Compute the net income considering the following information from Antiques Galore. Sales $40,000 28,300 5,300 Gross Margin Selling Expenses General and Administrative Expenses 5,950 Income Tax Expense 1,750
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- nku.3Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?Use the following to calculate the general and administrative expenses. Expenses and losses: Cost of goods sold$203, 371 Selling expense57, 431 General and administrative expense Interest expense15, 222 Total expenses and losses$284,000
- Net sales OR 165000 Cost of the goods sold OR 109000 Details Debit Credit General expenses 11700 Rent 5100 Salaries Payable 9300 Depreciation 1560 Account Payable 3575 Other income 2500 Calculate net profit Select one: O a. RO 31140 O b. RO 34715 O c. RO 40140 O d. RO 27265need formula for cost of goods sold CURRENT ASSETS Cash and cash equivalents $ 607,987 $ 480,626 Accounts receivable, net 104,500 80,545 Inventory 26,445 26,096 Prepaid expenses and other current assets 54,906 57,076 Income tax receivable 282,783 27,705 Investments 343,616 400,156 Total current assets 1,420,237 1,072,204 Leasehold improvements, property and equipment, net 1,584,311 1,458,690 Long term investments 102,328 0 Restricted cash 27,849 27,855 Operating lease assets 2,767,185 2,505,466 Other assets 59,047 18,450 Goodwill 21,939 21,939 Total assets 5,982,896 5,104,604 Current liabilities: Accounts payable 121,990 115,816 Accrued payroll and benefits 203,054 126,600 Accrued liabilities 164,649 155,843 Unearned revenue 127,750 95,195 Current operating lease liabilities 204,756 173,139 Total current liabilities 822,199 666,593 Commitments and contingencies (Note 12) Long-term operating lease liabilities 2,952,296…Accounting
- How to solve using the direct method...A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%Net sales OR 156000 Cost of the goods sold OR 99700 Details Debit. Credit General expenses 11700 Furniture 5100 Salaries. 9300 Depreciation. 2000 Account payable. 3575 Dividend revenue 2500
- Compute the cost of goods sold considering the following information from Antiques Galore. Sales Gross Margin Selling Expenses $40,000 24,600 4,000 General and Administrative Expenses 4.500 Income Tax Expense 1,200Financial information is presented below: Operating Expenses $91400 Sales Returns and Allowances 25900 Sales Discounts 12400 Sales Revenue 295000 Cost of Goods Sold 157200 Gross profit would be ○ $99500. O $111900. O $125400.Accounting question