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matrenka [14]
3 years ago
12

​Coleman, Inc. provides the following data from its income statement for​ 2017:Net Sales​$500,000Cost of Goods Sold​(200,000)Gro

ss Profit​$300,000Calculate the gross profit percentage.​ (Round your answer to two decimal​ places.)
Business
1 answer:
Illusion [34]3 years ago
3 0

Answer: 60 %

Explanation: Gross profit refers to the amount of profit that a company has after deducting for making and selling charges.

Gross profit percentage or gross profit ratio refers to the ratio of gross profit and net sales. It is used to evaluate how much gross profit does a company makes from its sales. It is a good measure for evaluating liquidity.

This could be calculated as follows :-

gross\:profit\:ratio=\frac{gross\:profit}{net\:sales}

gross\:profit\:ratio=\frac{300,000}{500,000}

=60 %

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Hawk Corporation purchased 1,000 Diamond Corporation bonds in 2015 for $500 per bond and classified the investment as securities
jonny [76]

Answer: C) A debit of $200,000.

Explanation:

In 2018, Hawk sold all the Diamond Investment bonds at $700.

The amount of reclassification adjustment would be;

= Sales price - original purchase price

= (1,000 * 700) - (1,000 * 500)

= $200,000

The amount should be debited to reverse the gains recorded over the other years.

3 0
3 years ago
Ms. Pike, who lives in California, traveled to Oregon to purchase gold jewelry for $16,000. California has a 7.5 percent sales a
scoundrel [369]

Answer:

Pike owes $1200 in taxes is she the purchase $16,000 in Oregon and owes $820 in transactions if she purchase $16,000 in Oergon.

Explanation:

Re call that the total tax is the rate tax time the purchase amount.

T= R * P

Then the use tax that Pike owe to California for the purchase of $16,000 in Oregon Tc taking a rate of 7.5 percent is:

Tc =  0.075 * $16,000  = $ 1,200

The use tax  that Pike owe to California for the purchase of $16,000 in New Mexicon Tn dont take into account the sales but the transaction rate of 5.125 percent:

Tn =  0.05125 * $16,000  = $820

7 0
3 years ago
A consumer purchases a lawn mower from a retail store. It contains a tag that says the purchaser should read the instruction boo
mariarad [96]

Answer:

B. Contributory negligence

Explanation:

            Contributory negligence may be defined as a defense to the tort claim that is based on the negligence of the plaintiff in some law jurisdiction. And if contributory negligence is available defense completely  bars the person who files the suit from any recovery if the plaintiff contributes to their own injury and harm from any negligence.

           In the context, a person buys a lawn mover form a store. The lawn mover contains a instruction book where it was written that the lawn mover should not be moved over any stones or gravels or areas mixed with grass and stones.

           The consumer though remembers the warning but he moves the lawn mover over land filled with loose stones and rocks. Unfortunately, a rock flies and hits him on his face resulting in serious damage of his face. And so the consumer sues the manufacturer for selling a defective lawn mover.

           But the court will dis-miss the case as it was a case of contributory negligence of the consumer as the manufacturer warned the consumer with a written instruction not to use the product over areas covered with stones and rocks. Thus the defense that will give the manufacturer the best chance of having dismissing the case by the court is the Contributory negligence of the consumer.        

8 0
2 years ago
mike operates a hair cutting salon that specialize in providing quick walk in service just about any type of hair. He deals with
Viefleur [7K]

<u>Complete Question:</u>

Mike operates a hair-cutting salon that specializes in providing quick walk-in service for just about any type of haircut. He deals with customers as they walk in the door. This includes writing down the customer's name and what they desire in terms of haircut, wash, dry, and so on. This process usually takes two minutes. If no hair stylist is available, the customer then goes to the waiting area, where he/she is processed on a first-come, first-serve basis. The salon has five hair stylists who work eight hours each day. It takes, on average, 25 minutes for a stylist to greet the customer, wash and/or cut his hair, and wish him a fond farewell. Then Mike completes the process by taking the customer's money and telling him about the satisfaction guarantee offered by the shop. This final set of steps takes two minutes on average.

Requirement 1. Assuming that the waiting area always has at least one customer in it, how many customers on average can Mike's salon process in a day (assuming no problems in utilization, quality, or efficiency)?

Answer:

96 Customers

Explanation:

The time taken to process one customer includes:

Time taken by each Hair stylist to tailor the hairs of customer is 25 Minutes

Now

Time taken to process total customer in a day = Total hours available / Total time consumed by each customer

Here

Number of stylists are 5 and working hours are 8 Hrs per stylist which means total number of hours are 40 Hours per day.

By putting values, we have:

Time taken to process total customer in a day = 40 Hours / (29/60)

= 96 customers per day

8 0
3 years ago
Which of the following would cause net income on the accrual basis to be different from (either higher or lower than) "cash prov
Ostrovityanka [42]

Answer:

Purchased Supplies for cash.

Explanation:

Purchased Supplies for cash is cash outpouring for working exercises, however won't be accounted for as a cost until the provisions are utilized.

4 0
3 years ago
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