Reference no: EM131786336
Question -
Q1. During the current year merchandise is sold for $795,000. The cost of the merchandise sold is $474,000.
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 (show your work)
Q2. For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of the merchandise sold was $3,000,000.
a. What was the amount of net sales?
b. What was the amount of gross profit?
|
What is the expected average rate of return for the vehicle
: Amount of investment Testing equipment: 80,000 Vehicle 28,000. What is the expected average rate of return for the vehicle
|
|
Discuss contributions must be made by the tax year-end
: Discuss Contributions must be made by the tax year-end and the aggregate amount that an employer may deduct for contributions made during the year is limited.
|
|
Discuss the above transactions have for canyon outdoor
: What financial statement implications, if any, would each of the above transactions have for Canyon Outdoor
|
|
Which variables that were used are numerical
: Write a one-paragraph summary of the data you collected that you think would help someone understand the composition of your class.
|
|
What was the amount of net sales
: For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, What was the amount of net sales
|
|
Explain the major pros and cons of preparing company budgets
: Explain the major pros and cons of preparing company budgets. Determine at least two critical budget items that you believe are essential in managing a company.
|
|
Can plum deduct any or all of the salaries paid to john
: Plum never paid any dividends. Can plum deduct any or all of the "salaries" paid to John and Jean
|
|
Calculate the amount of each rooms
: Calculate the amount of each rooms that were sold - Some of them were singles and some were doubles. Doubles room cost 60$ each whereas singles room cost
|
|
Discuss what is the amount of cash received from customers
: What is the amount of cash received from customers if Holly's sales were $50.2 million
|