Answered: average total assets 305,000 turnover…

Business

Accounting

average total assets 305,000 turnover 4.0 What is total sales

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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5 - When vertical analysis is applied to the income statement of a business with a net sales of TL 1,000,000 and a cost of goods sold of TL 850,000, the vertical analysis value of the cost of goods sold (%) is which of the following? a) 85 B) 75 NS) 45 D) 65 TO) 25
Net sales 74,000 90,000 Cost of goods sold 51,800 Gross profit 28,800 Operating expenses 13,320 Net income 11,700
Andiysis 877 Stargel Inc. Comparative Income Statement Ser the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Sales $10,000,000 $9,400,000 Cost of goods sold. Gross profit Selling expenses Administrative expenses. 5,350,000 $ 4,650,000 $ 2,000,000 4,950,000 $4,450,000 $1,880,000 Total operating expenses Income from operations 1,500,000 $ 3,500,000 $ 1,150,000 1,410,000 $3,290,000 $1,160,000 Other revenue 150,000 140,000 $ 1,300,000 $1,300,000 Other expense (interest) Income before income tax 170,000 150,000 $ 1,130,000 $1,150,000 Income tax expense 230,000 225,000 Net income $ 900,000 $ 925,000 Stargel Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Assets Current assets: Cash $ 500,000 $ 400,000 Marketable securities. 1,010,000 1,000,000 Accounts receivable (net). 740,000 510,000 Inventories 1,190,000 950,000 Prepaid expenses 250,000 229,000 Total current assets. $3,690,000 $3,089,000 Long-term investments. Property, plant, and equipment (net) Total assets…
----- Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 24,930 71,524 89,927 8, 109 232,313 $29,435 $ 30,652 49,965 69,429 7,881 211,224 38,886 42,258 3,307 185,497 Total assets $426,803 $ 367,934 $ 300,600 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $105,211 $ 62,803 $ 40,473 81,844 162,500 77,248 $426,803 82,932 162,500 59,699 $ 367,934 $ 300,600 68,426 162,500 29,201 Total liabilities and equity The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago $ 437,841 For Year Ended December 31 Sales Cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses Current Yr $554,844 $338,455 172,002 9,432 7,213 $284,597 110,774 10,070 6,568 527,102 $ 27,742 412,009 $ 25,832 Net…
For 20Y2, Macklin Inc. reported a significant increase in net income. At the end of the year, Chris Jenkins, the president, is presented with the following condensed comparative income statement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 $910,000 441,000 $469,000 $139,150 99,450 $238,600 $230,400 65,000 $295,400 65,000 $230,400 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income 20Y1 $700,000 350,000 $350,000 $115,000 85,000 $200,000 $150,000 50,000 $200,000 50,000 $150,000 Required: Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. Use the minus sign to indicate a decrease in the "Difference".columns.
Question: Vertical Analysis of the Income statement Company A Company B Net sales 2,300,000 300,000 Cost of goods sold 1,100,000 200,000 Gross profit 1,200,000 100,000 Operating Expenses: Administrative expenses 120,000 20,000 Marketing expenses 220,000 30,000 Research and Development 500,000 10,000 Total Operating expenses 840,000 60,000 Interest expense 200,000 10,000 Net income 160,000 30,000 Required: Prepare a vertical analysis of these two companies. Compare and contrast the financial situation of these two companies assuming that they are in the same industry. Discuss fully.
Asset turnover A company reports the following: Sales $724,200 Average total assets 426,000 Determine the asset turnover ratio. If required, round your answer to one decimal place.fill in the blank 1
Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…
ROI and Margin Arbus Company provided the following information: Turnover Operating assets Operating income Required: 1. What is ROI? (Round your answer to three decimals.) 2.4 $139,000 6,120 2. What is margin? (Round your answer to two decimals.)
O Given Gross Margin of $212,000, Cost of Goods Sold of $544,000, Sales of $756,000 and net income of $65,000 what is Selling, General and Administrative expense 8$147.000 6. $132,000 c. $156,000 d. $488,000 e. $212,000
Current Yr 1 Yr Ago 2 Yrs Ago At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 31,600 88,000 112,500 10,650 281,000 $ 36,250 $ 38,400 62,000 83,800 9,350 249,500 49,500 52,500 4,500 235,000 Total assets $523,750 $440,900 $ 379,900 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $128,400 $ 74,750 $ 50,800 97,000 160,500 137,850 98,250 160,500 107,400 81,600 160,500 87,000 $523,750 $440,900 $ 379,900 Total liabilities and equity The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago $ 620,000 Current Yr For Year Ended December 31 Sales Cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses $755,000 $445,450 234,050 11,300 9,550 $390,600 148,800 12,700 8,925 561,025 700,350 $ 54,650 $ 58,975 Net income $4 3.40 $4 %24 3.67 Earnings per share For both…
Subject : accounting