不Net sales, net income, and total assets for Alex Shipping, Inc., for a five-year period follow:(Click the icon to view the data.)Read the requirements.Requirement 1. Calculate trend percentages for each item for 2018 through 2021. Use 2017 as the base year and round to the nearest percent.Alex Shipping, Inc. - Trend PercentagesNet salesNet incomeTotal assets20212020201920182017199 %161 %115%99%100%100 %146 %100%123%34 %94%100%124 %108 %100%Requirement 2. Calculate the rate of return on net sales for 2019 through 2021, rounding to the nearest one-tenth percent. Explain what this means.Begin by selecting the rate of return on net sales (return on sales) formula and enter the amounts to calculate the percentages. (Enter amounts in thousands as provided to you in theproblem statement. Complete all input fields. Enter "O" for any zero amounts and enter the return on sales amounts as percentages rounded to one-tenth percent, XX%.))201920202021((Net incomeReturn on sales113.1%326.4%325.2%

Approach to solving the question: Detailed explanation: Summary of Calculations:2019 Net Sales:…

Answered: 不 Net sales, net income, and total…

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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An extract from a boat retails 2020 financial statements follows: Income Statement Year ended Dec 31, 2020 Year ended Dec 31, 2019 Net Income 12,866 11,242 Balance Sheet As of Dec 31, 2020 As of Dec 31, 2019 Total Stockholders Equity 3,299 (3,116) What was the companys return on equity for 2020?
Calculate the quick ratio for Los Altos, Ic., for both years, using the financial statements displayed below. Round to nearest hundredth. 2020 2019 Quick Ratio Did the company's ability to pay its current liabilities improve over the two years? No + Los Altos, Inc. Income Statement For Years Ended December 31, 2020 and 2019 (in millions) 2020 2019 Net sales $15,000 $14,250 Cost of goods sold 7,425 7,020 Gross profit 7,575 7,230 Selling and administrative expenses 3,780 3,645 Income from operations 3,795 3,585 Interest expense 405 338 Income before income taxes 3,390 3,247 Income tax expense 567 540 Net income $2 823 $2 707
Here are the abbreviated financial statements for Planner's Peanuts: INCOME STATEMENT, 2019 $2,500 1,900 Sales Cost Net income $ 600 BALANCE SHEET, YEAR-END 2018 2019 2018 2019 $1,000 2,600 Assets $2,500 $3,600 Debt 2$ 853 Equity 1,647 Total $2,500 $3,600 Total $2,500 $3,600 a. If sales increase by 20% in 2020 and the company uses a strict percentage of sales planning model (meaning that all items on the income and balance sheet also increase by 20%), what must be the balancing item? b. What will be the value of this balancing item? Balancing item а. b. Value
Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…
The following items were taken from the financial statements of Kramer Manufacturing, Inc., over a 3-year period: Item 2021 2020 2019 Net sales $226,000 $212,000 $200,000 Cost of goods sold 150,000 140,000 125,000 Gross profit $ 76,000 $ 72,000 $ 75,000 Instructions Using horizontal analysis and 2019 as the base year, compute the trend percentages for net sales, cost of goods sold, and gross profit. Item 2021 2020 2019 Net sales % % 100% Cost of goods sold % % 100% Gross profit % % 100% Explain whether the trends are favorable or unfavorable for each…
Refine Assumptions for PPE ForecastFollowing are the income statement and balance sheet for Medtronic PLC. Consolidated Statement of Income ($ millions) For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expenses 2,330 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 198 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit (loss) 6,268 Other nonoperating income, net (373) Interest expense 1,444 Income (loss) before income taxes 5,197 Income tax provision 547 Net income (loss) 4,650 Net (income) loss attributable to noncontrolling interests (19) Net income (loss) attributable to Medtronic $ 4,631 Consolidated Balance Sheet ($ millions) April 26, 2019 Current assets Cash and cash equivalents $ 4,393 Investments 5,455 Accounts receivable, less…
Quick Ratio Calculate the quick ratio for Los Altos, Ic., for both years, using the financial statements displayed below. Round to nearest hundredth. 2020 2019 Quick Ratio Did the company's ability to pay its current liabilities improve over the two years? Los Altos, Inc. Income Statement For Years Ended December 31, 2020 and 2019 (in millions) 2020 2019 Net sales $13,000 $12,350 Cost of goods sold 6,600 6,240 Gross profit 6,400 6,110 Selling and administrative expenses 3,360 3,240 Income from operations 3,040 2,870 Interest expense 360 300 Income before income taxes 2,680 2,570 Income tax expense 504 480 Net income $2,176 $2,090 Los Altos, Inc. Balance Sheet December 31, 2020 and 2019 (in millions) 2020 2019 Assets Current assets Cash and cash equivalents $240 $480 Accounts receivable 1,080 960 Inventory 600 780 Other current assets 480 300 Total current assets 2,400 2,520 Property, plant, & equipment (net) 3,120 3,000 Other assets 6,840 7,080 Total assets $12,360 $12,600 Liabilities…
Prepare a horizontal analysis of the following comparative income statement for the Buff Bodies Corporation. Round percentage changes to the nearest one-hundredth percent. Buff Bodies Corporation Comparative Income Statement for the Years Ended December 31, 2020 and 2019 2020 2019 Total revenue $1,450,000 $1,300,000 Expenses: Cost of goods sold $ 1,023,000 $ 930,000 Operating expenses 310,000 275,000 Interest expense 12,000 10,000 Income tax expense 48,300 38,000 Total expenses $1,393,300 $1,253,000 Net income $ 56,700 $ 47,000
Assume General Motors announced a quarterly profit of $119 million for 4th quarter 2019. Below is a portion of its balance sheet. Conduct a horizontal analysis of the following line items. (Negative answers should be indicated by a minus sign. Round the "percent" answers to the nearest hundredth percent.) 2019 (dollars in millions) 2018 (dollars in millions) Difference % CHG Cash and cash equivalents $ 15,980 $ 15,499 Marketable securities 9,222 16,148 Inventories 13,642 14,324 Goodwill 1,278 Total liabilities and equity $ 103,249 $ 144,603
view Policies Current Attempt in Progress Using these data from the comparative balance sheet of Cullumber Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2022 Dec. 31, 2021 Amount Percentage Amount Percentage Accounts receivable $ 467,400 $ 410,000 Inventory $ 785,400 % $ 660,000 % Total assets $3,197,900 % $2,830,000 % eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
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%
Performing horizontal analysis—income statement Data for Mulberry Designs, Inc. follow: Requirements Prepare a horizontal analysis of the comparative income statement of Mulberry Designs, Inc. Round percentage changes to one decimal place. Why did 2018 net income increase by a higher percentage than net sales revenue?

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