Practice: If XYZ Company has net sales of $500,000 and cost of goods sold of $320,000, the gross profit percentage is:

Subjects

All Chapters | |||||
---|---|---|---|---|---|

Ch. 1 - Introduction to Accounting | 1hr & 21mins | 0% complete | |||

Ch. 2 - Transaction Analysis | 1hr & 14mins | 0% complete | |||

Ch. 3 - Accrual Accounting Concepts | 2hrs & 38mins | 0% complete | |||

Ch. 4 - Merchandising Operations | 2hrs & 31mins | 0% complete | |||

Ch. 5 - Inventory | 1hr & 55mins | 0% complete | |||

Ch. 6 - Internal Controls and Reporting Cash | 1hr & 16mins | 0% complete | |||

Ch. 7 - Receivables and Investments | 3hrs & 17mins | 0% complete | |||

Ch. 8 - Long Lived Assets | 5hrs & 6mins | 0% complete | |||

Ch. 9 - Current Liabilities | 2hrs & 19mins | 0% complete | |||

Ch. 10 - Time Value of Money | 1hr & 27mins | 0% complete | |||

Ch. 11 - Long Term Liabilities | 2hrs & 45mins | 0% complete | |||

Ch. 12 - Stockholders' Equity | 2hrs & 15mins | 0% complete | |||

Ch. 13 - Statement of Cash Flows | 2hrs & 24mins | 0% complete | |||

Ch. 14 - Financial Statement Analysis | 5hrs & 27mins | 0% complete | |||

Ch. 15 - GAAP vs IFRS | 56mins | 0% complete |

Additional Practice |
---|

Ratios Cumulative Problems |

Practice: If XYZ Company has net sales of $500,000 and cost of goods sold of $320,000, the gross profit percentage is:

Practice: A company has sales of $300,000 and gross profit of $135,000. What is the company’s cost of goods sold?

Practice: A company has sales of $300,000 and gross profit of $135,000. What is the gross profit percentage?

0 of 4 completed

Concept #1: Ratios: Gross Profit Percentage

Practice #1: Gross Profit Rate

Practice #2: Gross Profit Rate

Practice #3: Gross Profit Rate

L Company reported the following results for the year:
Sales $ 2,000,000
Gross Profit 900,000
Net Income 360,000
Cash from Operating Activities 720,000
L Company’s gross profit rate was:
a) 45%
b) 40%
c) 18%
d) 36%

What is the gross margin ratio for this company?
a. 52.91%
b. 18.75%
c. 47.0%
d. 15.0%

Given the information below for The Great Mall of the Great Plains, what is The Great Mall's Gross Profit Percentage?
Net Sales $300,000
Cost of Goods Sold $170,000
Net Income $60,000
a. 20%
b. 23.3%
c. 43.3%
d. 56.7%

Enter your friends' email addresses to invite them:

We invited your friends!

Join **thousands** of students and gain free access to **12 hours** of Accounting videos that follow the topics **your textbook** covers.