The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34 in 2014 (to $2.40 in 2015).Conduct a vertical analysis by expressing each line as a percentage of total revenues. (Round percentage values to 1 decimal place.) INSIGNIA CORPORATIONIncome Statements(amounts in billions)For the Year Ended December 3120152014% $%Revenues$123235%Cost of Crude Oil and Products62135%Other Operating Costs59%56%Income before Income Tax Expense2%44%Income Tax Expense%32%Net Income2$12

Comparative balance sheet used to compare the financial statement of two or more periods. It is…

INSIGNIA CORPORATION Income Statements (amounts in billions) For the Year Ended December 31 2015 2014 Revenues $ 123 % $ 235 % |Cost of Crude Oil and Products 62 % 135 % Other Operating Costs 59 % 56 % Income before Income Tax Expense 2 % 44 % Income Tax Expense % 32 % Net Income 2 % 12 % %24 %24

INSIGNIA CORPORATION Income Statements (amounts in billions) For the Year Ended December 31 2015 2014 Revenues $ 123 % $ 235 % |Cost of Crude Oil and Products 62 % 135 % Other Operating Costs 59 % 56 % Income before Income Tax Expense 2 % 44 % Income Tax Expense % 32 % Net Income 2 % 12 % %24 %24

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Until recently, Augean Cleaning Products sold its products on terms of net 70, with an average collection period of 85 days. In an attempt to induce customers to pay more promptly, it has changed its terms to 1/10, EOM, net 70. Assume current sales of $100, costs of $90, an interest rate of 12%, and no defaults. Assume each month has 30 days and a year has 360 days. The initial effect of the changed terms is as follows: Percent of Sales with Cash Discount 70 Average Collection Periods (Days) Cash Discount 40a Net present value Net 90 Some customers deduct the cash discount even though they pay after the specified date. a. Calculate the NPV per $100 of sales based on the original terms. (Do not round intermediate calculations. Round your answer to 2 decimal places.)
One item is omitted from each of the following computations of the return on investment: Rate of Return on Investment = Profit Margin x Investment Turnover 17 % = 10 % x (a) (b) = 28 % x 0.75 18 % = (c) x 1.5 10 % = 20 % x (d) (e) = 15 % x 1.2 Determine the missing items identified by the letters as shown above. If required, round your answers to two decimal places. (a) fill in the blank (b) fill in the blank % (c) fill in the blank % (d) fill in the blank (e) fill in the blank %
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2021-2015 ($ thousands) Sales 2021 Cost of goods sold $ 1,769 1,271 2020 $ 1,549 2019 2018 2017 2016 2015 $ 1,410 $ 1,292 $ 1,206 $ 1,121 $ 919 1,034 889 778 723 676 539 Gross profit 498 515 521 514 483 445 380 Operating expenses Net income 377 295 271 200 173 171 142 $ 121 $ 220 $ 250 $ 314 $ 310 $ 274 $ 238 HAROUN COMPANY Comparative Year-End Balance Sheets December 31, 2021-2015 ($ thousands) Assets Cash Accounts receivable, net Merchandise inventory Other current assets Long-term investments Plant assets, net Total assets Liabilities and Equity 2021 2020 2019 2018 2017 2016 2015 $ 108 773 $ 142 812 $ 148 735 2,797 2,036 1,779 $ 151 564 1,499 $ 157 496 $ 155 $ 160 470 332 1,346 1,144 829 72 65 40 71 60 61 32 e B 220 220 220 220 3,422 3,409 2,982 1,683 $ 7,172 $ 6,464 $ 5,684 $ 4,188 $ 4,019 1,740 1,546 $ 3,596 $ 2,900 1,327 Current liabilities…
The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…
The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34 in 2014 (to $2.40 in 2015). Let's see whether these changes are reflected in the income statement of Insignia Corporation for the year ended December 31, 2015 (amounts in billions). 2015 $220 2014 $238 Revenues Cost of Purchased Crude Oil and Products Other Operating Costs Income before Income Tax Expense Income Tax Expense 120 126 57 53 43 59 19 22 Net Income $ 24 $ 37 Required: 1. Compute the gross profit percentage for each year. Assuming that the change from 2014 to 2015 is the beginning of a sustained trend, is Insignia likely to earn more or less gross profit from each dollar of sales in 2016? 2. Compute the net profit margin for each year. Given your calculations here and in requirement 1, explain whether Insignia did a better or worse job of controlling expenses other than the costs of crude oil and products in 2015 relative to 2014. 3. Insignia reported average net fixed assets of $165 billion…
! Required information Use the following information for the Quick Studies below. (Algo) ($ thousands) Net sales Current Year $ 803,470 394,775 Prior Year $ 455,095 135,878 Cost of goods sold QS 17-7 (Algo) Trend percents LO P1 Determine the Prior Year and Current Year trend percents for net sales using the Prior Year as the base year. (Enter the answers in thousands of dollars.) Current Year: Prior Year: Numerator: Trend Percent for Net Sales: 1 1 1 1 Denominator: = = = Trend Percent 0 % 0 %
According to the Census Bureau, in October 2016, the average house price in the United States was $28,258. 6 years earlier, the average price was $20,608. What was the annual increase in the price of the average house sold?
Peoples Energy INC reported the following data for operating revenue and net income for 2001 through 2005. Year Operating Revenue (Millions), X Net Income (Millions), Y 2001 2270 96.9 2002 1482 89.1 2003 2138 103.9 2004 2260 81.6 2005 2600 78.1 Determine the least-squares regression line and interpret its slope. Estimate the net income if the operating revenue figure is $2500 million. Use Excel showing steps.
None
Using the income statement below, please compute the correct variance in total revenue (horizontal analysis) in Korean Won (Billion) and in percentage between the years ending 12/31/2023 and 12/31/2020 and chose the correct answer": yahoo/finance Search for news, symbols or companies a News Finance Sports More My Portfolio News Markets Research Personal Finance Videos Follow Compare News Research Chart Community Statistics Hyundai Motor Company (HYMTF) 60.50 -0.30 (-0.49%) At close: August 13 at 4:00 PM EDT Balance Sheet Cash Flow Dividends Historical Data All numbers in thousands יוויון Sustainability Breakdown Currency in KRW Annual Quarterly Download Collapse All 15 TTM 12/31/2023 12/31/2022 12/31/2021 12/31/2020 165,543,425,000 162,663,579,000 142,151,469,000 117,610,626,000 103,997,601,000 Total Revenue Operating Revenue Cost of Revenue Gross Profit Operating Expense 165,543,425,000 162,663,579,000 142,151,469,000 117,610,626,000 103,997,601,000 131.353,259,000 129.179.183.000…