Compute the component percentages for Trixy Magic’s income statement below. (Enter your answers as a percentage rounded to 2 decimal place (i.e. 0.1234 should be entered as 12.34). Enter all answers as positive values.) TRIXY MAGIC, INC.Consolidated Statements of Earnings(in millions)Fiscal Years Ended onFiscal 2018% SalesFiscal 2017% SalesFiscal 2016% Sales100.00 %Net salesCost of sales$48,234100.00 %$48,288$46,932100.0031,73431,57430,732Gross margin16,50016,71416,200Expenses:Selling, general, and administrative11,08510,5189,758Depreciation1,5551,3701,165Interest-net288210160Total expensesPre-tax earningsIncome tax provision12,92812,09811,0833,5724,6165,1171,3211,7201,902Net earnings2,251% $2,896%$3,215

The percentage of sales is calculated by dividing the concern value by the sales and multiplying it…

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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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Compute the component percentages for Trixy Magic’s income statement below. (Enter your answers as a percentage rounded to 2 decimal place (i.e. 0.1234 should be entered as 12.34). Enter all answers as positive values.)

TRIXY MAGIC, INC.
Consolidated Statements of Earnings
(in millions)
Fiscal Years Ended on
Fiscal 2018
% Sales
Fiscal 2017
% Sales
Fiscal 2016
% Sales
100.00 %
Net sales
Cost of sales
$
48,234
100.00 %
$
48,288
$
46,932
100.00
31,734
31,574
30,732
Gross margin
16,500
16,714
16,200
Expenses:
Selling, general, and administrative
11,085
10,518
9,758
Depreciation
1,555
1,370
1,165
Interest-net
288
210
160
Total expenses
Pre-tax earnings
Income tax provision
12,928
12,098
11,083
3,572
4,616
5,117
1,321
1,720
1,902
Net earnings
2,251
% $
2,896
%
$
3,215

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