1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Margaret [11]
3 years ago
6

The Callie Company has provided the following information: Operating expenses were $244,000; Cost of goods sold was $378,000; Ne

t sales were $940,000; Interest expense was $47,000; Gain on sale of a building was $84,000; Income tax expense was $142,000. What was Callie's gross profit
Business
1 answer:
creativ13 [48]3 years ago
6 0

Answer:

Callie's Gross Profit is $562000

Explanation:

Gross profit is the profit earned by a business after deducting the costs associated with producing or selling its goods (for manufacturing and trading businesses) or the costs associated with providing the services (for service businesses) from the net revenue.

It is the profit from the trading section of the business before deducting the operating and financing expenses of the business and before adding any other income.

The gross profit is simply calculated as follows,

Gross Profit = Net Revenue - Cost of Goods Sold

Callie's gross profit = 940000 - 378000

Callie's Gross Profit = 562000

You might be interested in
On June 25, Ritts Roofing extended an offer of $250,000 for land that had been priced for sale at $300,000. On July 9, Ritts acc
Kisachek [45]

Answer:

$275,000

Explanation:

The computation of the value that should the land be recorded is shown below:

= Value at which rits accepted the counteroffer of the seller

= $275,000

Hence, the alue that should the land be recorded is $275,000

Basically it records the cost value as per the cost concept

The same should be considered

3 0
2 years ago
What is one difference between a vocational school and on-the-job training?
Gemiola [76]
Vocational classes provide job focus training for specific roles or careers
8 0
2 years ago
Read 2 more answers
If Apr of a savings account is 2.7% and interest is compounded quarterly, what is the approximate APY of the account
solniwko [45]

Answer:

0.0273 = 2.7%

Explanation:

APY = (1 + r/m)^m - 1

       = (1 + 0.027/4)^4   -  1

       = 0.0273 = 2.73%

8 0
2 years ago
Maldonia has a comparative advantage in the production of sugar , while desonia has a comparative advantage in the production of
steposvetlana [31]
Maldonia must give up 8 units of TEA to get 16 units of lemons, while Desonia must give up 8 units of tea to get 4 get units of lemons. Hence the opportunity cost of productivity are units of lemon for Maldonia -0.5y(-8/16), and for Desonia it is -2y(-8/4).This means Maldonia has comparative advantage in producing lemon and Desonia has comparative advantage in tea.
6 0
3 years ago
Starr Company reports the following information for August. Raw materials purchased on account $ 76,200 Direct materials used in
il63 [147K]

Answer:

1. Raw materials purchased.

Raw Materials Account $ 76,200 (debit)

Account Payable $ 76,200 (credit)

2. Direct materials used in production.

Work In Progress Account $48,000 (debit)

Raw Materials Account $48,000 (credit)

3. Direct labor used in production.

Work In Progress Account $15,350 (debit)

Wages and Salaries $15,350 (credit)

4. Applied overhead.

Work In Progress Account $18,360 (debit)

Manufacturing Overhead Account $18,360 (credit)

Explanation:

1. Raw materials purchased.

Raw Materials Account $ 76,200 (debit)

Account Payable $ 76,200 (credit)

Recognise the Assets of Raw Materials and a Liability - Account Receivable

2. Direct materials used in production.

Work In Progress Account $48,000 (debit)

Raw Materials Account $48,000 (credit)

De-recognise the Raw Materials used in production and recognise the cost in Work In Progress Account

3. Direct labor used in production.

Work In Progress Account $15,350 (debit)

Wages and Salaries $15,350 (credit)

Recognise the labor cost in Work In Progress Account and de-recognise the Wages and Salaries Account with the amount applied to production

4. Applied overhead.

Work In Progress Account $18,360 (debit)

Manufacturing Overhead Account $18,360 (credit)

De-recognise the Manufacturing Overheads used in production and recognise the cost in Work In Progress Account

4 0
2 years ago
Other questions:
  • How much does it cost to run a 20 gallon fish tank?
    6·1 answer
  • A company that manufactures a device that is heavily regulated by the government and has to undergo a rigorous pre-market approv
    9·1 answer
  • If the first four units of a good consumed have marginal utilities of 8, 4, 2, and 1, respectively, this trend is an indication
    10·1 answer
  • For the past 5 months Kaia's gift shop had these profits or losses: –$120, $85, –$60, –$35, and $40.
    9·2 answers
  • Which of the following is NOT an example of a negative externality?
    13·1 answer
  • Earleton Manufacturing Company has $2 billion in sales and $500,000,000 in fixed assets. Currently, the company's fixed assets a
    12·1 answer
  • The Taste Freeze Ice Cream Company is a perfectly competitive firm producing where MR = MC. The current market price of an ice c
    14·1 answer
  • Obviously, the lifetime membership isn’t a good deal if you only remain a member for a couple of years, but if you remain a memb
    15·1 answer
  • As you move through your career and begin to seek promotions, it is helpful to ______. a. Target and train for specific career p
    13·2 answers
  • The _____ of an organizational life cycle is characterized by growth and the expansion of organizational resources.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!