Requirements:(a) Compute for the percentage of sales for 2016(b) Make a projected income statement for 2016 2015%2016Sales700Cost of sales500Gross profit200Operating expenses40Net income160Additional information:a) The company projected a 25% increase in sales in 2016.b) Sales is assumed to be 100% and cost of sales, gross profit and expenses are based on

The income statement is prepared to find the net income or loss incurred during the period.

2015 2016 Sales 700 Cost of sales 500 Gross profit 200 Operating expenses 40 Net income 160 Iditional information: a) The company projected a 25% increase in sales in 2016. b) Sales is assumed to be 100% and cost of sales, gross profit and expenses are based on

2015 2016 Sales 700 Cost of sales 500 Gross profit 200 Operating expenses 40 Net income 160 Iditional information: a) The company projected a 25% increase in sales in 2016. b) Sales is assumed to be 100% and cost of sales, gross profit and expenses are based on

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

How do I solve these step-by-step?
Obtain Target Corporation's annual report for its 2018 fiscal year (year ended February 2, 2019) at http://investors.target.com a. What was Target's gross margin percentage for the fiscal year ended February 2, 2019 (2018) and 2017? Use "Sales" for these computations b. What was Target's Return on Sales percentage for 2018 and 2017? Use "Total Revenue" for these computations. c. Target's return on ales percentage for 2017 was higher than it was in 2018. Ignoring taxes, how much higher would Target's 2018 net income have been if it's return on sales percentage in 2018 had been the same as for 2017?
Projecting NOPAT and NOA Using Parsimonious Forecasting Method Following are Logitech's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) for its fiscal year ended March 31, 2019 ($ thousands). Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Financial information Net sales Net operating profit after tax (NOPAT) Net operating assets (NOA) $2,091,242 158,522 428,867 Use the parsimonious method to forecast Logitech's sales, NOPAT, and NOA for fiscal years ended March 31, 2020 through 2023 using the following assumptions. Note: Complete the entire question in Excel (template provided above). Using Excel, format each answer to two decimal places. Use Increase Decimal or Decrease Decimal to adjust decimal places. Do not round answers. Then enter the answers into the provided spaces below with two decimal places_. Note: When completing the question…
What is the Price/Cash Flow Ratio for 2017E?
With a given information below: (A) Prepare Income Statement and Balance Sheet in the Year 2020. (B) Analyze Income Statement and Balance Sheet in the Year 2020 Vertically. (C) Compute Financial Ratios: (1) ROE, (2) ROA, (3) Average Collection Period, (4) Debt to Asset, (5) Debt to Equity, (6) Time Interest Earned, (7) Total Assets Turnover, (8) Operating Profit Margin, (9) Return On Common Equity (ROCE), (10) Net Working Capital Ratio, (11) Quick Ratio, (12) Current Ratio. Cash $6,000 Sales $100,000 Utility Expense $8,000 Buildings $65,000 Common Stock $45,000 Accounts Payable $12,000 Supplies $4,000 Cost of Goods Sold $58,000 Interest Expense $5,000 Additional Paid in Capital $20,000 Bonds Payable $40,000 Supplies Expense $3,000 Salaries Expense $16,000 Accounts Receivable $10,000 Inventories $45,000 Retained Earnings $5,000 (beg. bal.) Income Tax Rate 20%
Use the following tables to answer the question: LOGIC COMPANY Income Statement For years ended December 31, 2016 and 2017 (values in $) 2016 2017 Gross sales 19,800 15,600 Sales returns and allowances 900 100 Net sales 18,900 15,500 COGS 11,800 8,800 Gross profit 7,100 6,700 Depreciation 780 640 Selling and administrative expenses 2,800 2,400 Research 630 540 Miscellaneous 440 340 Total operating expenses 4,650 3,920 Income before interest and taxes 2,450 2,780 Interest expense 640 540 Income before taxes 1,810 2,240 Provision for taxes 724 896 LOGIC COMPANY Balance Sheet For years ended December 31, 2016 and 2017 (values in $) 2016 2017 Current assets 12,300 9,400 Accounts receivable 16,900 12,900 Merchandise inventory 8,900 14,400 Prepaid expenses 24,400 10,400 Total current assets 62,500 47,100 Building (net) 14,900 11,400 Land 13,900 9,400 Total plant and equipment 28,800 20,800 Total assets 91,300 67,900 Accounts payable 13,400 7,400 Salaries payable 7,500 5,400 Total current…
Perform the following: a. horizontal analysis b. vertical analysis c. ratio analysis d. interpret the results
Accounting Question
Use the attached information to complete the ratio analysis. The Ratio Analysis is for Liquidity, Solvency and Profitability
F. Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be:
Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2022, and from its March 31, 2022, balance sheet to complete the requirements. Computer services revenue Net sales (of goods) Total sales and revenue Cost of goods sold Net income Quick assets Current assets Total assets Current liabilities Total liabilities Total equity Required: 1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. 2. Compute the current ratio and acid-test ratio. 3. Compute the debt ratio and equity ratio. 4. What percent of its assets are current? What percent are long term? Required 1 Required 2 Complete this question by entering your answers in the tabs below. $ 27,275 19,083 46,358 12,572 18,807 89,252 97,520 123,464 Gross margin ratio Net profit main ratio 885 885 122,579 Required 3 Required 4 Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. Note:…
Requirements 1. Prepare a comparative common-size income statement for Mariner 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