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ATC's common-size income statement for 2020 would report cost of goods sold as:  a) Up by 5.3%  b) 139.5%  c) 65.9%  d) 30,000 million

ATC's common-size income statement for 2020 would report cost of goods sold as:  a) Up by 5.3%  b) 139.5%  c) 65.9%  d) 30,000 million

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ATC's common-size income statement for 2020 would report cost of goods sold as: 

a) Up by 5.3% 

b) 139.5% 

c) 65.9% 

d) 30,000 million 

Aberdeen Technology Corporation Consolidated Statements of Income (in millions, except per share amounts) Net revenue Cost of goods sold Gross profit Operating expenses: Selling, general, and administrative Research, development, and engineering Special charges Total operating expenses Operating income Investment and other income (loss), net Income before income taxes Income tax expense Net income Earnings per common share: Basic $ $ $ Years Ended December 31, 2020 45,500 $ 30,000 15,500 3,150 700 3,850 11,650 140 11,790 800 10,990 $ 0.97 $ 2019 36,000 $ 28,500 7,500 2,750 600 3,350 4,150 203 4,353 925 3,428 $ 0.88 $ 2018 34,000 21,500 12,500 1,800 372 482 2,654 9,846 (63) 9,783 460 9,323 0.52
Transcribed Image Text:Aberdeen Technology Corporation Consolidated Statements of Income (in millions, except per share amounts) Net revenue Cost of goods sold Gross profit Operating expenses: Selling, general, and administrative Research, development, and engineering Special charges Total operating expenses Operating income Investment and other income (loss), net Income before income taxes Income tax expense Net income Earnings per common share: Basic $ $ $ Years Ended December 31, 2020 45,500 $ 30,000 15,500 3,150 700 3,850 11,650 140 11,790 800 10,990 $ 0.97 $ 2019 36,000 $ 28,500 7,500 2,750 600 3,350 4,150 203 4,353 925 3,428 $ 0.88 $ 2018 34,000 21,500 12,500 1,800 372 482 2,654 9,846 (63) 9,783 460 9,323 0.52
7/23/23, 8:57 PM Assets Current assets: Aberdeen Technology Corporation Consolidated Statements of Financial Position (in millions) Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Other Total current assets Property, plant, and equipment, net Investments Other non-current assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Accrued and other Total current liabilities Long-term debt Other non-current liabilities Commitments and contingent liabilities Total liabilities Shareholders' equity: Preferred shares; shares issued: 0 Common shares; shares authorized: 24,000; shares issued: 19,971 and 2,685, respectively Retained earnings Other comprehensive loss Other Consolidated balance sheets Total shareholders' equity Total liabilities and shareholders' equity $ $ $ GA December 31, 2020 4,600 $ 835 3,600 345 2,000 11,380 1,300 6,600 390 19,670 $ 7,700 $ 3,300 11,000 513 2,200 13,713 200 5,906 (99) (50) 5,957 $ 19,670 $ 2019 4,505 430 2,400 322 1,400 9,057 800 4,600 240 14,697 5,500 2,600 8,100 514 1,500 10,114 1,600 3,083 (43) (57) 4,583 14,697
Transcribed Image Text:7/23/23, 8:57 PM Assets Current assets: Aberdeen Technology Corporation Consolidated Statements of Financial Position (in millions) Cash and cash equivalents Short-term investments Accounts receivable, net Inventories Other Total current assets Property, plant, and equipment, net Investments Other non-current assets Total assets Liabilities and Shareholders' Equity Current liabilities: Accounts payable Accrued and other Total current liabilities Long-term debt Other non-current liabilities Commitments and contingent liabilities Total liabilities Shareholders' equity: Preferred shares; shares issued: 0 Common shares; shares authorized: 24,000; shares issued: 19,971 and 2,685, respectively Retained earnings Other comprehensive loss Other Consolidated balance sheets Total shareholders' equity Total liabilities and shareholders' equity $ $ $ GA December 31, 2020 4,600 $ 835 3,600 345 2,000 11,380 1,300 6,600 390 19,670 $ 7,700 $ 3,300 11,000 513 2,200 13,713 200 5,906 (99) (50) 5,957 $ 19,670 $ 2019 4,505 430 2,400 322 1,400 9,057 800 4,600 240 14,697 5,500 2,600 8,100 514 1,500 10,114 1,600 3,083 (43) (57) 4,583 14,697
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