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Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in...
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...
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...
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...
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 30 - 35 Find the missing amounts: Case 3 Case...
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 30. $ For case 1, determine cost of goods sold 31. $ For case 1, determine operating income include "if needed) 32. $ For case 2, determine gross profit 33. $ For case 2, determine operating income include "-" if needed) 34. $...
SC reports the following income statement results: Sales $907,000 Operating expense 288,400 Net income 94,500 Sales...
SC reports the following income statement results: Sales $907,000 Operating expense 288,400 Net income 94,500 Sales returns & allowances 7,000 Gross profit 401,400 Interest revenue 4,000 $____________Calculate Net sales: $____________Calculate Cost of Goods Sold $____________Calculate operating income $_____________Calculate Income before Income tax (IBT) ___ ___.___%. Calculate the gross profit margin(one decimal place) __ ___.___%. Calculate the net profit margin (one decimal place
Use the following to answer questions 30 - 35 Find the missing amounts: Case 3 Case...
Use the following to answer questions 30 - 35 Find the missing amounts: Case 3 Case 1 $992,000 Net Sales COGS Gross profit Operating expense Operating income Case 2 $758,300 444,300 ? 176,500 365,000 298,000 369,200 295,200 88,700 30.$__ 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) 34. $ For case 3, determine net sales...
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...
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...
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...
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...
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...
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 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 30. $ For case 1, determine cost of goods sold 31. $ For case 1, determine operating income include "if needed) 32. $ For case 2, determine gross profit 33. $ For case 2, determine operating income include "-" if needed) 34. $...
Use the following to answer questions 30 - 35 Find the missing amounts: Case 3 Case 1 $992,000 Net Sales COGS Gross profit Operating expense Operating income Case 2 $758,300 444,300 ? 176,500 365,000 298,000 369,200 295,200 88,700 30.$__ 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) 34. $ For case 3, determine net sales...
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...
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...
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