Forever uses the p a rty system OA Sales Revenue Cost of Goods Sold Sales Revenue...

Question

Question

Answer 1

Answer #1

Solution 1:

Correct journal entry to record the sales revenue:

Accounts receivables Dr $7,600

To Sales revenue $7,600

Hence option D is correct.

Solution 2:

Gross profit = Sales - revenue - COGS = $455,000 - $210,000 = $245,000

Hence option A is correct.

Solution 3:

Operating income = Sales revenue - cost of goods sold - operating expenses = $215,000 - $160,000 - $40,000 = $15,000

Hence option A is correct.

Solution 4:

Gross profit percentage = Gross profit / sales = ($550,000 - $192,500) / $550,000 = 65%

Hence option c is correct.

Answer 2

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