User Account

All Pages

Compute the gross profit percentage

Assignment Help Accounting Basics
Reference no: EM132680191

Problem - Determining gross profit

During the current year, merchandise is sold for $775,000. The cost of the merchandise sold is $426,250.

Required -

a. What is the amount of the gross profit?

b. Compute the gross profit percentage (gross profit divided by sales).

c. Will the income statement necessarily report a net income? Explain.

Reference no: EM132680191

Questions Cloud

What is the amount of interest pharoah must pay : Pharoah uses the straight-line method of amortization. What is the amount of interest Pharoah must pay the bondholders in 2019?
Problem - Determining cost of merchandise sold : Problem - Determining cost of merchandise sold - For the year ended February 28, 2009, Best Buy reported revenue of $45,015 million
How much can steve contribute to a traditional ira : Steve, age 52, single, is an active participant, How much can Steve contribute to a traditional IRA? How much of Steve's contribution is deductible?
Review the steps of the systems development life cycle : Review the steps of the Systems Development Life Cycle (SDLC) and reflect on the scenario presented. Consider the benefits and challenges associated.
Compute the gross profit percentage : During the current year, merchandise is sold for $775,000. The cost of the merchandise sold is $426,250. Compute the gross profit percentage
Find how will the decision affect sales and profits : How will this decision affect your sales and profits? If you choose to extend credit, how would you ensure that your firm is paid by its customers?
Database management systems in managing organizational data : Describe the importance of databases and database management systems in managing organizational data and information
Describe cluster headache and its epidemiology : Richard is a 40-year-old man with a history of 4 weeks of cluster headache once each year. These began when he was 35 years old. His cluster periods occur.
Explain the challenges faced and provide recommendations : Explain the challenges faced and provide recommendations on how to overcome these challenges. You must support your views/arguments with research findings

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the accounting principles of the foreign

Access the financial statements from the most recent annual report of a foreign company and a domestic company with which you are familiar to complete this assignment.

  What is the amount of the owners equity

During the year, there were no new capital contributions, and the owner with Drew 45,000. What is the amount of the owners equity at the end of the year

  Prepare the cash flows from operating activities

Patient service revenue amounted to $21,200,000, all recorded on account. Contractual adjustments were recorded in the amount of $4,200,000.

  Occurance of future taxable amount

At the December 31, 2007 balance sheet date, Garth Brooks Corporation reports an accrued receivable for financial reporting purposes but not for tax purposes. When this asset is recovered in 2008, a future taxable amount will occur and

  Construction company headquarted in terre haute indiana

construction company headquarted in terre haute indiana built a rest easy motel 35 miles east of terre haute. the

  Briefly explain how management accounting reporting practice

Briefly explain how management accounting reporting practices can be considered as a social practice

  What is the price rosario would have to charge per unit

What is the price Rosario would have to charge per unit on this special order to earn additional profit of 30,000 p? (Round your answer to 2 decimal places.)

  Compute the degree of operating leverage for Carlyle

Compute the degree of operating leverage for Carlyle. Now assume that the actual revenues will be 40% higher than the projected revenues

  X company estimates that machines will be operated for

x company has the following estimated costs for the year direct materials64700direct labor25200factory

  What are the tax consequences of the sale of the rights

What are the tax consequences of the sale of the rights? Assuming that Thomas does not allocate his original stock basis to the rights

  At what values the acquired items recorded on buyer books

When one corporation buys the assets or assets and liabilities of another company, at what values are the acquired items recorded on the buyer's books

  Konerko inc expects to earn cash flows of 15023 16833 16101

konerko inc. expects to earn cash flows of 15023 16833 16101 and 16680 over the next four years. if the company uses an

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