Given this information, what is the profit percent?  Format your answer to two decimal places and add a %-sign (i.e. 4.52%) Net Sales  $561,800 Cost of Goods Sold      275,280 Expenses  253,936

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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1. Given this information, what is the profit percent?  Format your answer to two decimal places and add a %-sign (i.e. 4.52%)

Net Sales  $561,800
Cost of Goods Sold      275,280
Expenses  253,936

2. Given this information, what is the profit dollars?  Round your answer to the dollar and add a dollar sign and comma separator  (i.e. $15,467)

Net Sales  $561,800
Cost of Goods Sold      275,280
Expenses  253,936

3. Given the information below, what is the profit dollars?  Round your answer to the dollar and add a dollar sign and comma separator  (i.e. $15,467)

Gross Sales

$341,420

Customer Returns

29,870

Cost of Goods Sold

161,570

Expenses

138,140

4. Given the information below, what is the profit percent?  Round your answer to two decimal places and add a percent sign (i.e. 15.37%)

 

Gross Sales

$341,420

Customer Returns

29,870

Cost of Goods Sold

161,570

Expenses

138,140

 

5.

Given the information below, what are Net Sales (dollars)?  Round your answer to the dollar and add a dollar sign and comma separator  (i.e. $15,467)

Cost of Merchandise Sold

51.30%

Expenses

$317,820

Profit

4.65%

6. Given the information below, what is the gross margin percent?  Round your answer to two decimal places and add a percent sign (i.e. 15.37%)

Cost of Merchandise Sold

51.30%

Expenses

$317,820

Profit

4.65%

7. Determine the customer return percent when gross sales are $138,300 and net sales are $127,430.  Round your answer to two decimal places and add a percent sign (i.e. 15.37%).  

 

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