true answer ? general accounting Given the following financial data for ABC Company:Year End2022Sales COGS Inventory$5,200,000 $3,120,000 $850,00020232024$6,200,000$5,800,000 $3,480,000||$900,000$3,720,000||$825,000Calculate the Gross Profit Ratio for 2023.

Step 1: Define Gross Profit RatioThe Gross Profit Ratio measures the percentage of sales revenue…

Answered: Given the following financial data for…

FINANCIAL ACCOUNTING

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Author:Libby

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Chapter1: Financial Statements And Business Decisions

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Problem: The financial statements of Muscat Company appear below: MUSCAT COMPANY Income Statement For the Year Ended December 31, 2023 Net sales Cost of goods sold Gross profit \table[[$400,000de
Operating data for Joshua Corporation are presented as follows: Net Sales Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense Net Income 2022 800,000 520,000 120,000 60,000 30,000 70,000 Instructions Prepare a schedule showing a vertical analysis for 2022 and 2021. Net Sales Cost of Goods Sold Gross Profit Selling Expenses Your Answers: FYI: Format the percent cols to one decimal place. Ex 99.9% 2022 Administrative Expenses Total Operating Expenses Income Before Income Taxes Income Tax Expense Net Income 2021 600,000 408,000 72,000 48,000 24,000 48,000 Amount 800,000 520,000 280,000 120,000 60,000 180,000 100,000 30,000 70,000 Percent 100.0% 2021 Amount Percent 600,000 100.0% 408,000 192,000 72,000 48,000 120,000 72,000 24,000 48,000
Assume the following cost of goods sold data for a company: 2023 $1295360 2022 1209000 2021 1012000 If 2021 is the base year, what is the percentage increase in cost of goods sold from 2021 to 2023?
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Billingham Industries, Inc. Comparative Income Statement For the years ended December 31, 2021 and 202 Particulars Amount (2021) Amount (2020) Amount (Increase/Decrease) Percentage Change Sales $1,280,000 $1,180,000 $100,000 8.47% Cost of goods sold 644,800 613,600 31,200 5.08% Gross profit 635,200 566,400 68,800 12.15% Selling expenses 230,500 188,800 41,700 22.09% Administrative expenses 182,500 177,000 5,500 3.10% Total operating expenses 413,000 365,800 47,200 12.90% Income from operations 222,200 200,600 21,600 10.77% Other income 77,000 70,800 6,200 8.757% Income before income tax 299,200 271,400 27,800 10.243% Income tax expense 121,600 106,200 15,400 14.500% Net income $177,600 $165,200 $12,400 7.506% 1. Perform a vertical analysis using the form provided below: (Enter as a formula computing % of sales)1. Perform a vertical analysis using the form provided below: (Enter as a formula computing % of sales)
General accounting question
SUNLAND COMPANYIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $2,178,400 $2,030,000 Cost of goods sold 1,207,000 1,187,080 Gross profit 971,400 842,920 Selling and administrative expenses 590,000 565,220 Income from operations 381,400 277,700 Other expenses and losses Interest expense 25,960 23,600 Income before income taxes 355,440 254,100 Income tax expense 106,632 76,230 Net income $ 248,808 $ 177,870 SUNLAND COMPANYBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $ 70,918 $ 75,756 Debt investments (short-term) 87,320 59,000 Accounts receivable 139,004 121,304 Inventory 148,680 136,290 Total current assets 445,922 392,350 Plant assets (net) 765,820 613,954 Total assets $1,211,742…

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Given the following financial data for ABC Company: Year End 2022 Sales COGS Inventory $5,200,000 $3,120,000 $850,000 2023 2024 $6,200,000 $5,800,000 $3,480,000||$900,000 $3,720,000||$825,000 Calculate the Gross Profit Ratio for 2023.