32499263033081

# 32499263033081 - Netincome=28,000-15,000=13,000 Florida...

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I. Presented below is financial information for two different companies.   New York Florida   Company Compan y       Sales 90,000 105,000 Sales Returns  6000 5,000 Net Sales 84,000 100,000 Cost of Goods  Sold 56,000 58,500 Gross Profit 28,000 41,500 Operating  Expenses 15,000 26,500 Net Income 13,000 15,000 Instructions: a. Determine the missing amounts. Sales Returns=sales-net sales=90000-84000=6000 Gross profit=net slaes less cost of goods sold=84,000-56000=28,000
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Unformatted text preview: Netincome=28,000-15,000=13,000 Florida company= Sales Returns=sales*net sales=5,000=sales-100,000 Sales=105,000 Gross profit=net sales less cost of goods sold 41,500=100,000 – COGS COGS=100,000-41,500=58,500 b. Determine the gross profit rate. (Round to one decimal places) NEW YORK COMPANY GROSS PROFIT RATE=28,000/84000*100=33.33% FLORIDA COMPANY GROSS PROFIT RATE= 41500/100000*100=41.5%...
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## This note was uploaded on 08/22/2011 for the course ACCOUNTING 201 taught by Professor Stevejoseph during the Winter '11 term at Aarhus Universitet.

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