Show Trend percentages in the multiple step income format only 20Y8 20Υ7 Sales $900,000 $725,000 Cost of goods sold 558,000 435,000 Selling expenses 117,000 116,000 Administrative expenses 63 00 65 250
Q: 3. Refer to the following table: What is the gross profit? Sales revenue $460,000 Cost of goods sold…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600 4,800 Sales returns…
A: Formula: Gross profit = Net sales - Cost of goods sold
Q: Common Size Analysis
A: First option is wrong because in horizontal analysis, the items of financial statements are compared…
Q: McKenzie Sales, Limited Comparative Income Statement Last Year $ 5,548,000 Sales This Year $…
A: Income statement: The income statement of the business shows all incomes and expenses of the…
Q: Given the information below, what is the gross profit? Sales revenue $ 305,000…
A: The correct answer is $32,000.
Q: Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown…
A: Vertical Analysis refers to the income statement analysis where all the line items present in the…
Q: 4. Kent Co.'s operating percentages were as follows: Revenues 100% Cost of goods sold Variable Fixed…
A: Contribution means the difference between the selling price and variable cost . Fixed cost when…
Q: If the net sales 1250 000 ID selling expenses 250 000 ID., Administrative expenses 250 000 ID., the…
A: Introduction: Gross profit: Deduction of cost of goods sold from the sales value drives the Gross…
Q: Data Table Sales 24 90,000 S 104,000 $ 65,600 (f) Sales Returns and Allowances 920 (b) 1,610 840…
A: Different given values are to be used to find the required data.
Q: Q5: Horner Corporation reported net sales of $150,000, cost of goods sold of $96,000, operating…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: A company shows the following balances: Sales $1,000,000 225,000 25,000 600,000 Sales Returns and…
A: Gross profit is calculated as difference between sales and cost of goods sold. Gross profit % is…
Q: Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and 26,000…
A: The gross profit margin is calculated as gross profit divided by net sales revenue. Gross profit =…
Q: A company has $550,000 in net sales and $193,000 in gross profit. This means its cost of goods sold…
A:
Q: Charleston, Inc. had the following information: Year 2 Year 1 Net Sales 210,000 194,800…
A: The Vertical analysis is also known as common size analysis. All the percentage ls are calculated of…
Q: A compeny's net sales were S676,600, its cost of goods sold was $236,810 and its net income was…
A: Gross margin in the business is sales revenue which is over and above it's, cost of goods sold.…
Q: Calculate income from operations for Jonas Company based on the following data: Sales $764,000…
A: Operating income: It is the profit arrived after deducting all the operating expenses from the…
Q: Selected XYZ financials (in dollars) Gross income 25,240,000 24,324,000 18,785,000 2,975,000…
A: Inventory turnover ratio = Cost of goods sold/Average inventory Cost of goods sold = 12,600,000…
Q: Sales Cost of goods sold P800,000 480,000 320,000 Gross Profit Operating expenses 40,000 Selling…
A: Comparative financial statements are prepared to analyze the financial statements of the company. It…
Q: question
A: The gross profit can be referred to as the profit which the company makes after subtracting all the…
Q: a company has sales of 763000 and cost of goods sold of 306,000 its gross profit equals (457,000)…
A: Gross Profit:-It is the amount company receives when the cost of the product deducted from total…
Q: Lj Company's total sales was P125,750. If the gross profit is 57.75% of the sales, how much is the…
A: Cost of goods sold is the cost of goods which is sold by the company. The cost of goods sold is the…
Q: What is the current ratio? Use the information below. Current Assets: $450,000 Costs of Goods Sold:…
A: Lets understand the basics. Current ratio shows that how much current asset is there in compare to…
Q: McKenzie Sales, Ltd. Comparative Income Statement Sales Cost of goods sold Gross margin This Year…
A: Formula used: Each line item value % = [ Each line item value / Sales value ] x 100
Q: 1 The Phoveus Company's partial income statement indicate the following data: Net sales Cost of…
A: Three factor approach of gross profit variation 1. Price factor =Variation in selling price per…
Q: Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600…
A: Formula: Net sales = Sales - Sales discount - Sales returns and allowances. Deduction of sales…
Q: Litten Corporation's most recent income statement appears below: Sales (all on…
A: The gross margin is calculated as excess of sales over cost of goods sold.
Q: A company shows the following balances: $2,500,000 Sales Revenue Sales Returns and 450,000…
A: Gross profit is the amount of profit earned by an entity after spending on all the expenses to earn…
Q: Income Statement Balance Sheet $ 98,500 (62,000) (18,000) (9,000) Sales Cost of Goods Sold Salaries…
A: Operating cash flows refers to cash generated by the regular operating activities of a company in a…
Q: aysis 877 Stargel Inc. Comparative Income Statement the Years Ended December 31, 20Y2 and 20Y1 20Υ2…
A: 11) Asset turnover is the revenue generated by a entity for every dollar invested in its assets…
Q: Use the following to answer questions 34 – 39 ST reports the following income statement results:…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Income Statement Dec. 31, 2022 Company A Company B Sales P850,000 P1,350,000 Less: Cost of Goods…
A: Debt to asset ratio refers to the ratio of total debt of a company to its total assets which is…
Q: Given the following partial income statement informatic Sales $40,000 Less: Sales discounts (a)…
A: Net sales = Sales - Sales Discount - Sale return and allowances Sales Discount = Sales - Sale…
Q: 4. Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – P20,000 •…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: 16. WASHY PALE Co. has the following information on December 31, 20x1: - Cost of sales is P260,000.…
A: Net profit is the total income earned by the company during an accounting year after deducting all…
Q: x Enterprises reports the following information on its year-end income st t Sales $190,000 Operating…
A: Explanation of Concept Gross Profit Percentage is been calculated with the help of following formula…
Q: Elna Company provided the following information for 200B: Sales 3,000,000 Purchases 1,900,000…
A: Price index shows increases of prices from one year to another year. This helps in calculating…
Q: Anthony Corporation reported the folowing amounts for the year Net sales $296, 000 Cost of goods…
A: The Numerical has covered the concept of Gross Profit Ratio. A Gross Profit ratio measures the gross…
Q: The expenses other than interest expense of Ratio Company for the current year is 40% of cost of…
A: First of all we should try to calculate profit before tax by using the formula: = Profit after tax /…
Q: Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar…
A: Income statement is a part of financial statement which shows financial performance of the company…
Q: Sales $755,000 $ 620,000 Cost of goods sold other operating expenses Interest expense $445,450…
A: The asset turnover ratio relates the worth of a company's sales or revenues to the value of its…
Q: Use the following to answer questions 34 – 39 - ST reports the following income statement results:…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Step by step
Solved in 2 steps with 1 images
- Below are the Income Statement of ABC Company for two consecutive years. ABC Company Net Sales Cost of Goods Soldxs3 Year 1 P 5,000,000 880,000 Year 2 P 6,500,000 950,000A firm has been experiencing low profitability in recent years. Perform an analysis of the firm's financial position using the DuPont equation. The firm has no lease payments but has a $3 million sinking fund payment on its debt. The most recent industry average ratios and the firm's financial statements are as follows: Industry Average Ratios Current ratio Debt-to-capital ratio Times interest earned EBITDA coverage Inventory turnover Cash and equivalents Accounts receivables Inventories Total current assets 2x 17% 3 x 6 x 11 x Days sales outstandinga Calculation is based on a 365-day year. Balance Sheet as of December 31, 2021 (millions of dollars) $78 Accounts payable Other current liabilities 51 125 Notes payable $ 254 Total current liabilities Long-term debt Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity Gross fixed assets Less depreciation Net fixed assets Total assets 15 days Fixed assets turnover Total assets turnover…Operating data for Joshua Corporation are presented as follows: Net Sales Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense Net Income 2022 800,000 520,000 120,000 60,000 30,000 70,000 Instructions Prepare a schedule showing a vertical analysis for 2022 and 2021. Net Sales Cost of Goods Sold Gross Profit Selling Expenses Your Answers: FYI: Format the percent cols to one decimal place. Ex 99.9% 2022 Administrative Expenses Total Operating Expenses Income Before Income Taxes Income Tax Expense Net Income 2021 600,000 408,000 72,000 48,000 24,000 48,000 Amount 800,000 520,000 280,000 120,000 60,000 180,000 100,000 30,000 70,000 Percent 100.0% 2021 Amount Percent 600,000 100.0% 408,000 192,000 72,000 48,000 120,000 72,000 24,000 48,000
- Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.If the net sales 1250 000 ID., selling expenses 250 000 ID., Administrative expenses 250 000 ID., the cost of goods sold 1o00 000 ID., the cost of purchases 750 000 ID., the income tax 45 * -:000 ID., the gross profit are 250 000 ID. O 1500 000 ID. ) 1000 000 ID. O no oneRequired information ($ thousands) Net sales Cost of goods sold Current Year $ 885,182 396,513 Current Year: Prior Year: Determine the Prior Year and Current Year trend percents for net sales using the Prior Year as the base year. (Enter the answers in thousands of dollars.) Prior Year $ 456,779 137,643 Numerator: Trend Percent for Net Sales: Denominator: Trend Percent 0% 0%
- Net income after taxes Income Tax Interest Expense Net Sales Cost of Goods Sold Operating Expenses What is the times interest earned? P18,000 12,000 80,000 620,000 460,000 50,000Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings COMPARATIVE BALANCE SHEETS 12/31/25 Sales revenue $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $8400000 $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000The following summarized balance sheet is a display of what kind of analysis? Amount Percent Revenue 1,000,000 100% Cost of goods sold 550,000 55% Gross Profit 450,000 45% Horizontal Analysis Marginal analysis Common Size Analysis Ratio Analysis
- Vertical Analysis of Income Statement Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Υ7 Sales $572,000 $503,000 Cost of goods sold 366,080 286,710 Selling expenses 80,080 85,510 Administrative expenses 91,520 100,600 Income tax expense 17,160 10,060 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent % % % % Gross profit % % % Total operating expenses % % % Net incomeVertical analysis (common-size) percentages for Cullumber Company’s sales revenue, cost of goods sold, and expenses are listed here. Vertical Analysis 2022 2021 2020 Sales revenue 100.0 % 100.0 % 100.0 % Cost of goods sold 60.0 64.2 65.6 Expenses 24.7 27.1 29.5 Calculate Cullumber’s net income as a percent of sales. (Round answers to 1 decimal place, e.g. 5.2.) 2022 2021 2020 Net income Enter percentages rounded to 1 decimal place. Enter percentages rounded to 1 decimal place. Enter percentages rounded to 1 decimal place. Did Cullumber’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Cullumber’s net income as a percent of sales Choose the correct answer increaseddecreasedremained unchangedSaved Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year %24 % Sales $ 740,000 $ 655,000 Cost of goods sold 570,800 282,200 Gross profit 169.200 Operating expenses Net income 372,800 258,800 $ 114,000 129,200 40,000 ere to search a f6 24 4 & L. 8. E T Y