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DiKsa [7]
3 years ago
13

Use the following selected 2016 balance sheet and income statement information for Home Garden Supply Co. (in millions) to compu

te the gross profit percentage to the nearest hundredth of a percent. Net income Gross profit on sales Average total assets Sales Tax rate on operating profit $69,960 $700,400 $360,600 $1,356,504 35% Select one: A. 9.99% B. 33.56%
Business
1 answer:
Anna71 [15]3 years ago
8 0

Answer:

C.51.63%

Explanation:

Gross profit percentage = Gross profit/ Net sales ×100

Gross profit $700,400

Net sales $1,356,504

Hence ;

$700,400/$1,356,504 ×100

=51.63%

Therefore the gross profit percentage is

51.63%

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Jasper Company has sales on account and for cash. Specifically, 70% of its sales are on account and 30% are for cash. Credit sal
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Answer:

Jasper Company

Cash Receipts Budget for April, May, and June:

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Cash Sales 30%         $157,500      $160,500      $168,000        $486,000

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Explanation:

1. Cash Receipts Budget shows the estimated cash receipts from customers and other sources.

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b) Sales received on account for April = 100% of Accounts Receivable = $400,000.

c) Cash Sales for May = 30% of April Sales = 30% * $535,000 = $160,500.  The difference of 70% is received in June.

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