Financial information is presented below: Operating expenses $44000 Sales returns and allowances 3000 Sales discounts 5000 Sales revenue 150000 Cost of goods sold 96000
Added by Richard C.
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This gives us the actual revenue earned from sales after accounting for any discounts or returns. Net Sales = Sales Revenue - Sales Returns and Allowances - Sales Discounts Net Sales = $150,000 - $3,000 - $5,000 Net Sales = $142,000 Show more…
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Financial information is presented below: Operating expenses 28,000 Sales returns and allowances 7,000 Sales discounts 3,000 Sales revenue 150,000 Cost of goods sold 91,000 What is the net income? What is the net sales? What is the profit margin ratio? Please explain how to find each. Thank you
Nick J.
$$ \begin{aligned} &\text {From the following information, determine cost of goods sold. }\\ &\begin{array}{lr} \text { Purchases } & \$ 40,000 \\ \text { Inventory (Jan. 1) } & 70,000 \\ \text { Freight In } & 2,000 \\ \text { Purchases Returns } & 4,000 \\ \text { Purchases Discounts } & 1,000 \\ \text { Inventory (Dec. 31) } & 48,000 \end{array} \end{aligned} $$
The following financial information is presented for three different companies. Determine the missing amounts. Allen Bast Corr Cosmetics Grocery Wholesalers Sales revenue $90,000 $122,000 Sales returns and allowances 5,000 12,000 Net sales 86,000 95,000 Cost of goods sold 56,000 86,000 Gross profit 38,000 24,000 Operating expenses 15,000 18,000 Income from operations 4,000 7,000 Other expenses and losses 15,000 6,000 Net income 11,000 5,000
Azat N.
Recommended Textbooks
Horngren’s Cost Accounting
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Principles of Accounting Volume 1: Financial Accounting
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