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Using the following information what is the amount of gross profit Purchases 32000 Selling expense 960 Merchandise inventory September 1 5700 Merchandise inventory September 30 6370 Administrative exp?
To calculate the gross profit, we first need to determine the cost of goods sold (COGS). COGS is calculated as: COGS = Beginning Inventory + Purchases - Ending Inventory COGS = 5,700 + 32,000 - 6,370 = 31,330 Next, we need to determine the total sales revenue. However, since sales revenue is not provided in the information given, we cannot calculate the gross profit directly. Gross profit is calculated as Sales Revenue - COGS. Without knowing the sales revenue, we can't determine the gross profit.
Is a company earnings are the same as its revenue?
A company's earnings are equal to revenue less costs of production over a given period of time.
How do you calculate depreciation using units of production?
To calculate depreciation using the units of production method, you first determine the total estimated production capacity of the asset over its useful life. Then, calculate the depreciation expense per unit by dividing the cost of the asset (minus any salvage value) by the total estimated production units. Finally, multiply the depreciation expense per unit by the actual number of units produced in a given period to determine the depreciation expense for that period. This method aligns the expense with the asset's actual usage.
What is the revenue principle?
The revenue principle, also known as the revenue recognition principle, is an accounting guideline that dictates when and how revenue should be recognized in financial statements. According to this principle, revenue is recognized when it is earned and realizable, typically when goods or services are delivered to customers, regardless of when payment is received. This ensures that financial statements accurately reflect a company's financial performance within a given period. Adhering to the revenue principle helps maintain consistency and transparency in financial reporting.
What Liability-revenue relationship exsts with an unearned revenue adjusting entry?
If I understand your question correctly, you would like to know the relationship between unearned revenue and liabilities? Unearned revenue is something given to you for nothing. For example, cash given to you in advance for 6 months of services. You now have a liability because you OWE someone a service. Just like when you borrow money from the bank, you OWE them the principal and interest at the date of maturity.This is what the journal entry would look like:Client gives you $6,000 for 6 months of servicesCash $6,000Unearned Revenue $6,000Once you complete the first month of service, you can then reduce Unearned RevenueUnearned Revenue $1000Revenue $1000Just remember, you dont record revenue until you EARN it.
How do you calculate cost price when the selling price and markup is given?
you minus it
How do you calculate cost price when selling price and total profit is given?
cost price = selling price - profit
What is The total amount of money a business takes in during a given period by selling goods and services is called?
Revenue
How do you calculate revenue per available room?
Total Room Revenue in a Given Period, Net of Discounts, Sales Tax, and Meals---------------------------------------------# of Available Rooms in Same Period
How do you calculate the profit maximizing output level given a total revenue and total cost function?
how to calculate profit maximizing water level under quadratic cost function
Differentiate average revenue and marginal revenue?
Average Revenue: Total revenue divided by the number of units sold. Marginal Revenue: Is the extra revenue that an additional unit of product will bring. It is the additional income from selling one more unit of a good; sometimes equal to price. It can also be described as the change in total revenue ÷ the change in the number of units sold. Relationship: They both are the revenue brought in by, in this case, units sold. They are both used to calculate the total revenue just that marginal is any exrta revenue that the average revenue has left over.
How do you calculate percentage if selling price and cost price are given?
P/L% = P/L * 100 divide by C.P
How can one determine the marginal revenue equation for a given business or market?
To determine the marginal revenue equation for a business or market, you can calculate the change in total revenue when one additional unit is sold. This can be done by finding the derivative of the total revenue function with respect to the quantity sold. The marginal revenue equation helps businesses understand how their revenue changes with each additional unit sold.
How do i calculate percent profit?
The answer will depend on profits as a percentage of what! As a percentage of revenue, it would be 100*(Total Revenue - Total Costs)/Total Revenue In example (as given in discussion page) Total Revenue = 236,000 Total Costs = 173,000 Total Profit = Total Revenue - Total Costs = 63,000 So percentage profit = 100*63,000/236,000 = 26.7% (approx).
How do you calculate cost price when given sell price and loss percentage?
Cost Price=(100/(100-loss percent))* Selling Price
How to develop account revenue?
There are certain factors to consider when developing an account revenue. The factors to be considered includes the risks of the given business, revenue forecasting, and the blueprint of the given business.
How do you calculate cost price when selling price is given and profit percentage is same as cost price?
If the selling price is S then, under the given conditions, the cost price is 0.5*[-100 + sqrt(10000 - 400*S)] = 5*sqrt(100 + 4*S) - 50
