Financial Statement Notes: Quarterly DataQuarterly data are presented below for Company A and Company B. One of these companies is Gibson Greetings, Inc., which manufactures and sells greeting cards. The other company is Hon Industries, Inc., which manufactures and sells office furniture. Both companies are on a calendar year basis. (Amounts in Thousands) FirstQuarterSecondQuarterThirdQuarterFourthQuarterYearCompany A Net sales$186,111$177,537$203,070$213,608$780,326Gross profit55,45753,64364,02469,374242,498Company B Net sales$84,896$83,796$142,137$235,336$546,165Gross profit53,90052,98366,018104,961277,862Requireda. Compute the percent of annual net sales generated each quarter by Company A. Round to the nearest percent.b. Compute the percent of annual net sales generated each quarter by Company B. Round to the nearest percent. FirstQuarterSecondQuarterThirdQuarterFourthQuartera. Company A annual net sales percentAnswer Answer Answer Answer b. Company B annual net sales percentAnswer Answer Answer Answer

Using this technique, you can determine the percentage of yearly net sales that Company A and…

Answered: Financial Statement Notes: Quarterly…

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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Financial Statement Notes: Quarterly Data
Quarterly data are presented below for Company A and Company B. One of these companies is Gibson Greetings, Inc., which manufactures and sells greeting cards. The other company is Hon Industries, Inc., which manufactures and sells office furniture. Both companies are on a calendar year basis.

	(Amounts in Thousands)
	First Quarter	Second Quarter	Third Quarter	Fourth Quarter	Year
Company A
Net sales	$186,111	$177,537	$203,070	$213,608	$780,326
Gross profit	55,457	53,643	64,024	69,374	242,498
Company B
Net sales	$84,896	$83,796	$142,137	$235,336	$546,165
Gross profit	53,900	52,983	66,018	104,961	277,862

Required
a. Compute the percent of annual net sales generated each quarter by Company A. Round to the nearest percent.
b. Compute the percent of annual net sales generated each quarter by Company B. Round to the nearest percent.