The following information relates to Westline Traders for a trading year. Calculate the overhead expenses as a percentage of the net sales. Details Sales Purchases Sales Returns Purchases Returns Amount $625,000 $410,000 $25,000 $30,000 Opening Stock Value $50,000 Closing Stock Value $55,000 Overhead Expenses $205,000

The following information relates to Westline Traders for a trading year. Calculate the overhead expenses as a percentage of the net sales. Details Sales Purchases Sales Returns Purchases Returns Amount $625,000 $410,000 $25,000 $30,000 Opening Stock Value $50,000 Closing Stock Value $55,000 Overhead Expenses $205,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.
Calculate the overhead expenses as a percentage of the net sales.
The following data were extracted from the income statement of Keever Inc.: Current Year Previous YearSales $18,500,000 $20,000,000Beginning inventories 940,000 860,000Cost of goods sold 9,270,000 10,800,000Ending inventories 1,120,000 940,000a. Determine for each year (1) the inventory turnover and (2) the number of days’ sales in inventory. Round to the nearest dollar and one decimal place.b. What conclusions can be drawn from these data concerning the inventories?
Overhead expenses:189000,closing stock value:42450
The following data were extracted from the income statement of Keever Inc.: Current Year Previous Year Sales $18,500,000 $20,000,000 Beginning inventories 940,000 860,000 Cost of goods sold 9,270,000 10,800,000 Ending inventories 1,120,000 940,000 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. Current Year Previous Year 1. Inventory turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in inventory fill in the blank 3 days fill in the blank 4 days It is NOT 44 or 31 dayas\ys
Prepare a vertical analysis of the income statement data for Whispering Winds Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) WHISPERING WINDS CORPORATIONComparative Income StatementsFor the Years Ended December 31 2022 2021 $ Percent $ Percent Net sales $688,000 Enter percentages % $576,000 Enter percentages % Cost of goods sold 445,000 Enter percentages % 417,000 Enter percentages % Gross profit 243,000 Enter percentages % 159,000 Enter percentages % Operating expenses 145,000 Enter percentages % 108,000 Enter percentages % Net income $98,000 Enter percentages % $51,000 Enter percentages %
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Operating data for Taylor Corporation are presented below. Using the Excel spreadsheet provided, prepare a schedule showing a vertical analysis for 2020 and 2019. 2020 2019 Sales revenue $800,000 $600,000 Cost of goods sold 520,000 408,000 Selling expenses 120,000 72,000 Administrative expenses 60,000 48,000 Income tax expense 30,000 24,000 Net income 70,000 48,000 (CGS percent. = CGS ÷ Sales rev.)
Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions): 2021 2020 Accounts receivable (net) $ 20 $ 16 Net sales $ 115 $ 100 Cost of goods sold $ 60 $ 55 Net income $ 20 $ 17 Inventory turnover 5.22 Return on assets 10.3 % Equity multiplier 2.36 Dowling's 2021 average collection period is (rounded)? Show your work. Question 44 options:
General accounting
The following items were taken from the financial statements of Kramer Manufacturing, Inc., over a 3-year period: Item 2021 2020 2019 Net sales $226,000 $212,000 $200,000 Cost of goods sold 150,000 140,000 125,000 Gross profit $ 76,000 $ 72,000 $ 75,000 Instructions Using horizontal analysis and 2019 as the base year, compute the trend percentages for net sales, cost of goods sold, and gross profit. Item 2021 2020 2019 Net sales % % 100% Cost of goods sold % % 100% Gross profit % % 100% Explain whether the trends are favorable or unfavorable for each…
The following data were extracted from the income statement of Shriver Inc.: Current Year Prior Year Sales $17,900,000 $18,100,000 Beginning inventories 760,000 700,000 Cost of merchandise sold 8,964,000 9,782,000 Ending inventories 900,000 760,000 a. Determine for each year (1) the inventory turnover and (2) the number of days' sales in inventory. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume 365 days a year. Current Year Prior Year Inventory turnover Number of days' sales in inventory days days