Selected figures from the Balance Sheet and Income Statement of Turner's Toys, Inc. are shownbelow. (Compute answer to two decimal places.)From the Balance SheetFrom the Income StatementCash$210,734Net Sales$244,750Accounts Receivable$138,126Cost of Goods Sold$190,000Merchandise Inventory:Net Income$ 26,406End of this year$184,500End of last year$178,300Total Current Assets$533,360Total Current Liabilities.$324,152Total Stockholders' Equity$149,208Refer to Turner's Toys, Inc. Compute the relationship of net income to net sales. Express youranswer as a percentage.

Computation of net profit margin ratio:

Answered: Selected figures from the Balance Sheet…

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

See similar textbooks

Similar questions

Presented below are selected balance sheet information and the income statement for Burch Company. Selected Balance Sheet Information Jan. 1 Dec. 31 Cash $11,400 $17,500 Accounts receivable 8,000 10,500 Inventory 23,500 21,000 Accounts payable 10,000 14,200 Income taxes payable 2,500 1,300 Burch Company Income Statement For the year ended December 31 Sales $250,000 Cost of goods sold (160,000) Depreciation expense (22,900) Other expenses (35,000) Income tax expense (12,000) Net income $20,100 Required: Compute the net cash flows from operating activities using the indirect method.
QUESTION: NATCHER CORPORATION'S ACCOUNTS RECEIVABLE AT THE END OF YEAR 2 WAS $155,000 AND ITS ACCOUNTS RECEIVABLE AT THE END OF YEAR 1 WAS $161,000. THE COMPANY'S INVENTORY AT THE END OF YEAR 2 WAS $156,000 AND ITS INVENTORY AT THE END OF YEAR 1 WAS $149,000. SALES, ALL ON THE ACCOUNT, $1,411,000 IN YEAR 2. COST OF GOODS SOLD AMOUNTED ΤΟ $828,000 IN YEAR 2. THE COMPANY'S OPERATING CYCLE FOR YEAR 2 IS CLOSEST TO: (ASSUME 365 DAYS A YEAR. DO NOT ROUND YOUR INTERMEDIATE ANSWERS.) AMOUNTED TO
Horizontal Analysis of the Income Statement Income statement data for Boone Company for the years ended December 31, 20Y5 and 20Y4, are as follows: 20Υ5 20Υ4 Sales $673,200 $510,000 Cost of goods sold (572,000) (440,000) Gross profit $101,200 $70,000 Selling expenses $(30,500) $(25,000) Administrative expenses (27,300) (21,000) Total operating expenses $(57,800) $(46,000) Income before income tax $43,400 $24,000 Income tax expenses (17,400) (9,600) Net income $26,000 $14,400 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 20Y5 when compared with 20Y4. Round percentage answers to one decimal place. Boone Company Comparative Income Statement For the Years Ended December 31, 20Y5 and 20Y4 20Y5 Amount 20Y4 Amount Increase (Decrease) Amount Increase (Decrease) Percent Sales $673,200 $510,000 % Cost of goods sold (572,000) (440,000) Gross profit $101,200 $70,000 % Selling expenses $(30,500) $(25,000) Administrative expenses (27,300)…
Comparative Balance SheetsConsider the following balance sheet data for Great Buy Co., Inc., an electronics and major appliance retailer (amounts in thousands): Current Year Previous Year Cash and Cash Equivalents $113,756 $12,848 Accounts Receivables 100,593 68,342 Merchandise Inventories 1,212,105 449,983 Other Current Assets 26,303 17,692 Total Current Assets 1,452,757 548,865 Property and Equipment (net) 328,175 227,596 Other Assets 28,804 13,993 Total Assets $1,809,736 $790,454 Current Liabilities $763,853 $334,809 Long-Term liabilities 454,141 127,537 Total Liabilities 1,217,994 462,346 Common Stock 3,965 2,068 Additional Paid-in-Capital 425,768 246,871 Retained Earnings 162,009 79,169 Total Stockholders' Equity 591,742 328,108 Total Liabilities and Stockholders' Equity $1,809,736 $790,454 Prepare a comparative balance sheet, showing increases in dollars and percentages. Note: Round "Percent Change" answers to one decimal place (ex:…
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
Using the income statement for Times Mirror and Glass Co., compute the following ratios: TIMES MIRROR AND GLASS COMPANY Sales $ 244,000 Cost of goods sold 135,000 Gross profit $ 109,000 Selling and administrative expense 47,900 Lease expense 18,200 Operating profit* $ 42,900 Interest expense 8,300 Earnings before taxes $ 34,600 Taxes (30%) 13,840 Earnings after taxes $ 20,760 *Equals income before interest and taxes. The total assets for this company equal $240,000. Set up the equation for the Du Pont system of ratio analysis. Compute the profit margin ratio?
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%
Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $369,600 $280,000 Cost of goods sold 312,000 240,000 Gross profit $57,600 $40,000 Selling expenses $17,080 $14,000 Administrative expenses 15,600 12,000 Total operating expenses $32,680 $26,000 Income before income tax $24,920 $14,000 Income tax expenses 10,000 5,600 Net income $14,920 $8,400 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount Amount Amount Percent Sales $369,600 $280,000 $ % Cost of goods sold 312,000 240,000 % Gross profit $57,600 $40,000 %
Condensed financial data are presented below for the Tulsa Corporation: Accounts receivable Inventory C. d. Total current assets Total assets Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Net income Tax rate 2021 $277,500 310,000 675,000 800,000 700,000 250,000 200,000 77,500 75,000 1,640,000 985,000 10,000 130,000 25% 2020 $230,000 250,000 565,000 The profit margin used to calculate return on assets for 2021 is (rounded): a. b. 8.9% 16.3% 17.2% 18.3%
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
Get The Correct Answer
Provide answer please

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

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

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

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

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS