Homework Answers
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16. Net sales = Sales - Sales returns - Sales discount = 900,000-6,700-15,000 = 878,300 |
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17. Cost of Goods Sold = Beginning inventory + Purchases - Ending inventory = 51,200 + 582,300 - 44,300 = 589,200 |
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18. Gross profit = Net sales - Cost of Goods Sold = 878,300 - 589,200 = 289,100 |
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19. Gross profit ratio = Gross Profit/Net sales = 289,100/878,300 = 32.92% |
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Page < 2 of 5 - ZOOM + Use the following to answer questions 18-21 GOL...
Use the following to answer questions 18-21 GOL Inc., begins the year with inventory of $51,200...
Use the following to answer questions 18-21 GOL Inc., begins the year with inventory of $51,200 and ends the year with inventory of $44,300. During the year, the following amounts are recorded: Sales Sales returns & allowances Sales discounts Purchases Operating expenses $900,000 6,700 15,000 582,300 212,000 Net Sales Calculate cost of goods sold Gross profit _ . _X Gross profit ratio (rounded to once decimal place)
Page 3 of 5 - ZOOM + GHT Corporation reports the following amounts in its December...
Page 3 of 5 - ZOOM + GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 Net sales 12,000 Advertising expense 285,000 Utilities expense 3,000 Effective income tax rate $875,000 95,000 7,500 20% 22.$__ _Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) _Determine Income tax expense 27. $___ _Determine net income 28. --- % Calculate gross profit ratio (round...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales Determine gross profit _Determine operating expenses _Determine Income before income taxes (IBT) $ _Determine Income tax expense _Determine net income 28._ % Calculate gross profit ratio (round to one decimal...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales 23. $ Determine gross profit Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense 27. $ _Determine net income 28.__% Calculate gross profit ratio (round to...
please show work! thank you Chapter 6 Homework Submit your answers in CANVAS before it is...
please show work! thank you
Chapter 6 Homework Submit your answers in CANVAS before it is due Use the following to answer questions 1-6 Case 4 Case 1 $85,200 Case 2 $35,400 22,000 Beginning inventory Ending inventory Purchases Cost of goods sold Case 3 $40,000 31,200 447,500 695,000 724,000 41,500 856,200 900,000 654,700 2. $___ For case 1, determine goods available for sale _For case 1, determine ending inventory For case 2, determine goods available for sale For case 2,...
Page 4 of 5 - ZOOM + Use the following to answer questions 30-35 Find the...
Page 4 of 5 - ZOOM + Use the following to answer questions 30-35 Find the missing amounts: Case 3 Case 1 $992,000 Case 2 $758,300 444,300 Net Sales COGS Gross profit Operating expense Operating income 365,000 298,000 369,200 295,200 176,500 88,700 _For case 1, determine cost of goods sold For case 1, determine operating income include " if needed) For case 2, determine gross profit _For case 2, determine operating income (include "-"if needed) For case 3, determine net...
Please show work! thank you Use the following to answer questions 22-29 GHT Corporation reports the...
Please show work! thank you
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense _Determine net income _ _% Calculate gross profit ratio...
Page < 1 > of 5 - ZOOM + Use the following to answer questions 1-6...
Page < 1 > of 5 - ZOOM + Use the following to answer questions 1-6 Case 4 Case 1 $85,200 Case 2 $35,400 22,000 Beginning inventory Ending inventory Purchases Cost of goods sold Case 3 $40,000 31,200 447,500 695,000 724,000 41,500 856,200 900,000 654,700 ini i For case 1, determine goods available for sale For case 1, determine ending inventory For case 2, determine goods available for sale For case 2, determine Purchases For case 3, determine cost of...
REVIEW: Use the following to answer questions 28-32 T&JR Corp reports the following income statement results:...
REVIEW: Use the following to answer questions 28-32 T&JR Corp reports the following income statement results: Gross profit $321,300 Coo Interest expense 5,000 GP Sales discounts 15,000 Net Sales 700,000 Operating expense 245,000 tock) Effective tax rate yoth 1 BT ITE 21% 28. 715,000 Calculate Sales. N.I 29. $71,300 Calculate Income before Income tax (IBT). 30. $ Calculate net income. % Calculate the gross profit margin (one decimal place) 31. -_% Calculate the profit margin (two decimal places) 32.
Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in...
Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement Sales $807,000 Advertising expense $100,000 Net sales 789,500 Salaries expense income tax expense 27,900 Cost of goods sold Sales returns 17,500 Utilities expense Gain on sale of equipment 6,000 Average shares outstanding 145,000 411,300 6,200 50,000 29. $. Determine gross profit: Determine operating expenses: _Determine Income before income taxes (IBT): 30.$_ Determine net income: 31. -- _%. Calculate...
Use the following to answer questions 18-21 GOL Inc., begins the year with inventory of $51,200 and ends the year with inventory of $44,300. During the year, the following amounts are recorded: Sales Sales returns & allowances Sales discounts Purchases Operating expenses $900,000 6,700 15,000 582,300 212,000 Net Sales Calculate cost of goods sold Gross profit _ . _X Gross profit ratio (rounded to once decimal place)
Page 3 of 5 - ZOOM + GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 Net sales 12,000 Advertising expense 285,000 Utilities expense 3,000 Effective income tax rate $875,000 95,000 7,500 20% 22.$__ _Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) _Determine Income tax expense 27. $___ _Determine net income 28. --- % Calculate gross profit ratio (round...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales Determine gross profit _Determine operating expenses _Determine Income before income taxes (IBT) $ _Determine Income tax expense _Determine net income 28._ % Calculate gross profit ratio (round to one decimal...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales 23. $ Determine gross profit Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense 27. $ _Determine net income 28.__% Calculate gross profit ratio (round to...
please show work! thank you
Chapter 6 Homework Submit your answers in CANVAS before it is due Use the following to answer questions 1-6 Case 4 Case 1 $85,200 Case 2 $35,400 22,000 Beginning inventory Ending inventory Purchases Cost of goods sold Case 3 $40,000 31,200 447,500 695,000 724,000 41,500 856,200 900,000 654,700 2. $___ For case 1, determine goods available for sale _For case 1, determine ending inventory For case 2, determine goods available for sale For case 2,...
Page 4 of 5 - ZOOM + Use the following to answer questions 30-35 Find the missing amounts: Case 3 Case 1 $992,000 Case 2 $758,300 444,300 Net Sales COGS Gross profit Operating expense Operating income 365,000 298,000 369,200 295,200 176,500 88,700 _For case 1, determine cost of goods sold For case 1, determine operating income include " if needed) For case 2, determine gross profit _For case 2, determine operating income (include "-"if needed) For case 3, determine net...
Please show work! thank you
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense _Determine net income _ _% Calculate gross profit ratio...
Page < 1 > of 5 - ZOOM + Use the following to answer questions 1-6 Case 4 Case 1 $85,200 Case 2 $35,400 22,000 Beginning inventory Ending inventory Purchases Cost of goods sold Case 3 $40,000 31,200 447,500 695,000 724,000 41,500 856,200 900,000 654,700 ini i For case 1, determine goods available for sale For case 1, determine ending inventory For case 2, determine goods available for sale For case 2, determine Purchases For case 3, determine cost of...
REVIEW: Use the following to answer questions 28-32 T&JR Corp reports the following income statement results: Gross profit $321,300 Coo Interest expense 5,000 GP Sales discounts 15,000 Net Sales 700,000 Operating expense 245,000 tock) Effective tax rate yoth 1 BT ITE 21% 28. 715,000 Calculate Sales. N.I 29. $71,300 Calculate Income before Income tax (IBT). 30. $ Calculate net income. % Calculate the gross profit margin (one decimal place) 31. -_% Calculate the profit margin (two decimal places) 32.
Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement Sales $807,000 Advertising expense $100,000 Net sales 789,500 Salaries expense income tax expense 27,900 Cost of goods sold Sales returns 17,500 Utilities expense Gain on sale of equipment 6,000 Average shares outstanding 145,000 411,300 6,200 50,000 29. $. Determine gross profit: Determine operating expenses: _Determine Income before income taxes (IBT): 30.$_ Determine net income: 31. -- _%. Calculate...
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