Dallas Company had NET sales of $800,000 for the year, cost of goods sold of $400,000,...
Dallas Company had NET sales of $800,000 for the year, cost of goods sold of $400,000, and interest expense of $100,000 for last year. What is the Gross Profit if sales were $1,000,000 for the current year if the relationships remain the same?
Here you want to make the relationship between the years. Year 1 400,000/800,000 = 50%
Year 2 the same relation ship of 50% is used .
Homework Answers
We need to find the value of gross profit for the current year i.e. year 2. There's a relationship of 50% between the values of current just like in previous year.
Kindly refer the word file image below for explanation.
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Dallas Company had NET sales of $800,000 for the year, cost of
goods sold of $400,000,...
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A Company holds 80% of B Company stock. In the current year A reports sales of $800,000 and cost of goods sold $600,000. For the same period, B has sales of $400,000 and cost of goods sold of $280,000. In the prior year, A sold inventory to B for $100,000, which cost A $75,000. B had $20,000 of this inventory on hand at year end. During the current year, A sold inventory to B for $120,000, which cost A $96,000....
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ADJUSTED INCOME STATEMENT SALES COST OF GOODS SOLD GROSS PROFIT 1,200,000 800,000 400,000 THE PREDETERMINED OVERHEAD FOR THE PERIOD WAS $100,000 CASE I ASSUME ACTUAL OVERHEAD IS 90,000 MAKE THE CORRECT ADJUSTING ENTRIES AND PREPARE AN ADUSTED INCOME STATEMENT CASE I ASSUME ACTUAL OVERHEAD IS 120,000 MAKE THE CORRECT ADJUSTING ENTRIES AND PREPARE AN ADUSTED INCOME STATEMENT
Sales Less: Cost of goods sold Gross profit Less: Operating expenses Net operating income Less: Interest expense Earnings before taxes Less: Taxes (35%) Net income 4,500,000 (3,500,000) 1,000,000 (500,000) $500,000 (100,000) $400,000 (140,000) $260,000 We were unable to transcribe this imageCurrent assets Net fixed assets Total Assets $500,000 Liabilities ,500,000 Owners equity $1,000,000 1,000,000 $2,000,000 $2,000,000 Total
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