Homework Answers
The right option is "D). cost of goods sold ".
Cost of goods sold is calculated by adding opening inventory to the current purchases and reducing the closing stock from it. This actually calculates the actual cost of inventory which has been sold. The difference between the cost of goods sold and net sales revenue gives Gross profit.
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1) Gross profit is calculated as the difference between net sales revenue and A) purchase expense...
Gross Profit margin = Gross Profit / Total Revenue, Gross Profit = Sales - Cost of...
Gross Profit margin = Gross Profit / Total Revenue, Gross Profit = Sales - Cost of Goods Sold. Operating Profit = Operating Revenue - Cost of Goods Sold (COGS) - Operating Expenses - Depreciation - Amortization. However, for a hospital, there is no "Cost of Goods Sold", so how to calculate Gross Profit margin and Operating Profit ?
On the multiple-step income statement, "gross profit" (also known as "gross margin") is calculated as follows:...
On the multiple-step income statement, "gross profit" (also known as "gross margin") is calculated as follows: Select one: a. Net revenues less cost of goods sold less operating expenses b. Net revenues less all expenses c. Net revenues less cost of goods sold d. Net revenues less cost of goods sold less operating expenses less income tax expense
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax PI Expense Accounts Receivable Return On Assets + Merchandise Inventory Total Current Assets Asset Turnover Cash Total Assets Fixed Assets Other Current Assets Use the charts on the following page to calculate Net Profit Margin % for each scenario: Scenario 1 Scenario 2 Income Statement Income Statement Sales Sales Gross Sales $200,000 Gross Sales $100,000 Promotional Allowances $25,000 Promotional Allowances $15,000 Customer Returns -$15,000...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest expense | 2,000 Income tax expense 20,000 Rent Expense 8,000 Cost of goods sold 298,000 Inventory (begin) 31,000 Inventory (end) 26,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __:__% Use the following for 9 and 10 Units Beginning inventory 20 Purchase 1...
Fill in the blanks: Fit Apparel Boswell, Inc. Net Sales Revenue $ 99,000 $ (d) Cost...
Fill in the blanks: Fit Apparel Boswell, Inc. Net Sales Revenue $ 99,000 $ (d) Cost of Goods Sold: Beginning Merchandise Inventory (a) 31,000 Purchases and Freight In 47,000 (e) Cost of Goods Available for Sale (b) 88,000 Ending Merchandise Inventory (2,000) (2,000) Cost of Goods Sold 60,000 (f) Gross Profit 39,000 113,000 Selling and Administrative Expenses (c) 87,000 Operating Income $ 11,000 $ (g)
State the missing items. (For sales revenue enter answers in alphabetical order.) Gross profit - Operating...
State the missing items. (For sales revenue enter answers in alphabetical order.) Gross profit - Operating expenses = 1. Cost of goods sold + Gross profit = 2. Sales revenue - = Net sales 3. Income from operations + = Net income 4. Net sales - Cost of goods sold = 5.
- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns...
- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns 4,400 Interest income Utilities expense 6,000 Interest expense Income tax expense 20,000 Rent Expense Cost of goods sold Inventory (begin) 31,000 Inventory (end) Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __.__% Use the following for 9 and 10 Units Beginning inventory 20...
Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost...
Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 320,000 Utilities expense 3,000 Rent Expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (end) 12,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses $ 4. Operating income $ 5. Pretax income (IBT) $ 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) _ Al Use the following for 9 and 10 Units Cost per...
The drop-down options are: Sales Revenue Cost of Goods Sold Net Income / (Loss) Gross Profit...
The drop-down options are:
Sales Revenue
Cost of Goods Sold
Net Income / (Loss)
Gross Profit on Sales
Total Expenses
Income from Operations
Other Revenue and Gains
Income Before Income Taxes
Pharoah Floors has year-end account balances of Sales Revenue $687,000, Interest Revenue $2,200, Cost of Goods Sold $416,000, Salaries and Wages Expense $96,900, Administrative Expense $67,250, and Income Tax Expense $42,200. Prepare a multiple-step Question 26 of 27 0.7/1 < $ < v $ $
Financial information is found below for Trinity Company. What is the gross profit? Sales Revenue: $192,000...
Financial information is found below for Trinity Company. What is the gross profit? Sales Revenue: $192,000 Sales Returns and Allowances: ??? Net Sales Revenue: $162,000 Cost of Goods Sold: $55,500 Gross Profit:????? Operating Expenses: $35,000 Net Income: ????? a) $162,000 b) $106,500 c) $71,500 d) $65,000 Question 4 (1 point) Performing a service for a client on account will a) increase one asset and decrease another asset b) decrease an asset and decrease a liability. c) increase an asset and...
On the multiple-step income statement, "gross profit" (also known as "gross margin") is calculated as follows: Select one: a. Net revenues less cost of goods sold less operating expenses b. Net revenues less all expenses c. Net revenues less cost of goods sold d. Net revenues less cost of goods sold less operating expenses less income tax expense
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax PI Expense Accounts Receivable Return On Assets + Merchandise Inventory Total Current Assets Asset Turnover Cash Total Assets Fixed Assets Other Current Assets Use the charts on the following page to calculate Net Profit Margin % for each scenario: Scenario 1 Scenario 2 Income Statement Income Statement Sales Sales Gross Sales $200,000 Gross Sales $100,000 Promotional Allowances $25,000 Promotional Allowances $15,000 Customer Returns -$15,000...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest expense | 2,000 Income tax expense 20,000 Rent Expense 8,000 Cost of goods sold 298,000 Inventory (begin) 31,000 Inventory (end) 26,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __:__% Use the following for 9 and 10 Units Beginning inventory 20 Purchase 1...
State the missing items. (For sales revenue enter answers in alphabetical order.) Gross profit - Operating expenses = 1. Cost of goods sold + Gross profit = 2. Sales revenue - = Net sales 3. Income from operations + = Net income 4. Net sales - Cost of goods sold = 5.
- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns 4,400 Interest income Utilities expense 6,000 Interest expense Income tax expense 20,000 Rent Expense Cost of goods sold Inventory (begin) 31,000 Inventory (end) Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __.__% Use the following for 9 and 10 Units Beginning inventory 20...
Salaries expense $100,000 Sales revenue $500,000 Inventory (begin) 17,000 Interest income 10,000 Sales returns 2,000 Cost of goods sold 320,000 Utilities expense 3,000 Rent Expense 12,000 Income tax expense 15,000 Interest expense 1,000 Inventory (end) 12,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses $ 4. Operating income $ 5. Pretax income (IBT) $ 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) _ Al Use the following for 9 and 10 Units Cost per...
The drop-down options are:
Sales Revenue
Cost of Goods Sold
Net Income / (Loss)
Gross Profit on Sales
Total Expenses
Income from Operations
Other Revenue and Gains
Income Before Income Taxes
Pharoah Floors has year-end account balances of Sales Revenue $687,000, Interest Revenue $2,200, Cost of Goods Sold $416,000, Salaries and Wages Expense $96,900, Administrative Expense $67,250, and Income Tax Expense $42,200. Prepare a multiple-step Question 26 of 27 0.7/1 < $ < v $ $
Financial information is found below for Trinity Company. What is the gross profit? Sales Revenue: $192,000 Sales Returns and Allowances: ??? Net Sales Revenue: $162,000 Cost of Goods Sold: $55,500 Gross Profit:????? Operating Expenses: $35,000 Net Income: ????? a) $162,000 b) $106,500 c) $71,500 d) $65,000 Question 4 (1 point) Performing a service for a client on account will a) increase one asset and decrease another asset b) decrease an asset and decrease a liability. c) increase an asset and...
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