Following is the income statement for Lowe's Companies Inc.LOWE'S COMPANIES INC.Consolidated Statement of EarningsFeb. 1,Twelve Months Ended (in millions)2019Net sales$80,579Cost of sales54,693Gross margin25,886ExpensesSelling, general and administrative19,677Depreciation and amortization1,669Operating income4,540Interest expense, net705Pretax earnings3,8351,220$2,615Income tax provisionNet earningsCompute its net operating profit after tax (NOPAT) for the 12 months ended February 1, 2019, assuming a 22% total statutory tax rate.Feb. 1, 2019NOPAT $

To calculate the Net Operating Profit After Tax (NOPAT) for the 12 months ended February 1, 2019,…

Answered: Following is the income statement for…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 54CE

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Similar questions

Using the following Company X information, prepare a Retained Earnings Statement: Retained earnings balance January 1, 2019, $121,500 Net income for year 2019, $145,800 Dividends declared and paid for year 2019, $53,000
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
Randall Corporation reported the following revenue data:Year Net revenues (in millions)$$$$6,8007,0046,7327,2762016201720182019Use 2016 as the base year. The trend percentage in 2019 is closest toa. 93%.b. 104%.c. 107%.d. 112%
Forecast an Income Statement Following is the income statement for Medtronic PLC. Consolidated Statement of Income ($ millions) For Fiscal Year Ended April 26, 2019 Net sales $27,807 Costs and expenses Cost of products sold 8,331 Research and development expense 2,330 Selling, general, and administrative expense 9,480 Amortization of intangible assets 1,605 Restructuring charges, net 198 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 5,439 Other nonoperating income, net (373) Interest expense 1,314 Income before income taxes 4,498 Income tax provision 547 Net income 3,951 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $3,932 Use the following assumptions to prepare a forecast of the company’s income statement for FY2020. Note: Complete the entire question in Excel using the following template: Excel Template. Format each answer to two decimal…
Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $661,910Interest expense 116,810Average total assets 6,280,000Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %
Two income statements for Cornea Company follow: Cornea CompanyIncome StatementsFor Years Ended December 31 2019 2018 Fees earned $843,000 $714,000 Operating expenses 682,830 614,040 Operating income $160,170 $99,960 a. Prepare a vertical analysis of Cornea Company's income statements. Enter percents as whole numbers. Cornea Company Income Statements For Years Ended December 31 2019 Amount 2019 Percent 2018 Amount 2018 Percent Fees earned $843,000 % $714,000 % Operating expenses 682,830 % 614,040 % Operating income $160,170 % $99,960 % I am having difficulty coming up with the percentages in each column
Please provide correct answer
Forecast an Income StatementSeagate Technology reports the following income statement for fiscal 2019. SEGATE TECHNOLOGY PLC Consolidated Statement of Income For Year Ended June 28, 2019, $ millions Revenue $20,780 Cost of revenue 14,916 Product development 1982 Marketing and administrative 906 Amortization of intangibles 46 Restructuring and other, net (44) Total operating expenses 17,806 Income from operations 2,974 Interest income 168 Interest expense (448) Other, net 50 Other expense, net (230) Income before income taxes 2,744 (Benefit) provision for income taxes (1,280) Net income $4,024 Forecast Seagate’s 2020 income statement assuming the following income statement relations ($ millions). Revenue growth 5% Cost of revenue 71.8% of revenue Product development 9.5% of revenue Marketing and administrative 4.4% of revenue Amortization of intangibles No change Restructuring and other, net $0 Interest income No change…
Financial information for Powell Panther Corporation is shown below: Powell Panther Corporation: Income Statements for Year Ending December 31 (Millions of Dollars) 2018 Sales $ 1,625.0 $ 2017 1,300.0 Operating costs excluding depreciation and amortization 1,300.0 1,105.0 EBITDA $ 325.0 $ 195.0 Depreciation and amortization 39.0 31.0 Earnings before interest and taxes (EBIT) $ 286.0 $ 164.0 Interest 36.0 29.0 Earnings before taxes (EBT) $ 250.0 $ 135.0 Taxes (40%) 100.0 54.0 Net income $ 150.0 $ 81.0 Common dividends $ 135.0 $ 65.0 Powell Panther Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2018 Assets Cash and equivalents $ 23.0 $ 2017 18.0 Accounts receivable 164.0 143.0 Inventories 343.0 312.0 Total current assets $ 530.0 $ 473.0 Net plant and equipment 390.0 312.0 Total assets $ 920.0 $ 785.0 Liabilities and Equity…
Return on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $418,290 Interest expense 73,810 Average total assets 3,700,000 Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %
Compute the component percentages for Trixy Magic's income statement below. (Enter your answers as a percentage rounded to 2 decimal place (l.e. 0.1234 should be entered as 12.34). Enter all answers as positive values.) TRIXY MAGIC, INC. Consolidated Statements of Earnings (In millions) Fiscal Years Ended on Fiscal 2018 % Sales Fiscal 2017 % Sales Fiscal 2016 % Sales Net sales 48,232 100.00 % $. 48,290 100.00 % 46,938 100.00 % Cost of sales 31,748 34.17 31,567 34.63 30,741 34.51 Gross margin 16,484 65.83 16,723 65.37 16,197 65.49 Expenses: Selling, general, and administrative 11,087 10,525 9,750 Depreciation 1,559 1,368 1,173 Interest-net 284 195 159 12,930 0.00 12,088 2.83 11,082 0.00 Total expenses Pre-tax earnings 3,554 65.83 4,635 62.54 5,115 65.49 1,324 1,710 1,899 Income tax provision S. 2,230 65.83 % 2,925 62.54 % 3,216 65.49 % Net earnings Prev 1 of 3 Next %24 %24 %24 %24
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