OComplete the "%" columns to be used in a vertical analysis of Sports Emporium's two operating segramount as a percentage of sales. (Round your answers to 1 decimal place.)Net salesCost of goods soldGross profitOperating expensesOperating incomeOther income (expense)Income before taxIncome tax expenseNet income2SPORTS EMPORIUMIncome StatementsFor the Year Ended December 31, 2024Sporting GoodsAmount$ 1,800,0001,040,000760,000450,000310,00020,000330,00080,000$ 250,000%Amount100.0 $ 970,00042.2 x440,00057.8 x530,00025.0340,000190,000(15,000)175,00070,000105,000Required 1Sports Apparel$%100.042.3 x57.732.7 xRequired 2 > 20Sports Emporium has two operating segments: sporting goods and sports apparel. The income statement for each operating segmentis presented below.Required:1. Complete the "%" columns to be used in a vertical analysis of Sports Emporium's two operating segments. Express each amount as apercentage of sales.2. Use vertical analysis to compare the profitability of the two operating segments. Which segment is more profitable?Answer is not complete.Complete this question by entering your answers in the tabs below.Required 1 Required 2Complete the "%" columns to be used in a vertical analysis of Sports Emporium's two operating segments. Express eachamount as a percentage of sales. (Round your answers to 1 decimal place.).Net salesSPORTS EMPORIUMIncome StatementsFor the Year Ended December 31, 2024Sporting GoodsAmount$1,800,000%100.0Sports ApparelAmount970,000100.0***Maid

VERTICAL ANALYSIS OF BALANCE SHEET Vertical analysis is a proportional analysis of financial…

Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income 2 SPORTS EMPORIUM Income Statements For the Year Ended December 31, 2024 Sporting Goods Amount $ 1,800,000 1,040,000 760,000 450,000 310,000 20,000 330,000 80,000 $ 250,000 % 100.0 42.2 x 57.8 x 25.0 < Required 1 $ $ Sports Apparel Amount 970,000 440,000 530,000 340,000 190,000 (15,000) 175,000 70,000 105,000 % 100.0 42.3 x 57.7 x 32.7 x Required 2 >

Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income 2 SPORTS EMPORIUM Income Statements For the Year Ended December 31, 2024 Sporting Goods Amount $ 1,800,000 1,040,000 760,000 450,000 310,000 20,000 330,000 80,000 $ 250,000 % 100.0 42.2 x 57.8 x 25.0 < Required 1 $ $ Sports Apparel Amount 970,000 440,000 530,000 340,000 190,000 (15,000) 175,000 70,000 105,000 % 100.0 42.3 x 57.7 x 32.7 x Required 2 >

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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Explain the income statement and balance sheet information based on two tables (250-300) words
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THE ATHLETIC ATTICIncome StatementFor the Year Ended December 31, 2024Net sales $8,900,000Cost of goods sold 5,450,000Gross profit 3,450,000Expenses: Operating expenses $1,600,000 Depreciation expense 210,000 Interest expense 50,000 Income tax expense 360,000 Total expenses 2,220,000Net income $1,230,000 THE ATHLETIC ATTICBalance SheetsDecember 31 2024 2023Assets Current assets: Cash $164,000 Accounts receivable 790,000 Inventory 1,405,000 Supplies 110,000Long-term assets: Equipment 1,150,000 Less: Accumulated depreciation (420,000) Total assets $3,199,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $115,000 Interest payable 0 Income tax payable 40,000 Long-term liabilities: Notes payable 600,000 Stockholders' equity: Common stock 700,000…
Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales 739,200.00 100.00% COGS (540,600.00) 73.13% Gross Income 198,600.00 26.87% ОРЕХ (120,000.00) 16.23% Net Income before Tax 78,600.00 10.63% Tax Paid (3% of Sales) (22,176.00) 3.00% Net Income After Tax 56,424.00 7.63% The vertical analysis is correct. A False; error for VA of gross income B False; error for VA of net income after tax c) False; error for VA of net income before tax D True
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Use the following information to answer this question: Net sales Windswept, Incorporated 2021 Income Statement Cost of goods sold Depreciation ($ in millions) Earnings before interest and taxes Interest paid Taxable income Taxes Net income $ 9,050 7,540 430 $ 1,080 96 $ 984 344 $ 640 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 Cash $ 180 2021 $ 210 2020 Accounts payable $ 1,190 Accounts received Inventory 900 1,670 800 1,610 Long-term debt Common stock 1,070 3,280 2021 $ 1,335 1,285 2,970 Total $ 2,750 $ 2,620 Retained earnings 560 810 Net fixed assets. Total assets 3,350 $6,100 3,780 $6,400 Total liabilities & equity $ 6,100 $ 6,400 What is the days' sales in receivables for 2021?
Year ended December 31, 2023 2022 2021 Revenues $4,578,041 $3,864,324 $3,003,610 Costs and expenses: Cost of goods sold $2,227,189 $2,089,089 $2,005,691 Selling and administrative 922,261 836,212 664,061 Interest 29,744 32,966 30,472 Other expenses (income) 1,475 2,141 (43) Total costs and expenses $3,180,669 $2,960,408 $2,700,181 Income before income taxes $1,397,372 $903,916 $303,429 Income taxes 229,500 192,600 174,700 Net income $1,167,872 $711,316 $128,729 Venus IndustriesConsolidated Balance Sheets (in thousands) December 31, ASSETS 2023 2022 Current assets: Cash and equivalents $291,284 $260,050 Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046 826,977 616,064 Inventories 592,986 512,917 Deferred income taxes 26,378 28,355 Prepaid expenses 40,663 32,977 Total current assets $1,778,288 $1,450,363 Property, plant, and equipment $571,032 $497,795 Less accumulated depreciation (193,037)…
View Policies Current Attempt in Progress A company has the following balances: Sales revenue $312.000: Sales Returns and Allowances $2.000: Sales Discounts $4,000: Cost of Goods Sold $184,000: Operating Expenses $84,000. Assume there are no other revenues, other expenses, or income tax expense. How much is the profit margin? O 16.0% O 12.2% O 12.4% O 41.0 % eTextbook and Media Hint 4 ! Save for Later Using multiple attempts will impact your score 10% soore reduction after attempt 1 Attempts; unlimited Submit Answer
Costs per Equivalent Unit and Production Costs The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $52,800 of direct materials. ACCOUNT Work in Process-Forging Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Nov. 1 Bal., 5,500 units, 70% completed 60,885 30 Direct materials, 50,000 units 465,000 525,885 30 Direct labor 46,910 572,795 30 Factory overhead 64,784 637,579 30 Goods finished, 2 units 30 Bal., 4,400 units, 80% completed Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. b. Cost of units transferred to the next department during November. c. Cost…
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Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 98,000 129,000 Cost of goods sold 64,600 enter a dollar amount Gross profit enter a dollar amount 56,760 Operating expenses 20,400 enter a dollar amount Net income enter a dollar amount 21,930 Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 75.5%.) Crane Company Sheridan Company Profit margin enter profit margin in percentages rounded to 1 decimal place % enter profit margin in percentages rounded to 1 decimal place % Gross profit rate enter gross profit rate in percentages rounded to 1 decimal place % enter gross profit rate in percentages rounded to 1 decimal place %
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 2023 2022 Gross sales $ 19,000 $ 15,000 Sales returns and allowances 1,000 100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold 12,000 9,000 Gross profit $ 6,000 $ 5,900 Operating expenses: Depreciation $ 700 $ 600 Selling and administrative 2,200 2,000 Research 550 500 Miscellaneous 360 300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500 Interest expense 560 500 Income before taxes $ 1,630 $ 2,000 Provision for taxes 640 800 Net income $ 990 $ 1,200 Current assets: LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 2023 2022 Assets Cash $ 12,000 $ 9,000 Accounts receivable 16,500 12,500 Merchandise inventory 8,500 14,000 Prepaid expenses 24,000 10,000 Total current assets $ 61,000 $ 45,500 Plant and equipment: Building (net) $ 14,500 $…