Compute the component percentages for Trixy Magic’s income statement below. (Enter your answers as a percentage rounded to 2 decimal place (i.e. 0.1234 should be entered as 12.34). Enter all answers as positive values.)
Compute the component percentages for Trixy Magic’s income statement below. (Enter your answers as a percentage rounded to 2 decimal place (i.e. 0.1234 should be entered as 12.34). Enter all answers as positive values.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Compute the component percentages for Trixy Magic’s income statement below. (Enter your answers as a percentage rounded to 2 decimal place (i.e. 0.1234 should be entered as 12.34). Enter all answers as positive values.)

Transcribed Image Text:TRIXY MAGIC, INC.
Consolidated Statements of Earnings
(in millions)
Fiscal Years Ended on
Fiscal 2018
% Sales
Fiscal 2017
% Sales
Fiscal 2016
% Sales
100.00 %
Net sales
Cost of sales
$
48,234
100.00 %
$
48,288
$
46,932
100.00
31,734
31,574
30,732
Gross margin
16,500
16,714
16,200
Expenses:
Selling, general, and administrative
11,085
10,518
9,758
Depreciation
1,555
1,370
1,165
Interest-net
288
210
160
Total expenses
Pre-tax earnings
Income tax provision
12,928
12,098
11,083
3,572
4,616
5,117
1,321
1,720
1,902
Net earnings
2,251
% $
2,896
%
$
3,215
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!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images

Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
What is the formula for the percentages under expenses?
Solution
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.Recommended textbooks for you


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,


Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,

Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON

Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education

Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education