Millard Division's margin in Year 2 was 120% of the margin in Year 1.The sales for Year 2 were:Multiple Cholce$1,583,333$3,210,000$6,333,333$6,666,666 The Millard Division's operating data for the past two years are provided below:Year 1Year 2Return on investment10%24%Net operating income?$380,000Turnover?4Margin??Sales$3,210,000?Millard Division's margin in Year 2 was 120% of the margin in Year 1.The sales for Year 2 were:

Introduction:- First we need to calculate margin Margin =Return on investment / Turnover x 100 =0.24…

Answered: The sales for Year 2 were: Multiple…

Business

Accounting

The sales for Year 2 were: Multiple Cholce $1,583,333 $3,210,000 $6,333,333 $6,666,666

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Joyner Company’s income statement for Year 2 follows: Sales $ 702,000 Cost of goods sold 96,000…

A: Free cash flow=Operating cash flow-Capital expenditure-Dividend paid

Q: contribution margin

A: Number of units sold Sales/Selling price $880000/$55 = 16000

Q: Accounting Car Company's sales in Year 1 were $390,000 and in Year 2 were $427,500. Using Year 1 as…

A: Trend Analysis :— Trend analysis is the Technical Analysis of Future Prediction. It help to…

Q: Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Candy Company had sales of $320,000 and cost of goods sold of $112,000. What is the gross profit…

A: Gross profit margin helps in assessing how much the company has after paying all the costs which are…

Q: Please provide Answer Fast

A: Step 1: Introduction to Gross Profit:For a manufacturing firm, the gross profit is determined by…

Q: The following information is available: Cost of goods sold $1,000,000 Sales $500,000 Sales…

A: Ending Inventory = Cost of Goods Sold + Gross profit - Net Sales Note : Net Sales = Sales - Sales…

Q: Boston Company sells ten items for $1,100 per unit and has a cost of goods sold per unit of $660.…

A: Gross profit: The difference between the sales and the cost of goods sold is called gross profit.…

Q: Financial information is presented below: Operating Expenses $ 94000 Sales Returns and Allowances…

A: Net Sales = Sales Revenue - Sales Returns and Allowances - Sales Discounts…

Q: Calculate the Gross Profit Percentage using the following informat Net Sales Cost of Goods Sold…

A: Introduction:- Gross profit is calculated by deduction of the cost of goods sold (COGS) from total…

Q: Sales Revenue: $8,000 -Tax Rate: 25% - Interest Expense: $70 - SGA Expenses: $1,300 - Other Revenue:…

A: The income statement explains the financial performance of the company for a particular period of…

Q: Calculate the sales from the given information Cost of goods sold is $38,000…

A: The format is - Sales less Cost of goods sold less Depreciation less tax Net…

Q: The net sales for the season were $47,500. The cost of goods sold was $21,000 and operating expenses…

A: NET PROFIT MARGINNet Profit Margin is the ratio between net income & total sales revenue. Net…

Q: er the following 2 questions based on the information in the spreadsheet you created below: Year…

A: 1) Gross margin is Revenue (-) cost of goods sold and Gross margin ratio is calculated by dividing…

Q: Given the following data, what is the cost of goods sold? Sales revenue $950,000 Beginning inventory…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to earned sales for the…

Q: TJVTBP218 Corp.'s income statement for the second quarter of the year is below: TJVTBP218 Corp.…

A: No. of units sold = Total sales / Sales price per unit = $840000/70 = 12000 units

Q: Martinez Retailers produced the following information for the most recent year: 1. Sales…

A: In order to determine the purchases made during the period, the cost of goods sold is required to be…

Q: Assume Old Oak Winery made Net Sales Revenue of $73,000 and Cost of Goods Sold totaled $50,000. What…

A: The gross profit is calculated as difference between sales and cost of goods sold. The gross profit…

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: Use the following to answer the questions DO NOT INCLUDE C OMMAS OR DOLLAR SIGNS IN YOUR ANSWERS…

A: Net profit margin = Net income / net sales where, Net sales = Sales - sales return and allowances

Q: Presented below is a combined single-step income and retained earnings statement for Hardrock Mining…

A: Income Statement: An income statement is a financial document that tells you how much money the firm…

Q: h) During January, 50 units costing $25 per unit were sold on account for selling price of $35 per…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Candy Company had sales of $320,000 and cost of goods sold of $112,000. What is the gross profit…

A: Gross Profit ratio = [(Sales - Cost of goods sold)/Sales]

Q: ART ratio for 2 years

A: Formula used in the calculation: Average receivable = ( Beginning receivable + Ending receivable ) /…

Q: Values of purchases that a customer has made during the last five months are summarized as below:…

A: Past Customer Value (PCV)= It measure the value of customer based on past purchase and gross…

Q: A store sells an item for $430 each. If this is a 64.5% markup on the selling price, find the…

A: Markup percentage on cost is calculated by dividing markup amount by cost of goods sold. Markup…

Q: Return on Sales Ratio Using the data below, compute Ian’s return on sales ratio for the month of…

A: Accounting Ratios are financial ratios through which a company can analyze its performance in terms…

Q: Activity 3. Comprehensive Problems. Solve the following problems below. Present your solutions in…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1…

A: As posted to solve only Question 6 so we are answering only that.

Q: An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's…

A: The contribution margin is the additional revenue made for each product or unit sold after the…

Q: Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685…

A: Times Interest Earned Ratio or TIE, measures the firm's ability to meet its debt obligations on a…

Q: Financial information is prese

A: Gross Profit means excess of revenue over cost of direct expenses. To calculate Gross profit, Cost…

Q: In an income statement, total Sales and revenue in $230,000 and total operating expenses is $80.000.…

A: Solution Net income = Total sales and revenue - Total operating expenses - Tax.

Q: Marathon Sports Gear had sales of $562,000, sales returns of $27,000, and purchase discounts of…

A: Definition of Gross Profit:Gross profit is a financial metric that represents the profitability of a…

Q: Please Provide answer of this Question

A: Hello student! Gross profit is the difference between sales and cost of goods sold. The formula for…

Q: 20x5 20x4 Sales $2,300,000 1,400,000 $1,900,000 1,200,000 Cost of goods sold Gross margin Operating…

A: solution the following ratio analysis has been done asset turnover =sales / average total assets…

Q: In the first year of operations, Youtube Company Sales were as follows: Sales Basis Mark-up on Cost…

A: Gross profit is the operating profit of the firm which is earned by the firm during the account…

Q: Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2…

A: Ratio is defined as the metrics group that is used for measuring the profitability as well as…

Q: Caro Corporation has provided the following information for its most recent month of operations:…

A: Step 1: Calculation of Cost of Goods SoldCost of Goods Sold = Sales - Gross ProfitCost of Goods Sold…

Question

Millard Division's margin in Year 2 was 120% of the margin in Year 1.
The sales for Year 2 were:
Multiple Cholce
$1,583,333
$3,210,000
$6,333,333
$6,666,666

The Millard Division's operating data for the past two years are provided below:
Year 1
Year 2
Return on investment
10%
24%
Net operating income
?
$380,000
Turnover
?
4
Margin
?
?
Sales
$3,210,000
?
Millard Division's margin in Year 2 was 120% of the margin in Year 1.
The sales for Year 2 were:

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

O Given Gross Margin of $212,000, Cost of Goods Sold of $544,000, Sales of $756,000 and net income of $65,000 what is Selling, General and Administrative expense 8$147.000 6. $132,000 c. $156,000 d. $488,000 e. $212,000
Calculate net profit ratio from the following data: Sales returns 1,00,000 Administration expenses ? 10,000 Gross profit ? 40,000 Selling expenses 10,000 Income from investment 5,000 Loss on account of fire 3,000
Physical Units Method, Relative Sales Value Method Farleigh Petroleum, Inc., is a small company that acquires high-grade crude oil from low-volume production wells owned by individuals and small partnerships. The crude oil is processed in a single refinery into Two Oil, Six Oil, and impure distillates. Farleigh Petroleum does not have the technology or capacity to process these products further and sells most of its output each month to major refineries. There were no beginning finished goods or work-in-process inventories on April 1. The production costs and output of Farleigh Petroleum for April are as follows: Crude oil placed into production $6,500,000 Direct labor and related costs 1,500,000 Manufacturing overhead 3,000,000 Data on barrels produced and selling price: Two Oil, 300,000 barrels produced; sales price, $45 per barrelSix Oil, 160,000 barrels produced; sales price, $25 per barrelDistillates, 80,000 barrels produced; sales price, $14 per barrel Required: 1.…
Cost of Goods Sold is 60% of Sales, Purchases is P20,000, Inventory ending is P5,000 higher than inventory beginning, the amount of sales is Choices; 25,000 41,667 37,500
A business achieves a margin of 25% on sales. Opening inventory was $36,000, closing inventory was $56,000 and purchases totalled $600,000. Calculate the sales for the period. A $773,333 B $725,000 C $826,666 D $800,000
Calculate LTM (last twelve months) 9/30/2012 sales given the information below Sales data in millions YTD 9/30/2012 sales YTD 9/30/2011 sales YTD 9/30/2010 sales 2011 sales 2010 sales $1,900.7 $2,000.5 $2,100.0 Ⓒ$2,400.0 $1,600.0 1,450.0 1,375.0 2,250.0 2,000.0
Sandhill Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 60 cents per 16-ounce bottle to retailers. For the year 2022, management estimates the following revenues and costs. Sales Direct materials Direct labor Manufacturing overhead-variable Manufacturing overhead-fixed $1,800,000 420,000 400,000 Selling Selling expenses-fixed expenses-variable Administrative expenses-variable 420,000 Administrative expenses-fixed 110,000 $87,000 61,000 23,000 99,000
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
income statement with percentages comparatively
Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 98,000 129,000 Cost of goods sold 64,600 enter a dollar amount Gross profit enter a dollar amount 56,760 Operating expenses 20,400 enter a dollar amount Net income enter a dollar amount 21,930 Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 75.5%.) Crane Company Sheridan Company Profit margin enter profit margin in percentages rounded to 1 decimal place % enter profit margin in percentages rounded to 1 decimal place % Gross profit rate enter gross profit rate in percentages rounded to 1 decimal place % enter gross profit rate in percentages rounded to 1 decimal place %
Please provide a complete and neat solution. Thank you!
Total Sales of $1,500,000. Gross Profit 40% of Sales. Payroll costs of $257,000, and Expenses are 34% of Total Sales. Calculate Net Profit in dollars.