What is the amount of the gross profit

Assignment Help Accounting Basics
Reference no: EM131033731

During the current year, merchandise is sold for $1,375,000. The cost of the merchandise sold is $880,000.

  • What is the amount of the gross profit?
  • Compute the gross profit percentage (gross profit divided by sales).
  • Will the income statement necessarily report a net income? Explain.

Reference no: EM131033731

Questions Cloud

What would we expect to happen to the quantity purchased : Suppose the price elasticity of cigarette demand is -0.40. If we increased the price of cigarettes by 50%, what would we expect to happen to the quantity purchased? To total expenditures on cigarettes?
Determine the monthly breakeven : Required: Determine the monthly breakeven in either unit or total dollar sales
Perform a swot analysis for each of the companies mentioned : Perform a SWOT analysis for each of the companies mentioned in this case study. How are the results similar? How do they differ? Which growth strategies seem most likely for each of the companies mentioned in this case? Why?
What is the underlying emphasized theme : What is the underlying emphasized theme? (money, fame, love). Discuss whether this show promotes the best or worst of human behavior. In what way is the situation in the show alike or different from a true reflection of reality. Are there any values ..
What is the amount of the gross profit : What is the amount of the gross profit? Compute the gross profit percentage (gross profit divided by sales). Will the income statement necessarily report a net income? Explain.
Discuss how derivatives could be used to hedge risk : Explain the risks of the interest rate swap position and how could it be could be hedged - The asset manager wants to fully hedge the interest rate risk on the bond by using bond futures. Calculate the appropriate number of bond futures that should..
What can be the potential effect on the employment : If income elasticity of demand of good X is 0.89, what will happen to equilibrium price if there is an increase in income of consumers. Draw a diagram to support your answer.
Describe the different types of labor unions : Describe the different types of labor unions. How are labor relations related to labor unions? What are their impacts within various industries?
How effectively the film develops one of its major themes : How effectively the film develops one of its major themes? Explain how various elements contribute to or detract from the movie's development of a major theme?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Standard null hypothesis for the coefficient of bore

State and test the standard null hypothesis for the coefficient of Bore. Both of these predictors seem to be linearly related to MSRP. Explain what your result in part a means.

  Sale including the cost of the merchandise sold

The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo on March 5 for $30,000 for merchandise returned prior to Balboa Co. paying the original invoice on March 29.

  Amount funded and amount reported for pension expense

The relationship between the amount funded and the amount reported for pension expense is as follows:

  Effective communication may be hindered by selective

effective communication may be hindered by selective perception and self-serving bias. recommend at least three

  Soft cushion company scc is highly decentralized

Soft Cushion Company (SCC) is highly decentralized. Each division is empowered to make its own sales decisions. The Assembly Division can purchase a key component-stuffing-from the Production Division or from external suppliers.

  You have been working at a local travel agency as a

you have been working at a local travel agency as a secretary. your agency has signed a contract with a local corporate

  Calculate ending inventory and cost of goods sold

Calculate ending inventory and cost of goods sold assuming the average cost method and a periodic inventory system.

  The beginning balances in the inventory accounts were raw

mathews guitar company makes high-quality customized guitars. mathews uses a job order costing system. because the

  On nov 1 prescott borrows 5000 cash from a bank in return

the following transactions and events took place at the prescott company during its recent calendar-year reporting

  Jerry grant the new controller of blackburn company has

jerry grant the new controller of blackburn company has reviewed the expected useful lives and salvage values of

  On january 1 2011 climax corporation signed a 10000000 6

on january 1 2011 climax corporation signed a 10000000 6 10-year mortgage note to finance the construction of its new

  Problem related to marginal tax rate for firm

For the year ending June 30, 2008, the Austin Corporation has current assets of $ 275,000 and total assets of $ 900,000. It also has current liabilities of $ 150,000, equity of $ 200,000, and retained earnings of $ 100,000. The marginal tax rate f..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd