ACCT 211 ILP 3 Template Fall 2023

KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017   2019 2018 2017 Sales $ 459,716   $ 352,180   $ 244,400   Cost of goods sold   276,749     223,282     156,416   Gross profit   182,967     128,898     87,984   Selling expenses   65,280     48,601     32,261   Administrative expenses   41,374     30,992     20,285   Total expenses   106,654     79,593     52,546   Income before taxes   76,313     49,305     35,438   Income tax expense   14,194     10,108     7,194   Net income $ 62,119   $ 39,197   $ 28,244       KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017   2019 2018 2017 Assets                   Current assets $ 58,718   $ 39,300   $ 52,535   Long-term investments   0     500     4,280   Plant assets, net   109,047     99,561     58,646   Total assets $ 167,765   $ 139,361   $ 115,461   Liabilities and Equity                   Current liabilities $ 24,494…

A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O O

Data for Micatin ​Designs, Inc.​ follow:   Data table Micatin Designs, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023   2024 2023 Net Sales Revenue $429,000 $374,000 Expenses:     Cost of Goods Sold 201,000 187,000 Selling and Administrative Expenses 97,450 92,750 Other Expenses 8,500 3,250 Total Expenses 306,950 283,000 Net Income $122,050 $91,000 . Requirements 1. Prepare a comparative​ common-size income statement for Micatin ​Designs, Inc. using the 2024 and 2023 data. Round percentages to​ one-tenth percent. 2. To an​ investor, how does 2024 compare with 2023​? Explain your reasoning.

LOGIC COMPANY     Comparative Income Statement     For Years Ended December 31, 2017 and 2018                       2018 2017   Gross sales $ 21,200   $ 16,650     Sales returns and allowances   800     100     Net sales $ 20,400   $ 16,550     Cost of merchandise (goods) sold   11,450     8,400     Gross profit $ 8,950   $ 8,150     Operating expenses:               Depreciation $ 920   $ 710     Selling and administrative   3,850     3,100     Research   770     610     Miscellaneous   580     410     Total operating expenses $ 6,120   $ 4,830     Income before interest and taxes $ 2,830   $ 3,320     Interest expense   780     610     Income before taxes $ 2,050   $ 2,710     Provision for taxes   820     1,084     Net income $ 1,230   $ 1,626         LOGIC COMPANY     Comparative Balance Sheet     December 31, 2017 and 2018                   2018 2017   Assets               Current assets:               Cash $ 13,100   $…

LOGIC COMPANY     Comparative Income Statement     For Years Ended December 31, 2017 and 2018                       2018 2017   Gross sales $ 20,400   $ 16,050     Sales returns and allowances   900     100     Net sales $ 19,500   $ 15,950     Cost of merchandise (goods) sold   11,650     8,650     Gross profit $ 7,850   $ 7,300     Operating expenses:               Depreciation $ 840   $ 670     Selling and administrative   3,250     2,700     Research   690     570     Miscellaneous   500     370     Total operating expenses $ 5,280   $ 4,310     Income before interest and taxes $ 2,570   $ 2,990     Interest expense   700     570     Income before taxes $ 1,870   $ 2,420     Provision for taxes   748     968     Net income $ 1,122   $ 1,452         LOGIC COMPANY     Comparative Balance Sheet     December 31, 2017 and 2018                   2018 2017   Assets               Current assets:               Cash $ 12,700   $…

Question The income statement of Cheyenne Company is shown below. CHEYENNE COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue       $6,890,000 Cost of goods sold            Beginning inventory   $1,910,000        Purchases   4,410,000        Goods available for sale   6,320,000        Ending inventory   1,620,000        Cost of goods sold       4,700,000 Gross profit       2,190,000 Operating expenses            Selling expenses   460,000        Administrative expenses   700,000   1,160,000 Net income       $1,030,000 Additional information: 1.   Accounts receivable decreased $350,000 during the year. 2.   Prepaid expenses increased $160,000 during the year. 3.   Accounts payable to suppliers of merchandise decreased $300,000 during the year. 4.   Accrued expenses payable decreased $90,000 during the year. 5.   Administrative expenses include depreciation expense of…

LOGIC COMPANY     Comparative Income Statement     For Years Ended December 31, 2017 and 2018                       2018 2017   Gross sales $ 21,600   $ 16,950     Sales returns and allowances   900     100     Net sales $ 20,700   $ 16,850     Cost of merchandise (goods) sold   11,350     8,300     Gross profit $ 9,350   $ 8,550     Operating expenses:               Depreciation $ 960   $ 730     Selling and administrative   4,150     3,300     Research   810     630     Miscellaneous   620     430     Total operating expenses $ 6,540   $ 5,090     Income before interest and taxes $ 2,810   $ 3,460     Interest expense   820     630     Income before taxes $ 1,990   $ 2,830     Provision for taxes   796     1,132     Net income $ 1,194   $ 1,698         LOGIC COMPANY     Comparative Balance Sheet     December 31, 2017 and 2018                   2018 2017   Assets               Current assets:               Cash $ 13,300   $…

Russell Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018   Russell Industry Average Net sales revenue $780,000 100.0 % Cost of goods sold 524,940 65.8 Gross Profit 255,060 34.2 Operating Expenses 162,240 19.7 Operating Income 92,820 14.5 Other Expenses 7,800 0.4 Net Income 85,020 14.1 % MORE INFO:       Russell/industry average Total Assets $480,000 100.0 % total Liabilities 327,360 64.7 total Liabilities and Stockholders' Equity $480,000 100.0 %   SOLVE for % of total (round total to one decimal place x.x%)   Amount Percent of total Net Sales Revenue 780,000   Cost of goods sold 524,940   gross profit 255,060   operating expenses 162240   operating income 92820   other expenses 7800

LOGIC COMPANY     Comparative Income Statement     For Years Ended December 31, 2017 and 2018                       2018 2017   Gross sales $ 19,600   $ 15,450     Sales returns and allowances   1,000     100     Net sales $ 18,600   $ 15,350     Cost of merchandise (goods) sold   11,850     8,850     Gross profit $ 6,750   $ 6,500     Operating expenses:               Depreciation $ 760   $ 630     Selling and administrative   2,650     2,300     Research   610     530     Miscellaneous   420     330     Total operating expenses $ 4,440   $ 3,790     Income before interest and taxes $ 2,310   $ 2,710     Interest expense   620     530     Income before taxes $ 1,690   $ 2,180     Provision for taxes   676     872     Net income $ 1,014   $ 1,308         LOGIC COMPANY     Comparative Balance Sheet     December 31, 2017 and 2018                   2018 2017   Assets               Current assets:               Cash $ 12,300   $…

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The income statement of Whitlock Company is presented here. WHITLOCK COMPANYIncome StatementFor the Year Ended November 30, 2020 Sales revenue       $7,588,000 Cost of goods sold             Beginning inventory   $1,924,100         Purchases   4,303,700         Goods available for sale   6,227,800         Ending inventory   1,334,300     Total cost of goods sold       4,893,500 Gross profit       2,694,500 Operating expenses       1,077,400 Net income       $1,617,100 Additional information: 1.   Accounts receivable increased $208,800 during the year, and inventory decreased $589,800. 2.   Prepaid expenses increased $167,900 during the year. 3.   Accounts payable to suppliers of merchandise decreased $343,500 during the year. 4.   Accrued expenses payable decreased $104,000 during the year. 5.   Operating expenses include depreciation expense of $83,600. Prepare the operating activities section of the statement of cash flows…

The income statement of Whitlock Company is presented here. WHITLOCK COMPANYIncome StatementFor the Year Ended November 30, 2020 Sales revenue       $7,431,800 Cost of goods sold             Beginning inventory   $1,880,900         Purchases   4,343,000         Goods available for sale   6,223,900         Ending inventory   1,490,000     Total cost of goods sold       4,733,900 Gross profit       2,697,900 Operating expenses       1,144,400 Net income       $1,553,500 Additional information: 1.   Accounts receivable increased $190,300 during the year, and inventory decreased $390,900. 2.   Prepaid expenses increased $169,000 during the year. 3.   Accounts payable to suppliers of merchandise decreased $340,300 during the year. 4.   Accrued expenses payable decreased $102,600 during the year. 5.   Operating expenses include depreciation expense of $81,900. Prepare the operating activities section of the statement of cash…

LOGIC COMPANY     Comparative Income Statement     For Years Ended December 31, 2017 and 2018                       2018 2017   Gross sales $ 22,800   $ 17,850     Sales returns and allowances   900     100     Net sales $ 21,900   $ 17,750     Cost of merchandise (goods) sold   11,050     7,700     Gross profit $ 10,850   $ 10,050     Operating expenses:               Depreciation $ 1,080   $ 790     Selling and administrative   5,050     3,900     Research   930     690     Miscellaneous   740     490     Total operating expenses $ 7,800   $ 5,870     Income before interest and taxes $ 3,050   $ 4,180     Interest expense   940     690     Income before taxes $ 2,110   $ 3,490     Provision for taxes   844     1,396     Net income $ 1,266   $ 2,094         LOGIC COMPANY     Comparative Balance Sheet     December 31, 2017 and 2018                   2018 2017   Assets               Current assets:               Cash $ 11,800…

LOGIC COMPANY     Comparative Income Statement     For Years Ended December 31, 2017 and 2018                       2018 2017   Gross sales $ 22,400   $ 17,550     Sales returns and allowances   800     100     Net sales $ 21,600   $ 17,450     Cost of merchandise (goods) sold   11,150     7,900     Gross profit $ 10,450   $ 9,550     Operating expenses:               Depreciation $ 1,040   $ 770     Selling and administrative   4,750     3,700     Research   890     670     Miscellaneous   700     470     Total operating expenses $ 7,380   $ 5,610     Income before interest and taxes $ 3,070   $ 3,940     Interest expense   900     670     Income before taxes $ 2,170   $ 3,270     Provision for taxes   868     1,308     Net income $ 1,302   $ 1,962         LOGIC COMPANY     Comparative Balance Sheet     December 31, 2017 and 2018                   2018 2017   Assets               Current assets:               Cash $ 11,800…

LOGIC COMPANY     Comparative Income Statement     For Years Ended December 31, 2017 and 2018                       2018 2017   Gross sales $ 22,400   $ 17,550     Sales returns and allowances   800     100     Net sales $ 21,600   $ 17,450     Cost of merchandise (goods) sold   11,150     7,900     Gross profit $ 10,450   $ 9,550     Operating expenses:               Depreciation $ 1,040   $ 770     Selling and administrative   4,750     3,700     Research   890     670     Miscellaneous   700     470     Total operating expenses $ 7,380   $ 5,610     Income before interest and taxes $ 3,070   $ 3,940     Interest expense   900     670     Income before taxes $ 2,170   $ 3,270     Provision for taxes   868     1,308     Net income $ 1,302   $ 1,962         LOGIC COMPANY     Comparative Balance Sheet     December 31, 2017 and 2018                   2018 2017   Assets               Current assets:               Cash $ 11,800…

Computing the gross profit percentage Edible Art earned net sales revenue of $75,050,000 in 2019. The cost of goods sold was $55,650,000, and net income reached $13,000,000, the company s highest ever. Compute the company s gross profit percentage for 2019. Answer

Jaran Enterprises Income Statement For the year ended December 31, 2021 Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Net Income Jaran Enterprises Comparative Balance Sheet As of December 31, 2021 2018 P 11,792,000 6,650,000 5,142,000 2,260,000 P 2,882,000 2017 P 33,000 Cash P 593,200 Accounts Receivables 428,000 ? Merchandise Inventory ? 413,000 14,000 51,000 Office Supplies Prepaid Insurance 46,000 48,000 Property, Plant and Equipment 3,540,800 3,540,000 Total Assets P 5,019,000 P ? Accounts Payable P 517,000 P 108,000 Salaries Payable 51,000 0 0 Mortgage Payable Share Capital 1,500,000 2,600,000 1,500,000 69,000 Retained Earnings 2,951,000 Total Liabilities and Equity P? P 4,277,000 Based on the above information, determine the debt ratio, acid test ratio, and return on assets for the year 2021. Round off to two decimal places.

Selected information from Bigg Company's financial statements follows: Fiscal Year Ended December 31 2019 2018 2017 (in thousands) Gross sales $2,004,719 $1,937,021 $1,835,987 Less: Sales discounts 4,811 4,649 4,406 Less: Sales returns and allowances 2,406 2,324 2,203 Net sales $1,997,502 $1,930,048 $1,829,378 Cost of goods sold 621,463 619,847 660,955 Gross profit $1,376,039 $1,310,201 $1,168,423 Operating expenses 577,369 595,226 583,555 Operating income $798,670 $714,975 $584,868 Other income (expenses) 15,973 (6,070) (8,773) Net income $814,643 $708,905 $576,095 At December 31 2019 2018 2017 (in thousands) Accounts receivable $201,290 $195,427 $182,642 Less: Allowance for doubtful accounts 2,516 2,736 2,192 Net accounts receivable $198,774 $192,691 $180,450 Required: 1. Calculate the following ratios for 2018 and 2019. Round your answers to two decimal places. 2018 2019 a. Gross profit margin 67.88 % 68.89 % b. Operating margin 37.04 39.98 c. Net profit margin х % 36.77 40.78 % d.…

LOGIC COMPANY     Comparative Income Statement     For Years Ended December 31, 2017 and 2018                       2018 2017   Gross sales $ 19,000   $ 15,000     Sales returns and allowances   1,000     100     Net sales $ 18,000   $ 14,900     Cost of merchandise (goods) sold   12,000     9,000     Gross profit $ 6,000   $ 5,900     Operating expenses:               Depreciation $ 700   $ 600     Selling and administrative   2,200     2,000     Research   550     500     Miscellaneous   360     300     Total operating expenses $ 3,810   $ 3,400     Income before interest and taxes $ 2,190   $ 2,500     Interest expense   560     500     Income before taxes $ 1,630   $ 2,000     Provision for taxes   640     800     Net income $ 990   $ 1,200         LOGIC COMPANY     Comparative Balance Sheet     December 31, 2017 and 2018                   2018 2017   Assets               Current assets:               Cash $ 12,000   $…

Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021–2015 ($ thousands) 2021 2020 2019 2018 2017 2016 2015 Sales $ 2,260 $ 1,979 $ 1,801 $ 1,651 $ 1,540 $ 1,432 $ 1,174 Cost of goods sold 1,625 1,322 1,137 995 925 865 689 Gross profit 635 657 664 656 615 567 485 Operating expenses 483 378 347 256 222 219 182 Net income $ 152 $ 279 $ 317 $ 400 $ 393 $ 348 $ 303 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021–2015 ($ thousands) 2021 2020 2019 2018 2017 2016 2015 Assets Cash $ 111 $ 147 $ 153 $ 156 $ 162 $ 160 $ 165 Accounts receivable, net 800 840 760 583 514 487 343 Merchandise inventory 2,893 2,106 1,840 1,551 1,393 1,183 858 Other current assets 74 67 41 74 62 63 33 Long-term investments 0 0 0 228 228 228 228 Plant assets, net 3,541 3,527 3,086 1,740 1,799 1,599 1,373 Total assets $ 7,419 $ 6,687 $ 5,880 $ 4,332 $ 4,158 $ 3,720 $ 3,000 Liabilities and…

Problem: The financial statements of Muscat Company appear below: MUSCAT COMPANY Income Statement For the Year Ended December 31, 2023 Net sales Cost of goods sold Gross profit \table[[$400,000de