Presented below is income statement data for Short & Company as of year-end 2019: Income Tax Expense $5,400 Cost of Goods Sold 14,300 Other Expenses 500 Net Revenue 62,950 Operating Expenses 27,000 RequiredPrepare a multi-step income statement for 2019. Note: Do not use negative signs with your answers. SHORT & COMPANYIncome Statement2019 AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Gross Profit on Sales Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Operating Income Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Income before Income Taxes Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Net Income Answer Calculate the company's return on sales ratio. Round the return on sales ratio to one decimal place. If Short's return on sales was 16 percent in 2018, is the company's profitability improving or declining? Return of sales for 2019= Answer and thus, the company's profitability is Answerimprovingdeclining

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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Presented below is income statement data for Short & Company as of year-end 2019:

Income Tax Expense	$5,400
Cost of Goods Sold	14,300
Other Expenses	500
Net Revenue	62,950
Operating Expenses	27,000

Required
Prepare a multi-step income statement for 2019.

Note: Do not use negative signs with your answers.

SHORT & COMPANY Income Statement 2019
AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses	Answer
AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses	Answer
Gross Profit on Sales	Answer
AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses	Answer
Operating Income	Answer
AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses	Answer
Income before Income Taxes	Answer
AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses	Answer
Net Income	Answer

Calculate the company's return on sales ratio. Round the return on sales ratio to one decimal place.

If Short's return on sales was 16 percent in 2018, is the company's profitability improving or declining?

Return of sales for 2019=	Answer	and thus,
the company's profitability is	Answerimprovingdeclining

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