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3 years ago

Using the following information, what is the amount of gross profit?

Business

1 answer:

SIZIF [17.4K]3 years ago

3 0

Answer:

Gross profit= $54,700

Explanation:

Giving the following information:

Purchases $37,000

Merchandise inventory, September 1 6,100

Merchandise inventory, September 30 6,800

Sales 91,000

<u>First, we need to calculate the cost of goods sold:</u>

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS= 6,100 + 37,000 - 6,800

COGS= $36,300

<u>Now, the gross profit:</u>

Gross profit= sales - COGS

Gross profit= 91,000 - 36,300

Gross profit= $54,700

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Which statement is true about reporting receivables on the balance sheet?

MAVERICK [17]

<h3>Answer:</h3>

D. Allowance for Doubtful Accounts is shown as a deduction from Accounts Receivable on the balance sheet.

<h3>Explanation:</h3>

Balance sheet is a statement of account that shows the number of assets, liabilities, capital and net profit or loss in an organisation.
Receivables refers to the amount that the seller ios owed by the customers or buyers.
Therefore, receivables are current assets in a business and are listed on the left side of the balance sheet.
Allowance for doubtful accounts is listed as a deduction below the accounts receivable as it is a reduction of the total amounts on accounts receivable.

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3 years ago

The rate of return on the common stock of Flowers by Flo is expected to be 15 percent in a boom economy, 7 percent in a normal e

sertanlavr [38]

Answer:

the Expected rate of return will be 8.2%

the variance will be 0.001296

Explanation:

We will calculate the Expected Rate of Return which is the sum of the wieghted return based on their probabilities:

return of 0.15 probability 20% = 0.03

return of 0.07 probability 70% = 0.049

return of 0.03 probability 10% = 0.003

expected return = 0.082 = 8.2%

Now to calculate the variance we do:

∑(rk-ERR)^2 x pk

The sum of the difference between the expected rate and the escenario rate, power two, and multiply by their posibility

$(0.15-0.082)^{2}\times0.20+(0.07-0.082)^{2}\times0.70+(0.03-0.082)^{2}\times0.10$

the variance will be: 0.001296

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3 years ago

A club sold 80 boxes of candy, some at $1.75 and some at $3.25. total revenue was $160. an appropriate equation to determine the

Lorico [155]

20 dollars each box i think

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3 years ago

Consider the following two situations: (1) you buy a Porsche produced in Germany, (2) you buy a Volkswagen produced in the U.S.

kondor19780726 [428]

The purchase of a Porsche produced in Germany has a direct effect on net exports

<h3>What is net export?</h3>

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To learn more about imports, please check: brainly.com/question/26497713

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2 years ago

Sheridan Company sells its product for $7100 per unit. Variable costs per unit are: manufacturing, $4400, and selling and admini

Minchanka [31]

Answer:

Sheridan Company

Income Statement

For the year ended December 31, 202x

Sales revenue $170,400

Cost of goods sold <u>($129,600)</u>

Gross profit $40,800

Period costs <u>($24,000)</u>

Operating income $16,800

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3 years ago

Using the following information, what is the amount of gross profit?​

Using the following information, what is the amount of gross profit?