p.mheducation.com/ext/map/index.html?_con=con&external_browser%3D0&launchUrl=https%253A%252F%252Flms.mheD and PIndeed6 Monster Jobsw Degree ProgramsO L02A Hearn: Student Da..6 Consumer Centerework: Assignment 1 iSavedPerez Company reported the following operating results for two consecutive years:RequiredCompute each income statement component for each of the two years as a percentage of salesdue to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be ePEREZ COMPANYVertical Analysis of Income StatementsPercentage ofSalesPercentage ofSalesYear 4Year 3Sales1,077,50000S'000'LCost of goods sold550,275000 Z09Gross margin on sales450,225475,500Operating expenses130,500149,800319.725325,700Income before taxes79.70081,800Income taxes240.025243.900%Net income

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

%24 %24 Perez Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percentage of sa due to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be PEREZ COMPANY Vertical Analysis of Income Statements Percentage of Sales Percentage of Sales Year 4 Year 3 Sales $% 1,077.500 00s'000'1 Cost of goods sold 550,275 00009 Gross margin on sales 450,225 475,500 Operating expenses 130,500 149.800 Income before taxes 319,725 325,700 Income taxes 79.700 81,800 240,025 243,900 Net income % %

%24 %24 Perez Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percentage of sa due to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be PEREZ COMPANY Vertical Analysis of Income Statements Percentage of Sales Percentage of Sales Year 4 Year 3 Sales $% 1,077.500 00s'000'1 Cost of goods sold 550,275 00009 Gross margin on sales 450,225 475,500 Operating expenses 130,500 149.800 Income before taxes 319,725 325,700 Income taxes 79.700 81,800 240,025 243,900 Net income % %

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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Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 31,800 89,500 112,500. 10,700 278,500 $ 523,000 Interest expense Income tax expense Total costs and expenses Net income. Earnings per share $ 129,900 98,500 163,500 131,100 $ 523,000 Current Year $ 411,225 209,550 1 Year Ago $ 35,625 62,500 82,500 9,375 255,000 $ 445,000 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: 4 12,100 9,525 $ 75,250 101,500 163,500 104,750 $ 445,000 $ 673,500 2 Years Ago 642,400 $ 31,100 $ 1.90 $ 37,800 50,200 54,000 5,000 230,500 $ 377,500 $51,250 83,500 163,500 79,250 $ 377,500 1 Year Ago $ 345,500…
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