NEED ANSWER ASAP PLEASE ! Presented below is financial information for two diffe
ID: 2395847 • Letter: N
Question
NEED ANSWER ASAP PLEASE !
Presented below is financial information for two different companies.
Presented below is financial information for two different companies Determine the missing amounts Summer Company Winter Company Sales revenue $95,250 Sales returns Net sales Cost of goods sold Gross profit Operating expenses Net income a) $5,890 89,450 104,300 53,010 e) 44,680 19,580 c) 15,800 Determine the gross profit rates. (Round answer to 1 decimal place, e.g. 25.2%.) Summer Company Winter Company Gross profit rateExplanation / Answer
Sales-Sales return=Net sales
Net sales-Cost of goods sold=Gross profit
Gross profit-Operating expenses=Net income
Gross profit rate=Gross profit/Net sales
Summer Company Winter Company Sales revenue 95250 110190 Sales returns 5800 5890 Net sales 89450 104300 Cost of goods sold 53010 59620 Gross profit 36440 44680 Operating expenses 19580 28,880 Net income 16860 15800Related Questions
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