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Sal’s gross profit for August, 2008

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Sal’s gross profit for August, 2008 1. If a company has sales of $420,000, net sales of $400,000, and cost of goods sold of $260,000, the gross profit rate is a. 67%. b. 65% c. 35%. d. 33%. 2. Ingrid’s Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company’s gross profit rate is 40%, Ingrid’s will report monthly net sales revenue and cost of goods sold of a. $38,000 and $22,800. b. $37,200 and $14,880. c. $37,200 and $22,320. d. $38,000 and $22,320. Use the following information for questions 3–6. During August, 2008, Sal’s Supply Store generated revenues of $30,000. The company’s expenses were as follows: cost of goods sold of $12,000 and operating expenses of $2,000. The company also had rent revenue of $500 and a gain on the sale of a delivery truck of $1,000. 3. Sal’s gross profit for August, 2008 is a. $30,000. b. $19,000. c. $18,000. d. $16,000. 4. Sal’s nonoperating income (loss) for the month of August, 2008 is a. $0. b. $500. c. $1,000. d. $1,500. 5. Sal’s operating income for the month of August, 2008 is a. $30,000. b. $19,500. c. $18,500. d. $16,000. 6. Sal’s net income for August, 2008 is a. $18,000. b. $17,500. c. $16,500. d. $16,000. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

Sal’s gross profit for August, 2008

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