20142018Lease expen se55.0055.00Plant & Equipment5,170.004,910.00Long term debt3,220.003,122.00Common stock1.550.001,300.00Additional paid in capital572.00542.00Accumulated depreciation170.00136.00Land350.00270.00Accounts Payable380.00300.00Notes payable44.0025.00Other current liabilities242.00211.00Depreciation expense34.0030.00Selling and G&A expenses765.00632.00Sales6,000.004,250.00Cost of goods sold3,300.002,550.00Fixed expenses100.00100.00Interest expense130.00110.00Cash121.0080.00Accounts receivable370.00347.00925.00752.00Inventory758.00723.00Retained earnings35%35%Tax rate 7- Gross profit amount for 2014 is: "O a) $700O b) $1,700O c) $2,700O d) $3700e) None of the above8- Operating profits amount for 2013 is: *O a) $936b) $1,801O c) $883O d) $773e) None of the aboveO OO O O OO

Sales in 2014 = $6000 COGS in 2014 = $3300 Sales in 2013 = $4250 COGS in 2013 = $2550 Fixed expenses…

Answered: 7- Gross profit amount for 2014 is: O…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Direct and Indirect Methods Dauve Company reported the following condensed income statement for 2016: Sales $100,000 Cost of goods sold (58,000) Gross profit $42,000 Operating expenses: Depreciation expense $8,000 Salaries expense 12,000 (20,000) Income before income taxes $22,000 Income tax expense (6,600) Net income $15,400 During 2016, the following changes occurred in the company's current assets and current liabilities: Increase (Decrease) Cash $3,700 Accounts receivable (5,500) Inventories 8,900 Accounts payable (purchases) (4,600) Salaries payable 2,800 Required: 1. By visual inspection, prepare the net cash flow from the operating activities section of Dauve's 2016 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash.
NO.22
69308 is the incorrect answer
The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…
The following information is available for Cullumber Products: 2014 2013 Accounts receivable $76,800 $94,720 Cost of goods sold 675,840 742,400 Inventory (ending) 66,560 87,040 Net cash provided by operating activities 281,600 217,600 Net sales 1,157,760 1,203,200 Capital expenditures 51,200 48,640 Dividends 31,104 40,960 Compute the following for 2014: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) Accounts receivable turnover enter a number of times rounded to 1 decimal place times Average collection period enter a number of days rounded to 1 decimal place days
Horizontal Analysis of the Statement of Income Revenue Cost of sales Gross profit Other income Distribution costs Salaries Commissions Travelling Advertising Depreciation/amortization Total distribution costs Administrative expenses Salaries Leasing Depreciation/amortization Total administrative expenses Finance costs Total other income/expenses Profit before taxes Income tax expense Profit for the year 2013 2014 $ Change % Change 350,000 420,000 177,000 209,000 173,000 211,000 5,000 5,000 50,000 60,000 2,000 3,000 2,000 3,000 3,000 5,000 20,000 20,000 77,000 91,000 30,000 38,000 5,000 7,000 18,000 20,000 53,000 65,000 10,000 14,000 135,000 165,000 38,000 46,000 13,000 13,000 25,000 33,000 70,000 20.00% 2015 $ Change % Change 800,000 380,000 406,000 394,000 5,000 80,000 5,000 5,000 10,000 40,000 140,000 60,000 10,000 40,000 110,000 30,000 275,000 119,000 42,000 77,000 90.48%
ASQUITH COMPANY Income Statement For the Year Ended December 31, 2012 Sales revenue $5,400,000 Cost of goods sold Beginning inventory $1,780,000 Purchases 3,430,000 Goods available for sale 5,210,000 Ending inventory 1,900,000 Total cost of goods sold 3,310,000 Gross profi t 2,090,000 Operating expenses Depreciation expense 105,000 Amortization expense 20,000 Other expenses 945,000 1,070,000 Net income $1,020,000 Instructions Prepare the operating activities section of the statement of cash fl ows for the year ended December 31, 2012, for Asquith Company, using the indirect method
Income statement data for Bezos Company for the years ended December 31, 2014 and 2013, are as follows: 2014 2013 Sales $840,000 $600,000 Cost of goods sold 724,500 525,000 Gross profit $115,500 $75,000 Selling expenses $52,500 $37,500 Administrative expenses 41,400 30,000 Total operating expenses $93,900 $67,500 Income before income tax $21,600 $7,500 Income tax expense 10,800 2,700 Net income $10,800 $4,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 2014 when compared with 2013. Round one to decimal place. b. What conclusion can be drawn from the horizontal analysis?
Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The increase (decrease) in quantity sold must be: (7.95%) 12.00% 13.33% 13.64% Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in cost price must be: P39,680 F P47,290 F P47,290 U P63,290 F P63,290 U Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The change in gross profit due to change in quantity…
Changes in Various RatiosPresented below is selected information for Brimmer Company: 2013 2012 Sales revenue $911,000 $840,000 Cost of goods sold 576,000 542,000 Interest expense 21,000 20,000 Income tax expense 28,000 24,000 Net income 62,000 52,000 Cash flow from operating activities 66,000 55,000 Capital expenditures 43,000 45,000 Accounts receivable (net), December 31 127,000 120,000 Inventory, December 31 197,000 160,000 Stockholders' equity, December 31 451,000 400,000 Total assets, December 31 731,000 660,000 RequiredCalculate the following ratios for 2013. The 2012 results are given for comparative purposes. Round answers to one decimal place. Use 365 days in a year. 2012 2013 1. Gross profit percentage 35.5% Answer % 2. Return on assets 8.3% Answer % 3. Return on sales 6.2% Answer % 4. Return on common stockholders' equity (no preferred stock was outstanding) 13.9% Answer % 5. Accounts receivable…
From the following extract from a financial statement find the following ratios. 2012 2011 $000 $000 • Sales 1500 1000 • Cost of sales (700) ( 300) • Gross Profit 800 700 • Admin and distribution exp. (400) (360) • 400 340 • Income Tax (200 ) ( 170) • Net Profit after Tax 200 170 • The dividend for 2011 was $100000 and 2012 was $110000.. Calculate the Operating Profit ratio for 2011. 23 % 53.3% 34 % 26.7%
Condensed income statements for Jennifer Corporation are shown below for two years. Sales Cost of Goods Sold Gross Profit Operating Expense Net Income 2021 $90,000 54,000 $36,000 18,000 $18,000 Corrected net income Compute the corrected net income for 2021 and 2022 assuming that the inventory at the end of 2021 was mistakenly overstated by $6,000. 2021 2022 $108,000 64,800 $43,200 18,000 $25,200 S 2022 S

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7- Gross profit amount for 2014 is: O a) $700 O b) $1,700 c) $2,700 O d) $3700 O e) None of the above 8- Operating profits amount for 2013 is: a) $936 O b) $1,801 O c) $883 O d) $773 O e) None of the above