Below are amounts found in the income statements of three companies.OperatingExpenses$5,90014,1003,900Cost of GoodsNonoperatingExpenses$2,9007,900Income TaxNet SalesSoldCompanyHenryExpense$2,900$50,000$15,000Grace53,00039,220James58,00038,2803,900Required:1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income.2-a. For each company, calculate the gross profit ratio.2-b. Which company has the most favorable ratio?Complete this question by entering your answers in the tabs below.Req 1Req 2aReq 2bFor each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income.(Negative amounts should be indicated by a minus sign.)OperatingIncomeIncome BeforeNet Income /Gross ProfitIncome TaxesLossHenry$35,000$5,900$26,200$23,300Grace13,78014,100(8,220)(8,220)James19,7203,90015,82011,920< Req 1Req 2a > Below are amounts found in the income statements of three companies.Cost of GoodsOperatingExpenses$5,90014,1003,900NonoperatingExpenses$2,9007,900Income TaxCompanyHenryNet SalesSoldExpense$2,900$50,000$15,000Grace53,00058,00039,22038,280James3,900Required:1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income.2-a. For each company, calculate the gross profit ratio.2-b. Which company has the most favorable ratio?Complete this question by entering your answers in the tabs below.Req 1Req 2aReq 2bFor each company, calculate the gross profit ratio.Gross Profit RatioAccounts in RatioAmountsNet salesHenry%3DCost of goods soldNet salesGraceCost of goods soldNet salesJamesCost of goods soldRea 1Rea 2b

Gross Profit - Gross Profit is calculated by dividing gross profit by Net Sales into 100. Higher…

Below are amounts found in the income statements of three companies. Operating Expenses $5,900 Cost of Goods Nonoperating Expenses $2,900 7,900 Income Tax Company Henry Net Sales Sold Expense $2,900 $50,000 53,000 $15,еее 39,220 38,280 Grace 14,100 James 58,000 3,900 3,900 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. 2-a. For each company, calculate the gross profit ratio. 2-b. Which company has the most favorable ratio? Complete this question by entering your answers in the tabs below. Req 1 Req 2a Req 2b For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. (Negative amounts should be indicated by a minus sign.) Operating Income Before Net Income / Gross Profit Income Income Taxes Loss 35,000 s 5,900 $ 23,300 (8,220) Henry 26,200 $ Grace 13,780 14,100 (8,220) James 19,720 3,900 15,820 11,920 Req 1 Req 2a >

Below are amounts found in the income statements of three companies. Operating Expenses $5,900 Cost of Goods Nonoperating Expenses $2,900 7,900 Income Tax Company Henry Net Sales Sold Expense $2,900 $50,000 53,000 $15,еее 39,220 38,280 Grace 14,100 James 58,000 3,900 3,900 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. 2-a. For each company, calculate the gross profit ratio. 2-b. Which company has the most favorable ratio? Complete this question by entering your answers in the tabs below. Req 1 Req 2a Req 2b For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. (Negative amounts should be indicated by a minus sign.) Operating Income Before Net Income / Gross Profit Income Income Taxes Loss 35,000 s 5,900 $ 23,300 (8,220) Henry 26,200 $ Grace 13,780 14,100 (8,220) James 19,720 3,900 15,820 11,920 Req 1 Req 2a >

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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Please answer all 3 parts accordingly: Joyner Company’s income statement for Year 2 follows: Sales $ 709,000 Cost of goods sold 76,000 Gross margin 633,000 Selling and administrative expenses 150,800 Net operating income 482,200 Nonoperating items: Gain on sale of equipment 5,000 Income before taxes 487,200 Income taxes 146,160 Net income $ 341,040 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash $ 313,940 $ 57,200 Accounts receivable 222,000 143,000 Inventory 319,000 279,000 Prepaid expenses 11,000 22,000 Total current assets 865,940 501,200 Property, plant, and equipment 640,000 508,000 Less accumulated depreciation 165,400 130,900 Net property, plant, and equipment 474,600 377,100 Loan to Hymans Company 48,000 0 Total assets $ 1,388,540 $ 878,300 Liabilities and Stockholders' Equity Accounts payable $ 315,000 $ 254,000 Accrued liabilities 43,000 51,000 Income…
Using the income statement information for Einsworth Corporation that follows, prepare a vertical analysis of the income statement for Einsworth Corporation. Einsworth Corporation Income Statement 1 Amount Percentage 2 Sales $1,200,000.00 3 Cost of goods sold 780,000.00 4 Gross profit $420,000.00
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Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense $365,000 $215,000 66,000 16,600 25,000 322,600 $ 42,400 Total expenses Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 $ 6,600 13,600 9,600 5,600 8,600 22,400 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable Required: Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)
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A company has the following financial information: net sales $500,000, cost of goods sold $300,000, operating expenses $100,000, and other income $10,000. Calculate the gross profit margin and the operating profit margin.
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Can you help me with #14-#16?
Income statements for Stuart Company for Year 3 and Year 4 follow: STUART COMPANY Income Statements Sales Cost of goods sold Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income Required Year 4 $ 200,500 142,400 21.400 12,200 Year 3 $ 180,500 120,400 19,400 179,700 20,800 5,200 3.000 $ 15,600 $ 17.800 159,700 a. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.