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
baherus [9]
3 years ago
11

The Intramural Sports Club reports sales revenue of $892,000. Inventory at both the beginning and end of the year totals $160,00

0. The inventory turnover ratio for the year is 4.6.
What amount of gross profit does the company report in its income statement?
Business
1 answer:
hammer [34]3 years ago
6 0

Answer:

$524,000

Explanation:

Gross profit = revenue - costs of goods sold

For the Intramural Sports Club, revenue = $892,000.

Finding the cost of goods sold  COGS

Inventory turnover = COGS/ average inventory

inventory turnover=4.6

Average inventory = beginning plus closing inventory /2

in this case, average inventory =$160,000/2

=$80,000

Therefor, 4.6 = COGS/ $80,000

COGS = $80,000 x 4.6

COGS =$368,000

Gross profits= $892,000- $368,000

Gross profit =$524,000

You might be interested in
Indicate whether each of the following transactions represents an increase in net exports, a decrease in net exports, an increas
iris [78.8K]

Answer:

(a). A worker at a Sony plant in Japan buys some Georgia peaches from an American farmer.

-<u> Increase in exports while no change in imports</u>.

(b). The Sony pension fund buys a bond from the U.S. Treasury.

- <u>Decrease in a net outflow of capital. Thus, it would be considered as a negative inflow/outflow</u>.

(c). An American investor buys a controlling share in a South Korean electronics firm.

- <u>Increase in Net Capital outflow for the U.S</u>.

Explanation:

Exports are described as the selling of domestic goods to a foreign country while Imports are characterized as the process of bringing in foreign goods to the domestic country. And Capital outflow is defined as the exact flow of funds from domestic to foreign and foreign to the domestic country.

In the first case, the purchase reflects a rise in exports as the domestic product is sold to the foreign country. In the second situation, the net outflow of the capital would decreases as it demonstrates a foreign purchase of a domestic asset. In the third example, the American investors' purchase of a South Korean firm demonstrates a domestic purchase of a foreign asset and thus, the net capital outflow would rise.

7 0
3 years ago
Tài liệu về tiền lương và các khoản phải trích theo lương tại DN tháng 1/N như sau
KATRIN_1 [288]

16.00000

Explanation:

mbvhjvjhkjbvhg  nh hjvh

5 0
3 years ago
Don executes a will leaving half of his farm to his spouse Elsie and the rest to his sons, Frank and Greg, in equal shares. The
SVETLANKA909090 [29]

Answer:

Don executes a will leaving half of his farm to his spouse Elsie and the rest to his sons, Frank and Greg, in equal shares. The will disinherits a third son, Hal. Don and Elsie divorce, but Don dies before changing his will. Under the Uniform Probate Code:

c. Frank and Greg receive the entire estate in equal shares.

Explanation:

  • Uniform Probate Code is applicable in almost 18 states of the United States that was developed to standardize the laws of wills, trusts, and intestacy.
  • The option a is not correct as Elsie can't get the half of the farm as Don and Elsie were divorced.
  • The option b is also incorrect as Elsie can't get the half of farm as well as Hal will not get the share.
  • The option c is correct as it is in accordance with Uniform Probate Code.
  • The option d is incorrect as state can't inherits the entire estate in the presence of heirs.
6 0
3 years ago
Nadia works in a clothing retail store. Her initial contact with a customer is most likely to be?
BlackZzzverrR [31]

Nadia works in a clothing retail store. Her initial contact with a customer is most likely to be personal selling works best when the product is on sale.

The corporate sales team consists of sales company employees. Contractor.

Sales Reps Provide Information and Advice: Customers understand the value and are willing to indirectly pay for sales reps' training and advice. -Salespeople save time and simplify shopping: Customers value the time and effort they save.

Retail stores and services are referred to as the "cloud". Salesforce offers six types of clouds: Sales Cloud, Marketing Cloud, Commerce Cloud, Service Cloud, Experience Cloud, and Analytics Cloud.

Learn more about the retail stores at

brainly.com/question/27293552

#SPJ4

8 0
2 years ago
Synovec Co. is growing quickly. Dividends are expected to grow at a rate of 24 percent for the next three years, with the growth
djverab [1.8K]

Answer;

$ 70.07

Explanation:

The price of the stock when the dividends level off at a constant growth rate, we then find the PV of the future stock price, including the PV of all dividends during the super normal growth period. The stock start it constant growth in Year 4, so that we can be able to find the price of the stock in Year 3, which is the year before the constant dividend growth begins as:

P3= D3(1 + g) / (R− g) = D0(1 + g1)3(1 + g2) / (R− g)

P3= $3.40(1.24)3(1.06) / (.14 − .06)

P3= $85.89

Therefore the price of the stock today is the PV of the first three dividends, we then add it with the PV of the Year 3 stock price.

Hence the price of the stock today will be:

P0= $3.40(1.24) / 1.14 + $3.40(1.24)2/ 1.142+ $3.40(1.24)3/ 1.143+ $85.89 / 1.143

P0= $70.07

The current shape price is $70.07

7 0
3 years ago
Other questions:
  • Zacariah's Nursery has 6,000 shares of stock outstanding at a market price of $20 a share. The earnings per share are $1.54. The
    6·1 answer
  • ABC Corporation has just completed an IPO raising $100 million. The investment bankers handling the offering made total commissi
    6·1 answer
  • For the following questions, you need to determine whether each of the four factors given creates a positive demand shock, a neg
    11·1 answer
  • Fill in the blank: During the attract stage of the inbound methodology, an inbound business focuses on __________________. (Choo
    6·1 answer
  • In a competitive market with identical firms,
    8·1 answer
  • You purchased a machine for $ 1.15 million three years ago and have been applying​ straight-line depreciation to zero for a​ sev
    14·1 answer
  • If Texia specializes in food, it can produce 1,000 units of food and 0 units of clothing this year. Ifit specializes in clothing
    15·1 answer
  • Sitz Company makes chairs. The budgeted selling price is​ $55 per​ chair, the variable rate is​ $25 per chair and budgeted fixed
    9·1 answer
  • Hiiiiiii Gary you know who you are aka my friend
    14·2 answers
  • Which of the following are laws which protect workers?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!