Sales AllowancesFitz-Chivalry Corporation reports the following information on its 2019 income statement.$ millionsGross sales20172018$20,141 $22,355 $26,7012019Allowance for sales returns 1,411 1,568 1,589Net sales$18,730 $20,787 $25,112RequiredAnalysis of financial statements from prior years shows that the company consistently estimates the allowance for sales returns at about 7% of gross sales. What adjustment, if any, would we make to the 2019income statement? Assume the company's combined federal and state tax rate is 24%.Hint: For adjustments to the income statement, we assume the normal 7% for the ratio of Allowance for sales returns to Gross sales for each year.Determine the 2019 adjusted allowance for sales return. (Round answer to nearest whole number.)$ millionsAdjusted (total) allowance for sales returns $2019Using the adjusted (total) allowance for sales returns computed above, determine the 2019 adjustments for the following income statement items.Notes:• Round answers to nearest whole number.• Use negative signs with answers to indicate the adjustment decreases an account.Adjustments to Income Statement, $ millions2019Allowance for sales returns$$Net salesIncome tax expenseNet Income$$

Income statement:The written statement showing an organization's income, expenses, profits, and…

Answered: $ millions Gross sales Allowance for…

$ millions Gross sales Allowance for sales returns Net sales 2017 2018 2019 $20,141 $22,355 $26,701 1,411 1,568 1,589 $18,730 $20,787 $25,112 Required

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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Complete the missing information: AMAZON.COM, INC. In Dollar US in MILLIONS Vertical Vertical Horizontal 2019 2020 +Net operating 280,522 386,064 100.00% 100.00% revenues -Cost of goods 165,536 233,307 59.01% 60.43% 40.94% sold =Gross profit 114,986 152,757 39.57% 32.85% % -SGA Expenses 100,244 129,933 35.73% 33.66% 29.62% and R&D -Other oper exp 201 -75 0.07% -0.02% (income) % =Profit loss from operating 14,541 22,899 5.18% 5.93% 57.48% activities -Net financial exp 768 1,092 0.27% 42.19% (inc) % +Net equity -14 16 0.00% 0.00% -214.29% income
QUESTION 12 Annual data for ABC Corporation appear below, in millions of US dollars: 2016 2017 2018 2019 Sales Revenue 126.1 131.3 144.5 150.4 Cost of Goods Sold 45.3 50.8 54.6 55.3 Operating Income Ending Inventory 18.8 21.1 20.9 23.3 9.6 10.2 10.8 9.6 Ending Accounts Payable 10.2 8.8 9.5 10.2 Calculate ABC's inventory turnover ratio for 2017. Round your answer to 1 decimal place (xx.x).
Exercise 13-3 (Algo) Computing and analyzing trend percents LO P1 Sales Cost of goods sold Accounts receivable. 2021 $ 706,675 363,004 34,274 2020 2019 $464,918 $ 371,9341 238,808 193, 136 27,058 25,477 2018 $ 260,094 133,898 15,268 2017 $ 194, 100 98,991 13,296 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.
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Masukh
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Question 97 Using Financial Statements for 2020, times interest earned for the year 2020 is 15.37. TRUE OR FALSE?
2021 2020 2019 2018 2017 Current Ratio 0.95 times 1.3 times 1.1 times 1.2 times 1.3 times Days in Accounts Receivable 50 days 45 days 40 days 35 days 30 days Days in Inventory 38 days 28 days 21 days 23 days 25 days Return on Equity 20% 15% 20% 19% 18% Debt to Total Assets 55% 45% 37% 35% 35% Profit $300,000 $250,000 $270,000 $240,000 $220,000 Discuss the trend in Profitability.
Walmart Revenue The annual revenue of Walmart is given in the table below (source ). Walmart Annual Revenue (Billions of US dollars) 559.151 Year 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 523.964 514.405 500.343 485.873 482.130 485.651 476.294 468.651 446.509 421.849 408.085 404.254 377.023 348.368 312.101 284.310 Apply linear regression to the data in the table to find a model y = mx + b, where y is Walmart's annual revenue in billions of US dollars, and a is the number of years since 2000. Use the model y = mx + b with m rounded to the nearest tenth and 6 rounded to the nearest
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