Solved

A Company Has Sales of $2,530,000,sales Discounts of $200,000,sales Returns

Question 58

Short Answer

A company has sales of $2,530,000,sales discounts of $200,000,sales returns and allowances of $323,000,shipping charges of $115,000,sales commissions of $234,000,net income of $863,500,and cost of goods sold of $1,012,000.What is the gross profit/margin ratio?

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q28: What is the difference between the periodic

Q53: Gross profit is the same as gross

Q54: The acid-test ratio:<br>A)Is also called the quick

Q55: Cash sales shorten the operating cycle for

Q57: On October 1,Robertson Company sold merchandise in

Q60: Mann Company uses the perpetual inventory method.After

Q61: On July 22,a company purchased merchandise inventory

Q140: A period's _ becomes the next period's

Q179: A trade discount is:<br>A) A term used

Q246: A single-step income statement includes cost of