During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. What is the amount of the gross profit?

Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…

A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…

Q: The cost of goods sold for a company for the year was $1,900,000.  Merchandise inventory at the…

A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…

A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.

Q: During the current year, the merchandise is sold for 45,870, 000. The cost of the merchandise sold…

A: Introduction: Gross profit: Deduction of cost of goods sold value from the sales value derives the…

Q: Based on the following data for the current year, what is the number of days' sales in receivables…

A: Number of days' sales in receivable = 365/Accounts receivable turnover Accounts receivable turnover…

Q: Following are data for December 31,2021: $5,365,000 Net sales Cost of sales, and related buying…

A: The ratio analysis helps to analyze the financial statements if the business.

Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Gross margin (gross profit):Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, merchandise is sold for $158,900 cash and $434,900 on account. The cost of…

A: Formula: Gross profit = Sales - Cost of goods sold

Q: Determining gross profitDuring the current year, merchandise is sold for $31,850,000. The cost ofthe…

A: Gross Profit:   Gross profit represents the revenue after the deduction of cost of goods sold from…

Q: Income Statement and Accounts for Merchandiser For the fiscal year, sales were $6,580,000 and the…

A: a Compute the gross profit:     Sales $6,580,000   Less: Cost of Goods sold $3,816,000   Gross…

Q: Using the following information, what is the amount of gross profit? Purchases $32,000 Selling…

A: Given that, Purchases = $32,000  Beginning merchandise inventory = $5,700 Ending merchandise…

Q: Assuming that net purchases was P900,000 during the year and that ending merchandise inventory was…

A: Ending inventory = beginning inventory - decrease in inventory = P250000 - P20000 = P230,000

Q: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…

A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…

Q: During the current year, merchandise is sold for 86,000 cash and 93,950 on account. The cost of the…

A: Sale means when the goods are sold to an outsider . Cost means the amount which is paid by business…

Q: Kingbird, Inc. had net credit sales of $9023000 and cost of goods sold of $5449000 for the year. The…

A: Average days in inventory depict the number of days for which a company holds its inventories before…

Q: What is the amount of gross profit?

A: Given information is: During the current year, the merchandise is sold for 45,870, 000. The cost of…

Q: During the current year, merchandise is sold for $43000 cash and for $307000 on account. The cost of…

A: Gross profit is considered as the excess of revenue over the cost of merchandise sold.

Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…

A: Gross Profit is Sales minus Cost of Goods Sold

Q: During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of…

A: Formula: Gross profit = Sales - Cost of goods sold

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…

A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: During the current year, merchandise is sold for $615,000 cash and $4,110,000 on account. The cost…

A: Gross profit can be defined as the excess of net sales revenue over the cost of goods sold. Gross…

Q: During the current year merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Sales = Cash Sales + Credit Sales Sales = $95,500 + $1,315,000 Sales = $1,410,500

Q: During the current year, merchandise is sold for $98,300 cash and $644,900 on account. The cost of…

A: Calculate the amount of net sales.

Q: The cost of merchandise sold for Patterson Corporation for a recent year was $8,629 million. The…

A: Total purchases = Cost of goods sold + Ending merchandise Inventory balance - Beginning merchandise…

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of…

A: Income Statement: Income Statement is the part of the financial statement which is prepared to…

Q: The cost of merchandise sold reported on the income statement was $240,000. The accounts payable…

A: Compute the value of purchases.

Q: For a recent year, Best Buy reported sales of $40,339 million. Its gross profit was $9,047 million.…

A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…

Q: Based on the following data for the current year, what is the number of days' sales in inventory?…

A: Days sales inventory It is  an estimation of the typical number of days or time expected for a…

Q: Using the following information, what is the amount of gross profit?​ Purchases $44,000 Merchandise…

A: Cost of goods sold = Opening inventory + Purchases - Closing inventory

Q: Determining gross profitDuring the current year, merchandise is sold for $8,100,000. The cost of the…

A: The gross profit is calculated as difference between sales and cost of goods sold.

Q: Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within…

A: Net sales = Sales - Discount Gross profit = Net sales - Cost of goods sold

Q: Cost of merchandise sold reported on the income statement was $263000. The accounts payable balance…

A: The value of products sold by a jobber or merchant is noted because the cost of merchandise sold .…

Q: LaRoe Lawns’ inventory increased during the year by $6 million. Its accounts payable increased by $5…

A: Merchandise purchases = Cost of goods sold + Increase in Inventory = $25 million + $6 million = $31…

Q: The cost of goods sold     was computed at P12,250. Total sales for the year were P42,950, of which…

A: Inventory Turnover: = Cost of Goods Sold ÷ Average Inventory = P12,250 ÷ P3,500 = 3.5 Times

Q: Determining gross profit During the current year, merchandise is sold for $ 11, 750,000. The cost…

A: A. Gross profit = Sales - Cost of goods sold = $11,750,000 - $7,050,000 = $4,700,000

Q: Using the following information, what is the amount of gross profit?​ Purchases $42,000 Merchandise…

A: Cost of Goods Sold = Opening stock + Net Purchases + Direct Expenses - Closing Stock…

Q: Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost…

A: The gross profit is calculated as difference between sales and cost of goods sold.

Q: At the fiscal year ended June 30, 2020, the following information is available for Shein Company:…

A: Let's understand the basics Net income is the also called net earnings, is sales minus cost of goods…

Q: Financial information is presented below: Operating expenses $ 42,000 Sales returns and allowances…

A: The income statement represents the net income or net loss that is calculated by deducting the…

Q: During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: During the current year, goods sold in cash was $40,000 and $100,000 on credit. The cost of goods…

A: Formula: Gross profit = Sales - Cost of goods sold.

Q: During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost…

A:

Q: During the current year, merchandise is sold for $54,900 cash and for $80,900 on account. The cost…

A: Gross profit refers to that part of the profit of the company that it makes after subtracting the…

Q: For the year 2018, a company sold 400 units for $100 per unit. The cost of goods sold is $62.50 per…

A: Operating activities: These include all the activities and functions performed by the business that…

Q: Based on the following data for the current year, what is the number of days' sales in receivable?…

A: Calculate accounts receivable turnover: