User Account

All Pages

Determine golden gate gross margin for the year

Assignment Help Accounting Basics
Reference no: EM131765906

Question - The Golden Gate Company had the following Sales and Expenses during its first year of operations:

Freight in $30,000

Purchases $75,000

Advertising $35,000

Salaries - Sales staff $90,000

Sales $280,000

Property Taxes - Store $10,500

Insurance - Store $8,000

Merchandise Inventory, year end $55,000

Given the above information, determine Golden Gate's gross margin for the year. Note that since this was the company's first year of operations, beginning inventory was zero.

Reference no: EM131765906

Questions Cloud

Examine investment unit at the gold coast : On 1 January 2017, Thelma sold an investment unit at the Gold Coast. The property was originally purchased in 2002.
How many configurations are available : If each motorcycle is available with 29 different options packages, how many configurations are available?
Emerson and dakota formed a partnership dividing income : Emerson and Dakota formed a partnership dividing income, How much net income should be distributed to Emerson
How do you see yourself in this career 20 years from now : Explain what people in this career field do including three specific tasks a person in this field might perform.
Determine golden gate gross margin for the year : Given the information, determine Golden Gate's gross margin for the year - Salaries - Sales staff $90,000 and Property Taxes - Store $10,500
Discuss all supplies ordered were received in good condition : All supplies ordered were received in good condition and taken directly to the office, but the invoice was not paid
How much inventory was purchased during the year : Thompson Company updates its inventory records perpetually. The company's records showed a beginning inventory of $15,000; cost of goods sold of $23,000.
Determine the maximum allowable gage pressure : Determine the maximum allowable gage pressure inside the shown tank. The tank wall thickness is 0.375 inches. the allowable normal stress perpendicular
What steps will you take to perform a comprehensive risk : What steps will you take to perform a comprehensive risk assessment for your organization? Who will you need help from in performing this assessment?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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