A company has sales of $722,200 and cost of goods sold of $289,200. Its gross profit...
A company has sales of $722,200 and cost of goods sold of $289,200. Its gross profit (loss) equals:Multiple Choice
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$1,011,400.
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$289,200.
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$722,200.
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$433,000.
-
$(433,000).
A company purchased a new delivery van at a cost of $62,000 on July 1. The delivery van is estimated to have a useful life of 5 years and a salvage value of $5,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the van during the first year ended December 31?Multiple Choice
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$6,200.
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$5,700.
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$6,000.
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$11,400.
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$6,700.
Homework Answers
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Gross profit = Sales - Cost of Goods Sold = 722,200 - 289,200 = 433,000 |
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Depreciation expense = (Cost - Salvage value) /Useful life = (62,000-5000)/5 * 6/12 = 5700 |
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A company has sales of $722,200 and cost of goods sold of
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