Refer to the following mentioned data.Net salesCost of products soldGross margin201720162015Required:a. Calculate the gross profit ratio for each of the past three years. (Round your answers to 2decimal places.)(In millions)201620172015$34,894$30,411$26,11314,31813,37613,767$20,576 $17,035 $12,346Cost of goods soldGross profit58.94 %%%b. Assume that Campbell's net sales for the first four months of 2018 totaled $12.79 billion.Calculate an estimated cost of goods sold and gross profit for the four months, using the grossprofit ratio for 2017. (Round Intermediate calculations to 2 decimal places. Enter your answersin millions rounded to nearest whole number (1.e., 5,000,000 should be entered as 5).)millionmillion

Gross Profit ratio :— It is calculated by dividing gross profit by sales. Gross profit = Net…

Answered: Refer to the following mentioned data.…

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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The following table shows income statement and balance sheet data for five U.S. industries in 2017. INCOME STATEMENT AND BALANCE SHEET FOR 2017 SELECTED U.S. INDUSTRIES FOR 2017 (Figures in $ billions) Oil and Coal Computers and Peripherals Food Food Pharmaceuticals Stores Income Statement Data: $ 682.9 $ 443.5 $ 232.0 221.7 $ 490.2 467.0 Sales $ 818.0 Cost of goods sold Balance Sheet Data: 612.1 368.4 773.8 Inventory Accounts receivable Accounts payable $ 83.8 72.6 $ 72.8 84.1 $ 27.3 39.7 87.5 $ 43.9 23.4 39.7 60.2 68.8 65.0 58.3 66.3 Note: Cost of goods sold includes selling, general, and administrative expenses. Source: U.S. Department of Commerce, Quarterly Financial Report for Manufacturing, Mining, Trade Corporations, and Selected Service Industries, Quarter 3, issued December 2017. Calculate the cash cycle for each industry. (Negative amounts should be indicated by a minus sign. Use 365 days a year. Do not round intermediate calculations. Round your answers to 1 decimal place.)…
1 Condensed financial statements for Games Galore are summarized below: 2 3 Balance Sheet 4 Cash 5 Accounts Receivable, Net 6 Inventory 7 Prepaid Insurance 8 Total Current Assets 9 Property and Equipment, Net 10 Total Assets 11 12 Current Liabilities 13 Long-term Liabilities 14 Total Liabilities 15 Contributed Capital 16 Retained Earnings 17 Total Stockholders' Equity 18 Total Liabilities and Stockholders' Equity 19 20 Income Statement 21 Net Sales (all on account) 22 Cost of Goods Sold 23 Gross Profit 24 Operating Expenses 25 Income from Operations 26 Interest Expense 27 Income before Income Tax Expense 28 Income Tax Expense 29 Net Income 30 READY Attempt(s) Sheet1 $ $ $ $ B $ 2016 185,000 $ 80,000 104,000 11,900 380,900 514,500 895,400 $ 85,300 284,000 369,300 299,000 227,100 526,100 895,400 $ $ 3,031,000 1,949,000 1,082,000 891,400 $ 190,600 14,500 176,100 47,000 129,100 4 C 2015 143,000 59,000 134,000 5,880 341,880 407,000 748,880 96,800 224,000 320,800 299,000 129,080 428,080…
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
A Taste of Akerley has the following financial information. Calculate its gross profit and gross profit margin. 2016 Revenue $500,000 Cost of Sales $350,000
Manero Company included the following information in its annual report: 2019 2018 Sales $178,400 $162,500 102,500 Cost of goods sold 115,000 Operating expenses 50,000 50,000 Operating income 13,400 10,000 In a trend income statement for 2017, where 2017 is the base year, sales are expressed as: Multiple Choice 150.5% O100.0% 84,4% 92.6% 2017 $155,500 100,000 45,000 10,500
Rahul
Determining Cost of Goods Sold For a recent year, TechMart reported sales of $30,742 million. Its gross profit was $7,071 million. What was the amount of TechMart's cost of goods sold? (Enter answer in millions.)
The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…
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Using the information provided, what is the length of the production cycle for the firm? Allied Industries, Inc. Selected Income Statement Items, 2017 Cash Sales $1,500,000 Credit Sales $7,500,000 Total Sales $9,000,000 COGS $6,000,000 Allied Industries, Inc. Selected Balance Sheet Accounts 12/31/201712/31/2016Change Accounts Receivable $270,000 $240,000 $30,000 Inventory $125,000 $100,000 $25,000 Accounts Payable $110,000 $90,000 $20,000
What is the quick ratio for 2017? A. 2.11 times B. .74 times C. 1.97 times D. 1.34 times E. .77 times
The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the following summarized data: Required: 1. Complete the two final columns shown beside each item in Pinnacle's comparative financial statements. (Round your percentage answers to 1 decimal place. Any decrease in the amount should be indicated with minus sign.) Increase (Decrease) 2017 over 2016 4 2017 2016 Amount Income statement Sales revenue Cost of goods sold $ 106,400 $96.000 50,200 46.500 Gross profit 56.200 49.500 Operating expenses 35,400 32.400 Interest expense 3,700 3,700 income before income tax expense 17.100 13.400 Income tax expense (30%) 5.130 4,020 Net income $ 11.970 $ 9.380 Balance sheet: Cash $ 55,370 $16,770 Accounts receivable, net Inventory 35,800 30,500 23,800 44,500 Property and Equipment, net Total assets Accounts payable 92,600 102.000 $ 207,570 $ 193.770 S 41,100 $33.500 Income tax payable 1,000 470 Note payable, long-term Total liabilities Contributed capital (9,000…

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