Homework answers / question archive / Miami Dade College, Miami - ACG 2021 1)A company has sales of $705, 200 and cost of goods sold of $282,200 its gross profit equals?   2

Miami Dade College, Miami - ACG 2021 1)A company has sales of $705, 200 and cost of goods sold of $282,200 its gross profit equals?   2

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Miami Dade College, Miami - ACG 2021

1)A company has sales of $705, 200 and cost of goods sold of $282,200 its gross profit equals?

2. Using the following year-end information for Calvin’s Clothing, calculate the current ratio and acid-test ratio for the business?

3. A Company had net sales of $829,500 and cost of goods sold of $583,200. Its net income was $34,690. The company’s gross margin ratio equals?

4. A company purchased $2,200 of merchandise of July 5 with terms 3/10, n/30. On July 7, it returned $240 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals?
5. On February 3, Smart Company sold merchandise in the amount of $4,200 to Truman Company, with credit terms of 1/10, n/30. The cost of the items sold is $2,900. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is?
6. Cushman Company had $828,000 in net sales, $362,250 in gross profit, and $207,000 in operating expenses. Cost of goods sold equals?
7. Cushman Company had $846,000 in sales, sales discounts of $12,690, sales returns and allowances of $19,035, cost of goods sold of $401,850 and $291,025 in operating expenses.
8. Cushman Company had $822,000 in sales, sales discounts of $12,330, sales returns and allowances of $18,495, cost of goods sold of $390,450, and $282,770 in operating expenses. Net income equals?
9. A company purchased $8,300 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $415 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals
10. A company's current assets are $23,920, its quick assets are $14,090 and its current liabilities are $12,270. Its acid-test ratio equals: