National Storage Company had sales of $1,000,000, sales discounts of $2,500, sales returns and allowances of $15,000, and cost of goods sold of $525,000. Calculate National's gross profit.
What will be an ideal response?
Gross Profit = Sales - Sales Discounts - Sales Returns and Allowances - Cost of Goods Sold
$1,000,000 - $2,500 - $15,000 - $525,000= $457,500
You might also like to view...
First City Bank computes interest semiannually. If the interest rate is currently 6 percent per annum, the amount deposited today should be multiplied by which future value factor to calculate the amount that will accumulate by the end of 10 years?
a. 20 periods at 12 percent b. 20 periods at 3 percent c. 10 periods at 6 percent d. 10 periods at 3 percent
SparkLight, Inc is a company that manufactures electric lights. It develops a new type of electric lamp called FullBright. One of its competitors releases the same product into the market. SparkLight, Inc files a lawsuit against the competitor
Which of the following statements is true of this scenario? A) If FullBright is registered as a trade secret, SparkLight, Inc. should prove that the competitor used the trade secret without its permission. B) If FullBright is registered as a trade secret, SparkLight, Inc. can recover damages even if the competitor discovered the trade secret by lawful means. C) If a patent has been issued for FullBright, SparkLight, Inc.'s competitor is not guilty of infringement if it reverse engineered FullBright. D) If a patent has been issued for FullBright, SparkLight, Inc. can form a tying arrangement with its competitor to receive royalties.
List and describe the various rules that apply to fundamental corporate changes requiring shareholder approval
Champion Cooling has just signed a contract to assemble window air conditioners for another company. The list of tasks, including time requirements and immediate predecessors, follows
Initially, the plan was to make 300 units in an eight hour day but as the summer months approach, Champion Cooling finds themselves far behind in total production. They wish to reconfigure their production line in order to produce maximum output. What should their takt time be? Task Time (min) Predecessor Bolt compressor to base 5 None Install coils and lines 6 Bolt compressor to base Install fan motor 7 Install coils and lines Install switch and thermostat 5 Install fan motor Charge system and test 10 Install switch and thermostat Cosmetic detailing 7 Charge system and test A) 5 B) 6 C) 7 D) 10