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amandajbrewerdavis
17.03.2020 •
Business
On January 1, 2017, Brooke Hanson Corporation had inventory of $50,000. At December 31, 2017, Brooke Hanson had the following account balances.
Freight-in $ 4,000
Purchases 509,000
Purchase discounts 6,000
Purchase returns and allowances 2,000
Sales revenue 840,000
Sales discounts 5,000
Sales returns and allowances 10,000
At December 31, 2017, Brooke Hanson determines that its ending inventory is $60,000.
Compute Brooke Hanson's 2017 gross profit.
Compute Brooke Hansons 2017 operating expenses if net income is $130,000 and there are no nonoperating activities.
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Ответ:
Sales Revenue 825,000
Cost of goods sold 495,000
Gross profit 330,000
Operating expenses 200,000
Explanation:
Freight-in $ 4,000
Purchases 509,000
Purchase discounts (6,000)
Purchase returns and allowances (2,000)
Net purchases: 505,000
Beginning Inventory 50,000
Available for sale 555,000
Ending Inventory (60,000)
COGS 495,000
Sales revenue 840,000
Sales discounts (5,000)
Sales returns and allowances (10,000)
Net Sales 825,000
Gross Profit: 825,000 - 495,000 = 330,000
Net Income : Gross profit - operating expenses + non-operating income
As non-operating income is stated to be zero then:
130,000 = 330,000 - operating expenses
op. expenses = 330,000 - 130,000 = 200,000
Ответ:
Where are the options to this question