I am looking for help with this general accounting question using proper accounting standards. Consider the condensed statement of Galaxy Mart for 2020:Year SalesCOGSGross Profit2020 $5,000,000 $4,000,000 $1,000,000Sales are projected to increase by 20% in 2021, and COGS is expectedto vary directly with sales.What is the estimated gross profit for 2021?

Step 1: Definition of Gross ProfitGross Profit is the difference between sales revenue and the cost…

Answered: Consider the condensed statement of…

Entrepreneurial Finance

6th Edition

ISBN:9781337635653

Author:Leach

Publisher:Leach

Chapter4: Preparing And Using Financial Statements

Section: Chapter Questions

Problem 1bM

See similar textbooks

Similar questions

Suppose a firm has had the following historic sales figures. Year: 2016 2017 2018 2019 Sales $1,480,000 $1,680,000 $1,580,000 $2,070,000 2020 $1,900,000 What would be the forecast for next year's sales using FORECAST.ETS to estimate a trend? Note: Round your answer to the nearest whole dollar. Next year's sales
Suppose a firm has had the historical sales figures shown as follows. What would be the forecast for next year's sales using the average approach? Year 2017 2018 Sales $ 750,000 500,000 Multiple Choice O $695,000 $700,000 $750,000 $775.000 2019 $ 700,000 2020 $ 750,000 2021 $ 775,000
Suppose a firm has had the following historic sales figures. Year: 2016 2017 2018 2019 2020 Sales $1,530,000 $1,720,000 $1,560,000 $2,100,000 $1,850,000 What would be the forecast for next year’s sales using FORECAST.ETS to estimate a trend? Note: Round your answer to the nearest whole dollar.
Your company forecasts that next year's sales will be $59.00 million, Cost of Goods Sold (COGS) will be 85% of sales, and the Days Payables Outstanding (DPO) ratio will be 22.19. What is the forecasted accounts payable for next year?
Complete a trend analysis for sales, using 2019 as the base year. (Round your answers to the nearest whole percent.) 2022 2021 2020 2019 Sales $ 140,000 $ 350,000 $ 210,000 $ 190,000 2022 2021 2020 2019 Sales % % % %
Nikul
A company's annual profits have a trend line given by Y = 20,000t – 10,000, where Y is the trend and t is the year with t = 0 in 2012. What is the forecasted profit for the year 2021 using an additive model if the seasonal variation for that year is –30,000?
Suppose a firm has had the following historic sales figures. Year: Sales 2016 $1,900,000 2017 $2,150,000 2018 $1,800,000 2019 $2,400,000 2020 $2,000,000 What would be the forecast for next year's sales using the average approach? Next year's sales
Suppose a firm has had the following historic sales figures. Year: 2016 Sales $1,420,000 2017 $1,720,000 Next year's sales 2018 2019 2020 $1,600,000 $2,010,000 $1,770,000 What would be the forecast for next year's sales using FORECAST.ETS to estimate a trend? Note: Round your answer to the nearest whole dollar. 27
Sales are $2.6 million in 2020, $2.7 million in 2021, and $2.5 million in 2022. What is the percentage change from 2020 to 2021? What is the percentage change from 2021 to 2022? Be sure to indicate whether the percentage change is an increase or a decrease.
Provide answer with calculation
Suppose a company has had the historic sales figures shown below. What would be the forecast for next years sales using the average approach?

SEE MORE QUESTIONS

Recommended textbooks for you

Entrepreneurial Finance

Finance

ISBN:

9781337635653

Author:

Leach

Publisher:

Cengage

Intermediate Financial Management (MindTap Course…

Finance

ISBN:

9781337395083

Author:

Eugene F. Brigham, Phillip R. Daves

Publisher:

Cengage Learning

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

Entrepreneurial Finance

Finance

ISBN:

9781337635653

Author:

Leach

Publisher:

Cengage

Intermediate Financial Management (MindTap Course…

Finance

ISBN:

9781337395083

Author:

Eugene F. Brigham, Phillip R. Daves

Publisher:

Cengage Learning

Excel Applications for Accounting Principles

Accounting

ISBN:

9781111581565

Author:

Gaylord N. Smith

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

Consider the condensed statement of Galaxy Mart for 2020: Year Sales COGS Gross Profit 2020 $5,000,000 $4,000,000 $1,000,000 Sales are projected to increase by 20% in 2021, and COGS is expected to vary directly with sales. What is the estimated gross profit for 2021?