Answered: Calculate income from operations for…

Calculate income from operations for Jonas Company based on the following data: Sales $764,000 Operating expenses 52,500 Cost of merchandise sold 538,000

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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Russell Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Russell Industry Average Net sales revenue $780,000 100.0 % Cost of goods sold 524,940 65.8 Gross Profit 255,060 34.2 Operating Expenses 162,240 19.7 Operating Income 92,820 14.5 Other Expenses 7,800 0.4 Net Income 85,020 14.1 % MORE INFO: Russell/industry average Total Assets $480,000 100.0 % total Liabilities 327,360 64.7 total Liabilities and Stockholders' Equity $480,000 100.0 % SOLVE for % of total (round total to one decimal place x.x%) Amount Percent of total Net Sales Revenue 780,000 Cost of goods sold 524,940 gross profit 255,060 operating expenses 162240 operating income 92820 other expenses 7800
The income statement for Rhino Company for the current year ended June 30 is as follows: 1 Sales $444,100.00 2 Cost of merchandise sold 155,600.00 3 Gross profit $288,500.00 4 Operating expenses: 5 Depreciation expense $37,510.00 6 Other operating expenses 114,580.00 7 Total operating expenses 152,090.00 8 Income before income tax $136,410.00 9 Income tax expense 40,010.00 10 Net income $96,400.00 The balances of selected accounts at the beginning and the end of the current year are as follows: End Beginning of Year of Year Accounts receivable (net) $37,180 $31,240 Inventories 91,040 79,880 Prepaid expenses 14,990 15,950 Accounts payable (merchandise creditors) 68,570 63,000 Accrued expenses payable (operating expenses) 19,010 20,840 Income tax payable 3,470 3,470 Prepare the Cash Flows from Operating…
Below is the common-sized statement for the current calendar year fo Hugo Boss and Industry average, Industry Hugo Boss Average Sales 100% 100% Cost of Goods Sold 46.7% 45.2% Gross Profit 53.3% 54.8% Selling Expenses 12.9% 16.7% Administrative Expenses 13.1% 14.5% Total Operating Expenses 25.0% 31.2% Income from Operations 27.3% 23.6% Other Revenue 1.8% 1.2% 29.% 24.8% Other Expense(Interest) 1.0 0.9 Income Before Income Tax 28.1% 23.9% Income Tax Expense 9.8 8.4 Net Income 18.3% 15.5% Using the common-sized statement above, compare Hugo Boss with the industry average and identify strengths and weaknesses that Hugo Boss has to the industry. Does Hugo Boss need any course correction. What does it need?
The income statement for Rhino Company for the current year ended June 30 is as follows: 1 Sales $450,000.00 2 Cost of merchandise sold 151,700.00 3 Gross profit $298,300.00 4 Operating expenses: 5 Depreciation expense $37,780.00 6 Other operating expenses 115,450.00 7 Total operating expenses 153,230.00 8 Income before income tax $145,070.00 9 Income tax expense 39,310.00 10 Net income $105,760.00 The balances of selected accounts at the beginning and the end of the current year are as follows: End Beginning of Year of Year Accounts receivable (net) $36,230 $31,850 Inventories 93,760 81,240 Prepaid expenses 14,670 15,660 Accounts payable (merchandise creditors) 67,950 63,470 Accrued expenses payable (operating expenses) 19,130 20,560 Income tax payable 4,390 4,390 Prepare the Cash Flows from Operating…
Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $541,800 $430,000 Cost of goods sold 458,800 370,000 Gross profit $83,000 $60,000 Selling expenses $24,360 $21,000 Administrative expenses 21,080 17,000 Total operating expenses $45,440 $38,000 Income before income tax $37,560 $22,000 Income tax expenses 15,000 8,800 Net income $22,560 $13,200 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount Amount Amount Percent Sales $541,800 $430,000 % Cost of goods sold 458,800 370,000 Gross profit $83,000 $60,000 % Selling expenses $24,360 $21,000 % Administrative expenses 21,080 17,000 % Total operating expenses…
Financial Ratios The financial statements for Jackson Enterprises (income statement, statement of owner’s equity, and balance sheet) are shown. Jackson EnterprisesIncome StatementFor Year Ended December 31, 20-- Revenue from sales: Sales $170,000 Less: Sales returns and allowances 10,000 Net sales $160,000 Cost of goods sold: Merchandise inventory, January 1, 20-- $7,700 Estimated returns inventory, January 1, 20-- 1,300 $9,000 Purchases $92,900 Less: Purchases returns and allowances $1,862 Purchases discounts 1,828 3,690 Net purchases $89,210 Add: Freight-in 961 Cost of goods purchased 90,171 Goods available for sale $99,171 Less: Merchandise inventory, Dec. 31, 20-- $8,300 Estimated returns inventory, Dec. 31, 20-- 1,200 9,500 Cost of goods sold 89,671 Gross profit…
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
Complete the following data taken from the condensed income statements for merchandising Companies A, B, and C. Company A Company B Company C Net income $385 $235 Sales 875 530 Gross profit 425 315 Operating expenses 45 Cost of goods sold 550 335 %24
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales $536,800 $440,000 Cost of merchandise sold 444,000 370,000 Gross profit $92,800 $70,000 Selling expenses $25,760 $23,000 Administrative expenses 22,800 19,000 Total operating expenses $48,560 $42,000 Income before income tax expense $44,240 $28,000 Income tax expenses 17,700 11,200 Net income $26,540 S16,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Increase Increase (Decrease) Previous year year (Decrease)
Monty Corp. reported net sales $610,000, cost of goods sold $366,000, operating expenses $151,000, and net income S70,150. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g.