Prepare an income statement for the 3M Companies for the last quarter of the year based on the following data: Net Sales P840,000 165,500 370,000 72,300 15,500 31,000 15,000 8,600 15,000 9,500 8.000 Beginning Inventory Purchases Ending Inventory Sales Return Purchase Return Rent Expense Miscellaneous Advertising Expense Utilities Expense Salaries Expense

Prepare an income statement for the 3M Companies for the last quarter of the year based on the following data: Net Sales P840,000 165,500 370,000 72,300 15,500 31,000 15,000 8,600 15,000 9,500 8.000 Beginning Inventory Purchases Ending Inventory Sales Return Purchase Return Rent Expense Miscellaneous Advertising Expense Utilities Expense Salaries Expense

Name: 3) Prepare an income statement for the 3M Companies for the last quar
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Description: 3) Prepare an income statement for the 3M Companies for the last quarter of the year based onthe following data:Net SalesP840,000165,500370,00072,300Beginning InventoryPurchasesEnding InventorySales Return15,500Purchase ReturnRent ExpenseMiscellaneo

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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1. PAKIALAMERA KO Company provided the following data for the current year: Inventory, January 1 P2,000,000, Purchases P7,500,000, Purchase Returns and Allowances P500,000, Sales returns and allowances P750,000, Inventory, December 31 P2,800,000, Gross profit rate 20%. What is the amount of Cost of goods sold?
Using the data below, compute lan's return on sales ratio for the month of January. Net Sales $12,000 Cost of goods sold 3,000 Operating expenses 7,000 Other income 500 Income tax expense 1,000 Round answer to the nearest whole percentage.
The following data were taken from the income statements of MetronixCorporation. Compute the inventory-turnover ratio for each year. What conclusions concerning the management of the inventory can be drawn from the data?
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales $660,000 $500,000 Cost of merchandise sold 554,700 430,000 Gross profit $105,300 $70,000 Selling expenses $31,720 $26,000 Administrative expenses 28,600 22,000 Total operating expenses $60,320 $48,000 Income before income tax expense $44,980 $22,000 Income tax expenses 18,000 8,800 Net income $26,980 $13,200
Income statements for Franklin Company for Year 3 and Year 4 follow: FRANKLIN COMPANY Income Statements Year 4 Year 3 Sales $ 201,300 $181, 300 Cost of goods sold 143, 600 121,600 Selling expenses 20,100 18, 100 Administrative expenses 12,500 14,500 Interest expense 3, 900 5,900 Total expenses 180, 100 160, 100 Income before taxes 21, 200 21,200 Income taxes expense 6, 400 3,600 Net income $ 14,800 $ 17,600 Required Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.
Cochran corporation, Inc. has the following income statement: Cochran corporation, Inc. Income statement For the year ended December 31, 2021 net sales $240 Cost of goods sold $150 gross profit $90 Operating expenses $65 Net income $25 Using vertical analysis, what percentage is assigned to operating expenses? a. 27,1% b. 43.3% c. 72.2% d. 260.0%
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
Inventory Analysis The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $1,168,000 $1,222,000 Beginning inventories 84,800 75,984 Cost of goods sold 584,000 678,900 Ending inventories 76,800 84,800 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and the final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in inventory fill in the blank 3 days fill in the blank 4 days
The following figures appear on LaGrange’s financial statements for the most recent fiscalyear: Cost of Goods Sold $1,960,000 Beginning Inventory 238,000 Ending Inventory 278,000 Accounts Payable 182,000 What is the age of this company’s accounts payable? Responses 33.2 days 35.3 days 34.7 days 33.9 days
Find in Amount ($) and Percentage(%) for Year 2 over Year 1: Income Statement - (a) Sales Revenue (b) Cost of sales (c) Gross Margin
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous YearSales $4,000,000 $3,600,000Cost of goods sold 2,280,000 1,872,000Selling expenses 600,000 648,000Administrative expenses 520,000 360,000Income tax expense 240,000 216,000a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.b. Comment on the significant changes disclosed by the comparative income statement.
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $586,000 $527,000 Cost of merchandise sold 345,740 279,310 Selling expenses 93,760 100,130 Administrative expenses 105,480 89,590 Income tax expense 17,580 21,080. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.

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