Exercise 13-10 Part 1(1-a) Profit margin ratio.(1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago?Complete this question by entering your answers in the tabs below.Required 1ARequired 1BProfit margin ratio.Profit Margin RatioChoose Numerator:Denominator:Profit Margin Ratio%3DProfit margin ratio%3D%Current Year:%3D1 Year Ago:< Prev7of 8Next >..!. Simon Company's year-end balance sheets follow.At December 31AssetsCurrent Yr1 Yr Ago 2 Yrs AgoCashAccounts receivable, netMerchandise inventoryPrepaid expensesPlant assets, net$ 31,60088,000112,50010,650281,000$ 36, 250 $ 38,40062,00083,8009,350249,50049,50052,5004,500235,000Total assets$523,750$440,900 $ 379,900Liabilities and EquityAccounts payableLong-term notes payable secured bymortgages on plant assetsCommon stock, $10 par valueRetained earnings$128,400$ 74,750 $ 50,80097,000160,500137,850$523,75098,250160, 500107,40081,600160,50087,000$440,900 $ 379,900Total liabilities and equityThe company's income statements for the Current Year and 1 Year Ago, follow.For Year Ended December 31Sales1 Yr Ago$ 620,000Current Yr$755,000Cost of goods soldother operating expensesInterest expense$445,450234,05011,3009,550$390,600148,80012,7008,925Income tax expenseTotal costs and expenses700,350561,025$ 54,650$ 58,975Net income< Prev6 7of 8Next >8:51 AN3/29/202InsertFnLockF11F12Prt ScF9F10F8

Solution... (1-a). Profit margin ratio

Exercise 13-10 Part 1 (1-a) Profit margin ratio. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Profit margin ratio. Profit Margin Ratio Choose Numerator: Choose Denominator: = Profit Margin Ratio Profit margin ratio Current Year: 1 Year Ago: %3D < Required 1A Required 1B > < Prev 6. 7 of 8 Next >

Exercise 13-10 Part 1 (1-a) Profit margin ratio. (1-b) Did profit margin improve or worsen in the Current Year versus 1 Year Ago? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Profit margin ratio. Profit Margin Ratio Choose Numerator: Choose Denominator: = Profit Margin Ratio Profit margin ratio Current Year: 1 Year Ago: %3D < Required 1A Required 1B > < Prev 6. 7 of 8 Next >

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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22. Subject :- Accounting
! Required information Exercise 6-5 Changes in Variable Costs, Fixed Costs, Selling Price, and Volume [LO6-4] [The following information applies to the questions displayed below] Data for Hermann Corporation are shown below: Percent of Sales Per Unit $ 140 Selling price Variable expenses 100% 91 65 Contribution margin $ 49 35% Fixed expenses are $88,000 per month and the company is selling 3,000 units per month.
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