Exercise 13.4.

Q:

Which of the following would be an expreas waranty? Which are not? Explain (1) Thin is the best computer avakable in town 2) Thin car han new brakes (3) This sample is just like the one in the box....

Q:

5. Which of the following statements declares a procedure-level variable that retains its value after the procedure in which it is declared ends? a. Const intCounter As Integer b. Dim intCounter As...

Q:

Find the kinetic energy of an electron moving at (a) 0.0010c, (b) 0.60c, (c) 0.99c. Use suitable approximations where possible.

Q:

Charles Austin of the controllers office of Thompson Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2023. Austin...

Q:

Kang Ltd., a manufacturer of ballet shoes, is experiencing a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its product, the company...

Q:

Albert, Berry, and Collins formed ABC Partnership in the current year. Collins, a limited partner, contributed $20,000 in cash to the partnership and also pledged $10,000 of personal property as...

Q:

Create a new variable that is 10 times the statistics quiz score. How does the sum of this variable compare to the sum of the original variable? What general rule is being illustrated by this...

Q:

The activation function used to train the network is given as f ( x ) = 1 / ( 1 + e ^ ( - ( w . x + b ) ) ) and the loss function used is squared error loss function. With respect to this, using...

Q:

2. In this chapter, the reader should reflect on the following concepts: Linear relationships, circular relationships, patterns, critical variables and sociological laws.

Q:

2. As your starting point, take a situation at your workplace that often recurs, and answer the following questions: (a) Which elements are included? (b) How are the elements related to each other?...

Q:

A greater tendency to create winwin situations.