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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

FINANCIAL ACCOUNTING
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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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.
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
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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