Question
Hi, I need Accounting help please
Per the income statement, what is the Gross Profit %? A. 54.5% B. 66.6% C. 25.3% D. 33.4% 2. Assume that the COGS (cost of goods sold) was $276,099 (instead of the $245,280 that should be showing on the income statement), what would be the Gross Profit % that would appear on the income statement? A. 25.0% B. 33.3% C. 25.3% 38.7% As presented on the income statement, which one of the following best describes the Sales Discount" Account? 3. A. B. D. contra-revenue A expense C inventory a component of Cost of Goods Sold (COGS) Using the trial balance you submitted into the drop-box (or run a balance sheet as year- end), determine the book value (also called the net book value, also called the carrying value, also called the adjusted basis) of the furniture &equipment; as of December 31, 2016. 4. A $62,140 B. $%29,040 C. $28,000 D. $28,900 5. Assume that an error had been made in recording deprecation in 2016 and that an additional $440 of deprecation should have been recorded (ie. 2016 depreciation was understated). What was the impact of this understatement? Book value of the furniture& equipmentNet Income Overstated Understated Understated B. Understated C. Overstated D. Overstated Overstated
Explanation / Answer
(1) Can't be answered as Income statement is missing - But formula is Gross Profit/Sales
(2) Same income statement is missing - Gross Profit % will be 276099/sales
(3) Expense
(4) Trial Balance is missing - The answer will be the 'furniture and equipment' balance on balance sheet without the depreciation adjustment
(5) D - Book Value overstated and Net Income understated
(9) Improved it
(10) IMproved it
Please note for getting final answers, we will be needing the financial statements to carry out calculation. So, I answered whatever I could without the financial statements
