A condensed income statement for Weber Associates and a partially completed vertical analysis follow.Required:1. Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year, Cost ofGoods Sold was 31 percent of Net Revenues, computed as ($1,397 ÷ $4,571).2. Does Cost of Goods Sold, as a percentage of Net Revenues, represent better or worse performance in 2019 as compared to 2018?Complete this question by entering your answers in the tabs below.Required 1 Required 2Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year,Cost of Goods Sold was 31 percent of Net Revenues, computed as ($1,397 ÷ $4,571). (Decreases should be indicated by aminus sign. Round your answers to the nearest whole percent.)Net RevenuesCost of Goods SoldResearch and Development ExpenseSales and Marketing ExpenseGeneral and Administrative ExpenseIncome from OperationsOther ExpensesIncome before Income TaxIncome Tax Recovery (Expense)Net IncomeWEBER ASSOCIATESIncome Statement (summarized)For the Year Ended March 31(in millions of U.S. dollars)2019$ 4,2291,1841,18178240168140641311$ 952100 %%%%9 %16 %1%15 %7%2018$ 4,5711,3971,27565545678829759(55)704% $100 %31 %28 %14 %10 %17 %1%17%(1) %15 %

2019 2018 Net revenue 4229 100% 4571 100% Cost of Goods Sold 1184 28% 1397 31% Research and…

WEBER ASSOCIATES Income Statement (summarized) For the Year Ended March 31 (in millions of U.S. dollars) 2019 let Revenues Cost of Goods Sold Research and Development Expense Sales and Marketing Expense General and Administrative Expense come from Operations Other Expenses ncome before Income Tax come Tax Recovery (Expense) $ 4,229 1,184 1,181 782 401 681 40 641 311 100% % % % 9% 16 % 1% 15 % 7% 2018 $4,571 1,397 1,275 655 456 788 29 759 (55) TO 100 % 31 % 28 % 14 % 10 % 17 % 1% 17% (1) %

WEBER ASSOCIATES Income Statement (summarized) For the Year Ended March 31 (in millions of U.S. dollars) 2019 let Revenues Cost of Goods Sold Research and Development Expense Sales and Marketing Expense General and Administrative Expense come from Operations Other Expenses ncome before Income Tax come Tax Recovery (Expense) $ 4,229 1,184 1,181 782 401 681 40 641 311 100% % % % 9% 16 % 1% 15 % 7% 2018 $4,571 1,397 1,275 655 456 788 29 759 (55) TO 100 % 31 % 28 % 14 % 10 % 17 % 1% 17% (1) %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kate Company reported the following information for 2020: Sales Cost of goods sold Operating expenses Unrealized gain - FVOCI Cash dividends received on investment For 2020, Kate would report comprehensive income before tax of P1,170,000 O P200,000 P1,150,000 O P970,000 P5,000,000 3,500,000 550,000 200,000 20,000
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Sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income (a) 2021 $1,595 900 695 524 171 80 Your answer is incorrect. 91 25 $66 2020 $1,387 $1,208 743 644 411 233 50 183 2019 46 596 612 402 210 40 170 43 $137 $127 Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Round answers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the number e.g. -45.1% or parentheses e.g. (45.1) %.)
ect Assignment The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement. For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains. Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income Earnings per share $ 435 6 128 569 247 158 41 446 $123 $ 12.30 Saved Help Additional information: 1. Selling and administrative expense includes $28 million in restructuring costs. 2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $8 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $10 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material.…
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