User Account

All Pages

Calculate the amount of gross profit

Assignment Help Financial Accounting
Reference no: EM132946241

Problem 1: High Quality Jewelers uses the perpetual inventory system. On March? 3, High Quality sold merchandise for $75,000 to a customer on account with terms 2?/15, ?n/30. The cost of goods sold was $30,000. On March? 18, High Quality received payment from the customer. Calculate the amount of gross profit.

a. 43,500
b. 73,500
c. 30,000
d. 45,000

Reference no: EM132946241

Questions Cloud

Describe the anticipated scope and project outcomes : Plan and a presentation of the project. You are encouraged to use Microsoft Project (or other project management software tools
Find Which of entries is required to record the? shrinkage : Shows a balance of $70,000 but a physical count of inventory shows $64,000. Which of the following entries is required to record the shrinkage?
Calculate gross profit for bargain merchandisers : Calculate Gross Profit. Bargain Merchandisers has the transactions for the month of July. Net Sales Revenue$424,000. Cost of Goods Sold 320,000
Role of training and development in the performance of sme : Working plan with clear project management frameworks evidencing how you will develop final thesis or project
Calculate the amount of gross profit : The cost of goods sold was $30,000. On March? 18, High Quality received payment from the customer. Calculate the amount of gross profit.
Which correctly records the payment made fifteen days : Which correctly records the payment made 15 days after the date of? invoice? A company that uses the perpetual inventory system purchased inventory
Determine the amount of money greg should contribute : Use simulation to determine the amount of money Greg should contribute to his flexible spending account in the coming year if he wants to maximize his disposabl
Determine the amount to be paid is : An invoice of $800 for merchandise purchased, If the invoice is paid on or before the fifteenth day after the invoice? date, the amount to be paid is
Licensing patented technology to a foreign competitor : "Licensing patented technology to a foreign competitor is likely to reduce or eliminate the firm's competitive advantage." True or false? Defend your answer.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd