There are two means for achieving financial goals-you elther need to increase your savings or reduce your spending.

Your campus computer store reported Sales Revenue of $175,000. The company's gross profit percentage was 65 percent. What amount

vaieri [72.5K]

Answer:

The company reported $61,250 amount of Cost of Goods Sold

Explanation:

As gross profit percentage is the net percentage of sales revenue and cost of goods sold. We can find the cost of goods sold percentage as follow

Gross profit = Sales - Cost of Goods Sold

Placing the percentage

65% = 100 % - Cost of Goods sold

Cost of Goods sold = 100% - 65%

Cost of Goods sold = 35%

Now calculate the value of cost of goods sold using following formula

Cost of goods sold percentage = Cost of good sold / Sales Revenue

35% = Cost of Goods sold / $175,000

Cost of Goods sold = $175,000 x 35%

Cost of Goods sold = $61,250

6 0

3 years ago

Lloyd Inc. had sales of $200,000, a net income of //415,000, and the following balance sheet:

Tju [1.3M]

Answer:

The firm's new quick ratio is 2.9

Explanation:

The current ratio is calculated as

Current ratio = Current assets / Current liabilities

2.5 times = (Cash + receivables + Inventories ) / (Accounts payable + Other current liabilities)

2.5 = ($10,000 + $50,000 + Inventories) / $50,000

$60,000 + inventories = $125,000

Inventories = $65,000

Therefore, $85,000 worth of inventories were sold off.

If the funds generated are used to reduce the common equity that is by repurchasing the equity at book value.

Hence, the common equity amounts to $115,000

Calculating the ROE before the inventory is sold off:

ROE = Net income / Stockholder's equity

= $15,000 / $200,000

= 0.075 or 7.5%

Calculating the ROE after selling off the inventory:

ROE = $15,000 / $115,000

= 0.13 or 13%

The firm's new quick ratio is

Quick ratio = (Current assets - Inventories) / Current liabilities

= ($210,000 - $65,000) / $50,000

= 2.9

4 0

3 years ago

If you are planning to carry a large balance on your credit card,following credit card features should you look for

Pani-rosa [81]

Lots of credit card rewards.

7 0

3 years ago

What is meant by assessment? Activities that occur between two or more businesses. Provides services for connecting network reso

stiks02 [169]

Answer:Documenting rules, procedures, and guidelines to be tested against a system.

Explanation:

Assessment means to analyzing someone or something in respect of its quality, quantity and other such characteristics. Generally, assessment is done by comparing the actual results with some predetermined criteria .

Assessment is done by firms to know whether there is a problem, where it is and how it can be solved so that future losses could be saved.

Hence from the above we can conclude that the correct option is C .

6 0

3 years ago

Your practice recently purchased a portable ultrasound machine. A client calls and asks how early her mare can have an ultrasoun

adell [148]

Answer:

The very earliest that a pregnancy can be confirmed with an ultrasound in a horse is approximately after two weeks after the breeding took place.

Explanation:

8 0

3 years ago