reported P 18,000 of net income for 2013, P 24,000 for 2014 and P 26,000 for 2015. The percentage change in net income from 2014 to 2015 was:
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A company reported P 18,000 of net income for 2013, P 24,000 for 2014 and P 26,000 for 2015. The percentage change in net income from 2014 to 2015 was:
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- The following is an income statement from the financial records of Peace, Love and Joy Company for the year ended December 31, 2015: Income Statement Sales (net) $ 245,675 Cost of Goods Sold (67,500) Gross Profit $ 178,175 Operating expenses (125,000) Operating Income $ 53,175 Interest revenue 5,600 Interest expense (8,750) Income before taxes $ 50,025 Income tax expense (15,008) Net Income $ 35,017 Refer to Exhibit 5-2. Compute earnings-based interest coverage for Peace, Love, and Joy Company. 6.72 times 5.72 times 16.88 times 6.08 timesFlounder Company has been operating for several years, and on December 31, 2017, presented the following balance sheet. FLOUNDER COMPANY BALANCE SHEET DECEMBER 31, 2017 Cash $20,900 Accounts payable $80,000 Receivables 117,000 Long-term notes payable 181,000 Inventory 75,000 Common stock (no par) 110,000 Plant assets (net) 354,000 Retained earnings 195,900 $566,900 $566,900 The net income for 2017 was $43,000. Assume that total assets are the same in 2016 and 2017.Selected financial statement data for Schmitzer Inc. is shown below:2018 2017Balance sheet:Inventories 60,000 48,000Ratios:Gross profit ratio for 2018 40 %Inventory turnover ratio for 2018 5What was the amount of net sales for 2018?
- Direct and Indirect Methods Dauve Company reported the following condensed income statement for 2016: Sales $100,000 Cost of goods sold (58,000) Gross profit $42,000 Operating expenses: Depreciation expense $8,000 Salaries expense 12,000 (20,000) Income before income taxes $22,000 Income tax expense (6,600) Net income $15,400 During 2016, the following changes occurred in the company's current assets and current liabilities: Increase (Decrease) Cash $3,700 Accounts receivable (5,500) Inventories 8,900 Accounts payable (purchases) (4,600) Salaries payable 2,800 Required: 1. By visual inspection, prepare the net cash flow from the operating activities section of Dauve's 2016 statement of cash flows using the indirect method. Use a minus sign to indicate cash outflows or decreases in cash.Following are income statements for Hossa Corporation for 2017 and 2016. Percentage of sales amounts are also shown for each operating expense item. Hossa’s income tax rate was 38% in 2016 and 40% in 2017. How do you calculate the cause of change analysis past sales?The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ 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)…
- In 2016, the Allen corporation had sales of $63 million, total assets of $44 million, and total liabilities of $15 million. The interest rate on the company’s debt is 5.7 percent, and it’s tax rate is 35 percent. The operating profit margin is 14 percent. A. Compute the firm’s 2016 net operating income and net income The firm’s 2016 net operating income is Round to two decimal places.Income statement data for Bezos Company for the years ended December 31, 2014 and 2013, are as follows: 2014 2013 Sales $840,000 $600,000 Cost of goods sold 724,500 525,000 Gross profit $115,500 $75,000 Selling expenses $52,500 $37,500 Administrative expenses 41,400 30,000 Total operating expenses $93,900 $67,500 Income before income tax $21,600 $7,500 Income tax expense 10,800 2,700 Net income $10,800 $4,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 2014 when compared with 2013. Round one to decimal place. b. What conclusion can be drawn from the horizontal analysis?E18-2 Operating data for Navarro Corporation are presented below. 2017 2016 Net sales $750,000 465,000 105,000 60,000 36,000 84,000 $600,000 390,000 Cost of goods sold Selling expenses Administrative expenses Income tax expense 66,000 54,000 27,000 63,000 Net income Instructions Prepare a schedule showing a vertical analysis for 2017 and 2016.
- Consider the following income statement data from the Ross Company: 2013 2012 Sales revenue $529,000 $454,000 Cost of goods sold 336,000 279,000 Selling expenses 105,000 99,000 Administrative expenses 64,000 58,000 Income tax expense 11,800 9,400 Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANY Common-Size Income Statements (Percent of Sales Revenue) 2013 2012 Sales Revenue % % Cost of Goods Sold % % % % Selling Expenses % Administrative Expenses % % Total % % Income before Income Taxes % % % %Given the historical income statement of Mega Trade Inc., how much would be added to the company's retained earning for the year 2016 (in millions)? Income Statement ( $ Million) Year End 2015 2016 2017 2019 Sales 1, 234.90 1,251.70 1,300.40 1,334.40 Cost of Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income / Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1What is the comparison (analysis) of the Earnings Per Share (EPS) of Industry Average Ratio and the Company A Ratio? The EPS has decreased and increased. Why? Industry Average, Earnings Per Share 2015: RM10.38 2016: RM15.05 2017: RM11.53 2018: RM10.71 2019: RM6.37 Company A, Earnings Per Share 2015: RM5.70 2016: RM3.30 2017: RM6.21 2018: RM6.20 2019: RM4.91