A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...

Question

Question

A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...

A company reported the following:

Cost of Goods Sold $ 290,000

Selling, and Administrative Expenses 9,000

Income Tax Expense 7,350

Inventory 13,500

Net Income 110,650

Sales Revenue 425,000

Sales Discounts 4,500

Sales Returns & Allowances 3,500

What is the amount of gross profit?

A) $127,000

B) $119,650

C) $135,000

D) $118,000

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Gross profit

= Net sales - Cost of Goods Sold

= (425,000-4,500-3,500) - 290,000

= 417,000 - 290,000

= 127,000

Option A is the answer

Add a comment

Answer 2

Similar Homework Help Questions

A company reported the following: Cost of Goods sold General, Selling, and Administrative Expenses Income Tax...

A company reported the following: Cost of Goods sold General, Selling, and Administrative Expenses Income Tax Expense Inventory Net Income Sales Revenue Sales Discounts Sales Returns & Allowances $200,000 10,000 4,900 16,000 18,000 240,000 3,600 3,500 What is the amount of gross profit?
A company reported revenues of $378,000, cost of goods sold of $127,000, selling expenses of $9,000,...

A company reported revenues of $378,000, cost of goods sold of $127,000, selling expenses of $9,000, and total operating costs of $77,000. Gross margin for the year is O A. $242,000 B. $251,000 C. $165,000 D. $292,000
Help Save & Exit Su A company reported the following: (8 00:59:19 Cost of Goods Sold...

Help Save & Exit Su A company reported the following: (8 00:59:19 Cost of Goods Sold General, Selling, and Administrative Expenses Income Tax Expense Inventory Net Income Sales Revenue Sales Discounts Sales Returns & Allowances $264, eee 13,000 7,800 27,500 82,400 375,290 4,900 2,900 eBook What is the amount of gross profit? Multiple Choice O $103.200 0 $95.000 0 0 $111.000 Por of New

a company reported sales of $152,100; cost of goods sold of $77,723; selling,general, and administrative expenses of $19...

a company reported sales of $152,100; cost of goods sold of $77,723; selling,general, and administrative expenses of $19,986 ; and income tax expenses of $13,324.Compute the compan’s profit margin.
Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses...

Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $79,000. The president has announced that the company's goal is to increase net income by 15 percent. Required The following items are independent of each other a. Prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal? b. The market may become stagnant next...
1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and...

1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and net income $62,920. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to 0 decimal place, e.g. 10%.) Profit margin enter profit margin in percentages rounded to 2 decimal places % Gross profit rate enter gross profit rate in percentages rounded to 0 decimal % 2. Presented here are the components...

Sales for a firm are $500,000, cost of goods sold are $290,000, operating expenses are $10,000,...

Sales for a firm are $500,000, cost of goods sold are $290,000, operating expenses are $10,000, depreciation is $15,000 and interest expenses are $20,000. What is the gross profit amount? A. $165,000 B. $180,000 C. $185,000 D. $200,000 E. $210,000 The 2017 financial statements Hard Locks, Inc. reported net income equal to $190,000, interest expense was $60,000, taxes were $70,000, and depreciation was $45,000. How much was the firm’s operating profit if sales were $490,000? A. $365,000 B. $320,000 C....
Sales revenue Cost of goods sold (all variable) Gross margin Selling expenses (20% variable) Administrative expenses...

Sales revenue Cost of goods sold (all variable) Gross margin Selling expenses (20% variable) Administrative expenses (60% variable) Operating income $ 56,632 28,967 27,665 8,905 12,800 $ 5,960 v (a Prepare a contribution format income statement for Mary, (Round answers to o decimal places, e.g. 5,250.)
Newark Company has provided the following information: Cash sales, $470,000 Credit sales, $1,370,000 Selling and administrative...

Newark Company has provided the following information: Cash sales, $470,000 Credit sales, $1,370,000 Selling and administrative expenses, $350,000 Sales returns and allowances, $92,000 Gross profit, $1,380,000 Increase in accounts receivable, $57,000 Bad debt expense, $35,000 Sales discounts, $45,000 Net income, $1,030,000 How much are Newark's net sales?

The accounting record for Katzen Company reported the following selected information: Operating Expenses $270,000 Sales Returns...

The accounting record for Katzen Company reported the following selected information: Operating Expenses $270,000 Sales Returns and Allowances 78,000 Sales Discounts 36,000 Sales Revenue 1,050,000 Cost of Goods Sold 402,000 Determine Katzen Company's gross profit. Select one: A. $462,000 B. $498,000 C. $534,000 D. $420,000

A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...

Homework Answers

Add Answer to:
A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...

Post as a guest

Earn Coins

A company reported the following: Cost of Goods sold General, Selling, and Administrative Expenses Income Tax...

A company reported revenues of $378,000, cost of goods sold of $127,000, selling expenses of $9,000,...

Help Save & Exit Su A company reported the following: (8 00:59:19 Cost of Goods Sold...

a company reported sales of $152,100; cost of goods sold of $77,723; selling,general, and administrative expenses of $19...

Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses...

1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and...

Sales for a firm are $500,000, cost of goods sold are $290,000, operating expenses are $10,000,...

Sales revenue Cost of goods sold (all variable) Gross margin Selling expenses (20% variable) Administrative expenses...

Newark Company has provided the following information: Cash sales, $470,000 Credit sales, $1,370,000 Selling and administrative...

The accounting record for Katzen Company reported the following selected information: Operating Expenses $270,000 Sales Returns...

A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...

Homework Answers

Add Answer to: A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...

Post as a guest

Earn Coins

Add Answer to:
A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...