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

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

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%...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online