Need answer of this Question Trapper Corporation reported the following data:Freight inPurchases$27,000 Dividends$9,000202,000 Purchase returns 6,700Sales revenue 400,000Ending inventory 47,000Beginning inventory 57,000Purchase discounts 4,700Trapper's gross profit percentage is:A. 61.9%.B. 56.9%.C. 43.1%.D. 42.1%.

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Answered: Trapper Corporation reported the…

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 46E

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Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Inventory turnover
Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet sales were $164,000 and net purchases were $81,000.11. What is Corrigan’s gross profit percentage (rounded to the nearest whole percentage)?a. 53%b. 51%c. 48%d. 47%
Income statement information for Einsworth Corporation follows: Sales $1,200,000 Cost of goods sold 780,000 Gross profit 420,000Prepare a vertical analysis of the income statement for Einsworth Corporation.
Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000 $610,000 Cost of goods sold 434,620 347,700 Selling expenses 105,150 103,700 Administrative expenses 119,170 122,000 Income tax expense 21,030 12,200 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 $fill in the blank 6de34503cfdf061_2 fill in the blank 6de34503cfdf061_3% $fill in the blank 6de34503cfdf061_4 fill in the blank 6de34503cfdf061_5% fill in the blank 6de34503cfdf061_7 fill in the blank 6de34503cfdf061_8% fill in the blank 6de34503cfdf061_9 fill in the blank 6de34503cfdf061_10% Gross profit $fill in the blank…
a. Prepare a common-sized income statement comparing the results of operations for Dawg Electronics Company with the industry average. If required, round percentages to one decimal place. Dawg Electronics Company Common-Sized Income Statement Dawg Electronics Dawg Electronics Electronics Industry Company Amount Company Percent Average Sales $3,750,000 100.0 % 100.0% Cost of goods sold (2,062,500) 550.0 % (61.0)% Gross profit $1,687,500 45.0 % 39.0% Selling expenses $(1,125,000) 0.3 % (23.0)% Administrative expenses (262,500) 0.7 % (10.0)% Total operating expenses $(1,387,500) 37.0 % (33.0)% Operating income $300,000 8.0 % 6.0% Other revenue and expense: Other revenue 15,000 0.4 % 3.0% Other expense (3,750) 0.1 % (1.0)% Income before income tax $311,250 8.3 % 8.0% Income tax expense (93,750) 25 % (2.5)% Net income $217,500 5.8 % 5.5%
Jester Corporation's most recent income statement appears below: Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Multiple Choice O The beginning balance of total assets was $190,000 and the ending balance was $187,200. The return on total assets is closest to: O 23.9% Income Statement 22.3% 16.7% 31.8% $ 250,000 145,000 105,000 45,000 60,000 15,000 45,000 13,500 $ 31,500
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%
The following are the income statements for Ace and Diamond Companies. Diamond $ 76,000 49,000 45,600 21,000 30,400 9,500 12,500 $ 11,500 $ 17,900 What are the net income percentages for Ace and Diamond, respectively? Revenue Cost of goods sold Gross margin Operating expenses Net income Multiple Choice 6.09% and 4.25% 16.4% and 23.6% 1.83% and 1.70% 30% and 40% Ace $ 70,000
Income statement information for Einsworth Corporation follows: Sales $442,000 Cost of goods sold 150,280 Gross profit 291,720 Prepare a vertical analysis of the income statement for Einsworth Corporation. If required, round percentage answers to the nearest whole number. Einsworth Corporation Vertical Analysis of the Income Statement Amount Percentage Sales $442,000 % Cost of goods sold 150,280 % Gross profit $291,720 %
Income statement information for Einsworth Corporation follows: Sales $537,000 Cost of goods sold 177,210 Gross profit 359,790 Prepare a vertical analysis of the income statement for Einsworth Corporation. If required, round percentage answers to the nearest whole number.
Vertical Analysis Income statement information for Einsworth Corporation follows: Sales $376,000 Cost of goods sold 116,560 Gross profit 259,440 Prepare a vertical analysis of the income statement for Einsworth Corporation. If required, round percentage answers to the nearest whole number. Einsworth Corporation Vertical Analysis of the Income Statement Sales Amount Percentage $376,000 % Cost of goods sold 116,560 Gross profit $259,440 %

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