Consolidated Income Statements For the years ended January 31 (all amounts in thousands) Year 3 Year 2 Year 1 Sales Revenue $1,345,000 $1,234,000 $1,140,000 Cost of Goods Sold $510,000 $587,000 $498,000 $111,000 $300,000 $250,000
Consolidated Income Statements For the years ended January 31 (all amounts in thousands) Year 3 Year 2 Year 1 Sales Revenue $1,345,000 $1,234,000 $1,140,000 Cost of Goods Sold $510,000 $587,000 $498,000 $111,000 $300,000 $250,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 13GI
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![Microhard, Inc.
Consolidated Income Statements
For the years ended January 31
(all amounts in thousands)
Year 3
Year 2
Year 1
Sales Revenue
$1,345,000
$1,234,000
$1,140,000
Cost of Goods Sold
$510,000
$587,000
$498,000
Selling Expenses
$111,000
$300,000
$250,000
Depreciation and Amortization Expense
$150,000
$200,000
$180,000
Calculate Microhard's Gross Profit for the year ended January 31, Year 3.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8645cc23-77f0-4163-b297-3db36248b189%2F75ac3921-5ca6-4427-93c7-bfc0a5c9b016%2Fhm4s17a_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Microhard, Inc.
Consolidated Income Statements
For the years ended January 31
(all amounts in thousands)
Year 3
Year 2
Year 1
Sales Revenue
$1,345,000
$1,234,000
$1,140,000
Cost of Goods Sold
$510,000
$587,000
$498,000
Selling Expenses
$111,000
$300,000
$250,000
Depreciation and Amortization Expense
$150,000
$200,000
$180,000
Calculate Microhard's Gross Profit for the year ended January 31, Year 3.
![QUESTION 2
Companies A and B have the following financial information: (dollar amounts are in millions)
A
B
Company
$20,561
$2,627
Sales
5,254
1,885
Cost of Goods Sold
15,307
742
Gross Profit
$ 3,261
$ 144
Net Income
Average Accounts Receivable
4,750
Average Inventory
2,603
386
Total Assets
36,301
914
Analyze the account balances to identify which company is more likely to be:
A.
Tiffany & Company (high-end exclusive jewelry store)
Company A
V Dollar General, Inc.
B.
Company B](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8645cc23-77f0-4163-b297-3db36248b189%2F75ac3921-5ca6-4427-93c7-bfc0a5c9b016%2F5q406jj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 2
Companies A and B have the following financial information: (dollar amounts are in millions)
A
B
Company
$20,561
$2,627
Sales
5,254
1,885
Cost of Goods Sold
15,307
742
Gross Profit
$ 3,261
$ 144
Net Income
Average Accounts Receivable
4,750
Average Inventory
2,603
386
Total Assets
36,301
914
Analyze the account balances to identify which company is more likely to be:
A.
Tiffany & Company (high-end exclusive jewelry store)
Company A
V Dollar General, Inc.
B.
Company B
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