Sales Discounts as well as Sales Returns and Allowances are deducted from Sales to determine Select...
Sales Discounts as well as Sales Returns and Allowances are deducted from Sales to determine Select one: a. Net sales b. Gross profit c. Net purchases d. Cost of goods sold
Homework Answers
Option A is correct i.e Net sales.
Sales - Sales Discounts - Sales Returns and Allowances = Net sales
Net sales - COGS = Gross profit
Purchases - Purchases Discounts - Purchases Returns = Net Purchases
Cost of goods sold = All the direct costs incurred in producing the good like direct material etc.
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Sales Discounts as well as Sales Returns and Allowances are
deducted from Sales to determine Select...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500...
Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500 and sales discounts of $3,250. Beginning inventory for the month was S60.000; purchases for the month were $175,000; and gross profit was 43%. What was the cost of goods sold for the month? Select one: O a. $304,750 b. $171,000 c. $235,000 d.$129,000 6 甸く※ 6 8 9. 0. 5
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
4-Financial information is presented below: Operating expenses $ 41000 Sales returns and allowances 5000 Sales discounts...
4-Financial information is presented below: Operating expenses $ 41000 Sales returns and allowances 5000 Sales discounts 9000 Sales revenue 162000 Cost of goods sold 93000 5-The amount of net sales on the income statement would be $157000. $153000. $148000. $162000. Financial information is presented below: Operating expenses $ 50000 Sales returns and allowances 4000 Sales discounts 7000 Sales revenue 160000 Cost of goods sold 94000 Gross Profit would be $55000. $70000. $66000. $62000.
Sales Sales discounts Sales returns and allowances Cost of goods sold $153,000 4,000 17,000 89,364 $610,000...
Sales Sales discounts Sales returns and allowances Cost of goods sold $153,000 4,000 17,000 89,364 $610,000 13,500 6,000 368,472 $41,000 600 4,200 27,874 $260,000 3,500 1,000 149,723 Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. (Round your gross margin ratio to 1 decimal place; l.e; 0.2367 should be entered as 23.7%.) Net sales Gross profit Gross margin ratio
Sales Sales discounts Sales returns and allowances Cost of goods sold $169,000 4,000 15,000 99,150 $930,000 21,500...
Sales Sales discounts Sales returns and allowances Cost of goods sold $169,000 4,000 15,000 99,150 $930,000 21,500 6,000 557,745 $57,000 600 5,800 38,962 $276,000 5,300 2,200 129,417 Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. (Round your gross margin ratio to 1 decimal place; I.e.; 0.2367 should be entered as 23.7%.) (d) Net sales Gross profit Gross margin ratio
Cushman Company had $848,000 in sales, sales discounts of $12,720, sales returns and allowances of $19,080,...
Cushman Company had $848,000 in sales, sales discounts of $12,720, sales returns and allowances of $19,080, cost of goods sold of $402,800, and $291,710 in operating expenses. Gross profit equals:
Financial information is presented below: Operating expenses $ 24000 Sales returns and allowances 7000 Sales discounts...
Financial information is presented below: Operating expenses $ 24000 Sales returns and allowances 7000 Sales discounts 5000 Sales revenue 180000 Cost of goods sold 88000 Gross profit would be?
QS 5-14 Computing and analyzing gross margin ratio LO A2 Sales Sales discounts Sales returns and allowances Cost of...
QS 5-14 Computing and analyzing gross margin ratio LO A2 Sales Sales discounts Sales returns and allowances Cost of goods sold $169,000 4,000 15,000 99,150 $930,000 21,500 6,000 557,745 $57,000 600 5,800 38,962 d $276,000 5,300 2,200 129,417 Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. (Round your gross margin ratio to 1 decimal place; I.e.; 0.2367 should be entered as 23.7%.) (b) Net sales Gross profit Gross margin ratio
Sales Sales discounts Sales returns and allowances Cost of goods sold Carrier Lennox Trane York $...
Sales Sales discounts Sales returns and allowances Cost of goods sold Carrier Lennox Trane York $ 161,000 $ 770,000 $ 49,000 $ 268,000 4,000 17,500 600 4,589 19,800 6,000 5,000 1,500 92,322 471,788 33,418 138,476 Compute net sales, gross profit, and the gross margin ratio for each of the four separate companies. (Round your gross margin ratio to 1 decimal place; i.e.; 0.2367 should be entered as 23.7%.) Carrier Lennox Trane York Net sales Gross profit Gross margin ratio
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
Soriano Company had net sales of $300,000 for the month (after returns and allowances of $1,500 and sales discounts of $3,250. Beginning inventory for the month was S60.000; purchases for the month were $175,000; and gross profit was 43%. What was the cost of goods sold for the month? Select one: O a. $304,750 b. $171,000 c. $235,000 d.$129,000 6 甸く※ 6 8 9. 0. 5
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
Sales Sales discounts Sales returns and allowances Cost of goods sold $153,000 4,000 17,000 89,364 $610,000 13,500 6,000 368,472 $41,000 600 4,200 27,874 $260,000 3,500 1,000 149,723 Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. (Round your gross margin ratio to 1 decimal place; l.e; 0.2367 should be entered as 23.7%.) Net sales Gross profit Gross margin ratio
Sales Sales discounts Sales returns and allowances Cost of goods sold $169,000 4,000 15,000 99,150 $930,000 21,500 6,000 557,745 $57,000 600 5,800 38,962 $276,000 5,300 2,200 129,417 Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. (Round your gross margin ratio to 1 decimal place; I.e.; 0.2367 should be entered as 23.7%.) (d) Net sales Gross profit Gross margin ratio
QS 5-14 Computing and analyzing gross margin ratio LO A2 Sales Sales discounts Sales returns and allowances Cost of goods sold $169,000 4,000 15,000 99,150 $930,000 21,500 6,000 557,745 $57,000 600 5,800 38,962 d $276,000 5,300 2,200 129,417 Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. (Round your gross margin ratio to 1 decimal place; I.e.; 0.2367 should be entered as 23.7%.) (b) Net sales Gross profit Gross margin ratio
Sales Sales discounts Sales returns and allowances Cost of goods sold Carrier Lennox Trane York $ 161,000 $ 770,000 $ 49,000 $ 268,000 4,000 17,500 600 4,589 19,800 6,000 5,000 1,500 92,322 471,788 33,418 138,476 Compute net sales, gross profit, and the gross margin ratio for each of the four separate companies. (Round your gross margin ratio to 1 decimal place; i.e.; 0.2367 should be entered as 23.7%.) Carrier Lennox Trane York Net sales Gross profit Gross margin ratio
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