Homework Answers
Gross profit ratio is calculated as a percentage of net sales.
Hence ,
Gross profit ratio= gross profit/ net sales *100
=169500/301500*100
= 56.2%
Hence the correct option is A- 56.2 %
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Anthony Thomas Candies (ATC) reported the following financial data for 2021 and 2020: 2021 $309,000...
MC Qu.83 Anthony Thomas Candies... Anthony Thomas Candies (ATC) reported the following financial data for 2018...
MC Qu.83 Anthony Thomas Candies... Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 2017 Sales $312,000 $291,0e0 Sales returns and allowances 8,800 4,400 $286, 600 $303, 200 Net sales Cost of goods sold: Inventory, January 1 18,000 57,000 Net purchases 132, е00 139,000 Goods available for sale 189,000 157,000 Inventory, December 31 Cost of goods sold 74,000 57,000 115,000 100, еее Gross profit $188,200 $186,600 The average days inventory for ATC (rounded) for 2018...
3. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2017 2018 $311,000 8,000 $...
3. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2017 2018 $311,000 8,000 $303,000 $295,000 5,500 $289,500 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 57,000 140,000 197,000 66,000 131,000 $172.000 29,000 144,000 173,000 57,000 116,000 $173,500 ATC's gross profit ratio (rounded) in 2018 is: A. 56.8%. B. 58.3%. C. 45.0%. D. None of...
15. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 2017...
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1) Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000...
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Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31,...
Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 Dec 31, 2021 Cash...
Missoula Inc. reported the following selected financial statement data: Dec 31, 2020 Dec 31, 2021 Cash $ 30,000 $ 32,000 Accounts receivable (net) 48,000 52,000 Inventory 68,000 72,000 Plant assets (net) 210,000 218,000 Total assets 405,000 395,000 Liabilities 145,000 145,000 Shareholders' equity 260,000 250,000 Net sales 340,000 400,000 Cost of goods sold 220,000 280,000 Net income 20,000 25,000 Required: Compute the asset turnover ratio for 2021.
Required information Skip to question [The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATED Comparative Balance Sheets At June 30 2021 202
Required informationSkip to question[The following information applies to the questions displayed below.] The following financial statements and additional information are reported. IKIBAN INCORPORATEDComparative Balance SheetsAt June 3020212020AssetsCash$ 100,300$ 56,000Accounts receivable, net83,00063,000Inventory75,800104,500Prepaid expenses5,6007,800Total current assets264,700231,300Equipment136,000127,000Accumulated depreciation—Equipment(33,000)(15,000)Total assets$ 367,700$ 343,300Liabilities and EquityAccounts payable$ 37,000$ 48,000Wages payable7,20017,400Income taxes payable4,6006,200Total current liabilities48,80071,600Notes payable (long term)42,00072,000Total liabilities90,800143,600EquityCommon stock, $5 par value244,000172,000Retained earnings32,90027,700Total liabilities and equity$ 367,700$ 343,300 IKIBAN INCORPORATEDIncome StatementFor Year Ended June 30, 2021Sales$ 738,000Cost of goods sold423,000Gross profit315,000Operating expenses (excluding depreciation)79,000Depreciation expense70,600165,400Other gains (losses)Gain on sale...
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MC Qu.83 Anthony Thomas Candies... Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2018 2017 Sales $312,000 $291,0e0 Sales returns and allowances 8,800 4,400 $286, 600 $303, 200 Net sales Cost of goods sold: Inventory, January 1 18,000 57,000 Net purchases 132, е00 139,000 Goods available for sale 189,000 157,000 Inventory, December 31 Cost of goods sold 74,000 57,000 115,000 100, еее Gross profit $188,200 $186,600 The average days inventory for ATC (rounded) for 2018...
3. Anthony Thomas Candies (ATC) reported the following financial data for 2018 and 2017: 2017 2018 $311,000 8,000 $303,000 $295,000 5,500 $289,500 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 57,000 140,000 197,000 66,000 131,000 $172.000 29,000 144,000 173,000 57,000 116,000 $173,500 ATC's gross profit ratio (rounded) in 2018 is: A. 56.8%. B. 58.3%. C. 45.0%. D. None of...
1)
Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31,...
The following financial information is for Cullumber Company Cullumber Company Balance Sheets December 31 2020 2019 ASsels $ 70,000 $ 64,000 Cash Debt investments (short-term) 39,000 53,000 90,000 Accounts receivable 108,000 162,000 229,000 Inventory Prepaid expenses 25,000 30,000 130,000 Land 130,000 185,000 264,000 Building and equipment (net) $884,000 $695,000 Total assets Liabilities and Stockholders' Equity $172,000 $102,000 Notes payable 65,000 51,000 Accounts payable 41,000 41,000 Accrued liabilities 250,000 172,000 Bonds payable, due 2023 202,000 Common stock, $10 par 202,000 127,000...
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