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  • Friar Company Discloses The Following Information For The Year Ended

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    Hassan Jan
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    Friar Company disclosed financial information for the year ended October 31, 2014 including sales of $355,000, costs of goods sold of $213,000, and net income of $65,000. Assuming the gross profit ratio was 47% in 2013, Friar Company's performance declined from 2013 to 2014 based on the lower gross profit ratio of 40% in 2014.

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    Friar Company Discloses the Following Information for the Year Ended

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    Friar Company disclosed financial information for the year ended October 31, 2014 including sales of $355,000, costs of goods sold of $213,000, and net income of $65,000. Assuming the gross profit ratio was 47% in 2013, Friar Company's performance declined from 2013 to 2014 based on the lower gross profit ratio of 40% in 2014.

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    41 views1 page

    Friar Company Discloses The Following Information For The Year Ended

    Uploaded by

    Hassan Jan
    Friar Company disclosed financial information for the year ended October 31, 2014 including sales of $355,000, costs of goods sold of $213,000, and net income of $65,000. Assuming the gross profit ratio was 47% in 2013, Friar Company's performance declined from 2013 to 2014 based on the lower gross profit ratio of 40% in 2014.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Friar Company discloses the following information for the

    year ended #4362


    Friar Company discloses the following information for the year ended October 31, 2014:Sales
    $355,000Sales discounts 5,500Sales returns 14,000Merchandise inventory (beginning of
    period) 31,000Invoice cost of merchandise purchases 1 78,000Purchase discounts
    3,600Purchase returns and allowances 6,000Cost of transportation-in 11,000Gross profit from
    sales 142,000Net income 65,000RequiredCalculate (a) total operating expenses, (b) cost of
    goods sold, (c) merchandise inventory (end of period), and (d) gross profit ratio (round to two
    decimal places).Analysis Component: Assuming that the gross profit ratio for the year ended
    October 31, 2013, was 47%, compare Friar Company's performance from 2013 to 2014.View
    Solution:
    Friar Company discloses the following information for the year ended

    ANSWER
    http://paperinstant.com/downloads/friar-company-discloses-the-following-information-for-the-
    year-ended/

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