Sales Revenue $983,000 Cost of Goods Sold 489,000 Operating Expenses 243,000
Q: Gross profit of Company amounted to 175,000. Beginning Inventory totaled 250,000. Ending Inventory…
A: Formula: Cost of Goods sold = Beginning inventory + Net purchases - Ending Inventory.
Q: The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows:…
A: Cash flow statement: Cash flow statement is a main part of financial statement. It is prepared to…
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A: Retained Earnings = Net Profit after tax - Dividend Paid
Q: Net Sales $336,500 Cost of Goods Sold $132,200 $ Gross Margin ($) Operating Expenses $109,000 $ Net…
A: Net profit is the amount of sales revenue left after paying all the operating expenses incurred…
Q: Net Sales $336,500 Cost of Goods Sold $132,200 $ Gross Margin ($) Operating Expenses Net Profit ($)…
A: Introduction: Net profit: Deduction of all expenses from revenues derives the net profit. Net profit…
Q: Cost of goods sold: 28,000 16,000 125,000 Beginning inventory 2$ 120,000 Net purchases 141,000…
A: solution-1 Compute inventory turnover ratio Dec 2017 Formula- Inventory turnover ratio=Cost of good…
Q: Calculate the gross profit for Jefferson Company
A: Gross profit is nothing but the profit earned by an entity after considering expenses that are…
Q: Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost…
A: Formula used for calculating Gross profit: Gross profit = Sales revenue - Cost of merchandise sold
Q: Sales $ 435,000 Variable expenses: Cost of goods sold $ 304,500 Administrative expense 21,750…
A: The income statement is referred to as a statement of operations, a profit and loss statement, or a…
Q: Cost of goods sold $216,128 Rent expense $34,000 Freight-out 6,000 Sales discounts 8,000 Insurance…
A: Formula: Net income = Total revenues - Total expenses
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A: Lets understand the basics. Cashflow statement is prepared by the management to understand the from…
Q: A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals:…
A: The question is based on the concept of Accounting Ratios.
Q: A company reports net sales of OMR 60,000, cost of goods sold is OMR 35,000, operating expenses is…
A: Net Income is also known as net earnings. It refers to the amount which is derived after deducting…
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A: Cash flow financial activities include Change in long term debt Change in common stock Change in…
Q: Sales Cost of goods sold Gross Profit Operating expenses P800,000 480,000 320,000
A: Formula used: Each line item value % = ( Each line item value / Sales value ) x 100
Q: A company made net sales revenue of $500,000, and cost of goods sold totaled $300,000. Calculate its…
A: When two numerical values are compared with each other, the result is known as a ratio. Ratio…
Q: $345,000 $205,000 $32,500 Net sales revenue Cost of goods sold Average accounts receivable Average…
A: The average collection period refers to how long it takes a business to collect its receivables.…
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A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Operating Goods Sold ($) Margin Expenses (S) Cost of Gross Net Sales Net Profit $4,234,000 S…
A: The income statement is prepared to determine the net income of the business by subtracting the…
Q: Last Year Sales $208,000 $221,000 Cost of goods sold 106,000 116,000 Gross margin 102,000…
A: Ratio analysis can be used to obtain the information regarding performance of a company, department,…
Q: Sales revenue (all on account) $10,177,250 $9,614,00C Cost of goods sold 5,611,750 5,298,750 Gross…
A: The ratio analysis helps to analyse the financial statements of the business.
Q: Required: Using the balance sheet and income statement above, complete the operating section…
A: Cash Flow statements are the statement of changes in cash in an organization. Any non-cash item will…
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A: Ratio analysis is a technique to know the liquidity, profitability and operational efficiency of the…
Q: Cost of Goods Sold Gross Operating Expenses Net Sales Net Profit ($) Margin ($) $336,500 $132,200 $…
A: Formula: Gross margin = Net sales - Cost of goods sold
Q: Sales revenue $200,000 Cost of goods sold 119,000 Gross profit 81,000 Operating expenses (includes…
A: The cash flow statement shows the inflow and outflow of cash due to the operating, investing, and…
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A: Formula: Cost of finished goods available for sale = Beginning Finished goods + Cost of goods…
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A: Income statement is prepared by the business organization so as to know how much amount of Gross…
Q: Sales Cost of goods sold P800,000 480,000 320,000 Gross Profit Operating expenses 40,000 Selling…
A: Comparative financial statements are prepared to analyze the financial statements of the company. It…
Q: Net sales 74,000 90,000 Cost of goods sold 51,800 Gross profit 28,800 Operating expenses 13,320 Net…
A: Formula: Gross profit = Net sales - Cost of goods sold
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A: c. Selling and administrative expenses = Gross profit - Operating income = $40,000 - $12,000 =…
Q: The Cost of Goods Sold amounted to ₱285,000. Net cost of purchases totaled ₱ 85,000. Beginning…
A: Gross profit is the excess of sales over cost of goods sold. Cost of goods sold is the cost at which…
Q: Selling Expenses %24 11,500 Interest Revenue 1,900 Net Sales Revenue 122,000 Cost of Goods Sold…
A: An income statement is a financial statement that is prepared by the business organization, which…
Q: LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $136, 200 Expenses…
A: Cash flow statement represents the cash inflow and cash outflow of the company.
Q: Cost of Goods Sold $ 164,000 Income Tax Expense Merchandise Sales (gross revenue) for Cash 238,000…
A: Formula: Gross profit = ( Gross profit / net sales ) x 100
Q: Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense $168,000…
A: Horizontal analysis is an analysis carried out horizontally between the line of times which is…
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A: Introduction: Gross profit : Deduction of Cost of goods sold from Sales revenue derives the Gross…
Q: Overcharge Card reports that following amounts: Sales = $3,000,000; Cost of Goods Sold = $1,200,000;…
A: Operating income is the profitability of a firm which is derived from its operations. In simple…
Q: Sales 460,000 Cost of goods sold 300,000 Operating expenses 85,000 Sales discounts 20,000 Sales…
A: Solution: Net sales = Sales - Sales discounts - sales return and allowances = 460000 - 20000 - 15000…
Q: Overcharge Card reports that following amounts: Sales = $3,000,000; Cost of Goods Sold = $1,200,000;…
A: Operating Income = Sales - Cost of goods sold - depreciation - administrative expenses - marketing…
Q: Monty Corp. reported net sales $610,000, cost of goods sold $366,000, operating expenses $151,000,…
A: Introduction: Profit margin: It tells the profitability of the company so its a profitability ratio.…
Q: Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses -…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: SERVICE REVENUE $ 281,000 120,000 161,000 Sales revenue, net Cost of goods sold Gross profit…
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
Q: Sales . . . . . . . . . . . . . . . . . . . . . . . . $300,000 Sales returns . . . . . . . . . . . .…
A: Operating expenses are expenses incurred for the operation of the business. Cost of goods sold is…
Q: Interest expense = 36,000. Sales revenue = 2,195,000. Interest and dividends = 9,000. Selling…
A: Gross profit shows that income of the entity which it gets when the total net sale value of goods…
Q: Administrative Expenses $ 250,000 Building 1,025,000 Cash 97,000 Cost of Merchandise Sold 1,400,000…
A: Income statement records all the revenue and expenses and helps to determine net income of the…
Q: Sales Revenue 275,000.00 Cost of Goods Sold Accounts Payable 100,000.00 7,500.00 9,000.00 Inventory…
A: The cash flow statement shows the company's cash inflow and cash outflow during the period. It…
Q: Determining Gross Profit During the current year, merchandise is sold for $31,850,000. The cost of…
A: Meaning of Gross Profit Gross profit is refer as the profit of the company which is computed after…
Q: Sales 218,000 Gain on sale of equipment $ 6,290…
A: Total Income Profited: Total Income Profited means the difference between the total revenue earned…
Q: Calculate Net Profit in dollars.
A: Information Provided: Total sales = $1,500,000 Gross profit = 40% of Sales Payroll Costs = $257,000…
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- Refer to the following financial statements of Delima Corporation for 2019 and 2020: Delima Corporation Income Statements For the year ended 31 December (in millions) 2020 2019 $13,198 $ 7,750 $ 5,448 $3,472 $ 1,976 233 $ 12,397 $ 7,108 $ 5,289 $ 3,299 $ 1,990 $ $4 $ 1,742 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Other (income) expense, net $ 248 11 Income before income taxes $ 1,732 Income tax expense 503 502 Net income $ 1,229 $ 1,240 Delima Corporation Balance sheet For the year ended 31 December (in millions) Assets 2020 2019 Current assets Cash 444 $ $ 1,188 $ 1,132 460 $ 1,190 $ 1,056 Accounts receivables (net) Inventories Other current assets 247 225 $ 3,027 $ 3,281 $ 5,593 $ 2,915 $ 3,128 $ 5,804 $ 11,847 Total current assets Property (net) Other assets Total assets $11,901 Liabilities and Stockholders' Equity $ 3,313 $ 6,826 $ 1,762 $11,901 $ 3,184 $ 6,509 $ 2,154 $ 11,847 Current liabilities…KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 459,716 $ 352,180 $ 244,400 Cost of goods sold 276,749 223,282 156,416 Gross profit 182,967 128,898 87,984 Selling expenses 65,280 48,601 32,261 Administrative expenses 41,374 30,992 20,285 Total expenses 106,654 79,593 52,546 Income before taxes 76,313 49,305 35,438 Income tax expense 14,194 10,108 7,194 Net income $ 62,119 $ 39,197 $ 28,244 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 58,718 $ 39,300 $ 52,535 Long-term investments 0 500 4,280 Plant assets, net 109,047 99,561 58,646 Total assets $ 167,765 $ 139,361 $ 115,461 Liabilities and Equity Current liabilities $ 24,494…Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.) Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $277,000 $200,100 $ % Less: Sales Returns and Allowances 14,200 12,400 Net Sales 262,800 187,700 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Available for Sale 92,200 89,300 Less: Merchandise Inventory, Dec. 31 43,000 60,200 Cost of Goods Sold 49,200 29,100 Gross Margin 213,600 158,600
- You are given the following extract of an income statement: Particulars 2018 (OMR) 2019(OMR) Net sales 120,000 180,000 Cost of goods sold 108,000 120,000 Gross profit 12,000 60,000 Administrative expenses 2,500 3,800 What is the percentage change in administrative expenses if a common size statement is preparedComputing Activity Ratios Selected balance sheet and income statement information follows for R.A. Corporation. R.A. Corporation $ millions April 2, 2020 March 28, 2019 Income statement information: Sales $20,967 $22,353 Cost of goods sold 9,654 9,726 Balance sheet information: Accounts receivable, gross 2,313 2,718 Inventory 3,375 3,126 Accounts payable 468 630 Required Compute the following ratios for its fiscal year ended April 2, 2020. Round your answers to two decimal places (for example, enter 20.46 for 20.4555558). a. Accounts receivable turnover Answer b. Average days to collect receivables Answer c. Inventory turnover Answer d. Average days in inventory Answer e. Accounts payable turnover Answer f. Average days payable outstanding Answer g. Cash conversion cycle AnswerAtlantic Corporation reported the following financial statements: E (Click the icon to view the financial statements.) The company has 2,200 shares of common stock outstanding. What is Atlantic's earnings per share? (Round the earnings per share to two decimal places, X.XX. O A. $1.90 Financial Statements O B. $3.58 OC. $2.49 O D. 3.19 times Atlantic Corporation Comparative Balance Sheet December 31, 2019 and 2018 2019 2018 Assets Current Assets: Cash and Cash Equivalents 2,052 $ 1,655 Accounts Receivable 1,951 1,731 Merchandise Inventory 1,342 1,094 1,615 1,817 Prepaid Expenses Total Current Assets 6,960 6,297 18,240 16,174 Other Assets 2$ 25,200 $ 22,471 Total Assets Liabilities Current Liabilities 24 7.087 $ 8,158 4,698 3,844 Long-term Liabilities Total Liabilities 11,785 12,002 Stockholders' Equity Common Stock, no par 7,015 4,169 6,400 6,300 Retained Earnings Click to select your an Total Stockholders' Equity 13,415 10,469 24 25,200 $ 22,471 Clear Al All parts showing Total…
- Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666…Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666…Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666…
- Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 429,809 $ 329,269 $ 228,500 Cost of goods sold 258,745 207,439 146,240 Gross profit 171,064 121,830 82,260 Selling expenses 61,033 45,439 30,162 Administrative expenses 38,683 28,976 18,966 Total expenses 99,716 74,415 49,128 Income before taxes 71,348 47,415 33,132 Income tax expense 13,271 9,720 6,726 Net income $ 58,077 $ 37,695 $ 26,406 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 58,039 $ 38,846 $ 51,928 Long-term investments 0 1,100 3,100 Plant assets, net 106,146 96,441 57,969 Total assets $ 164,185 $ 136,387 $ 112,997 Liabilities and Equity Current liabilities $ 23,971 $ 20,322 $ 19,774 Common stock 67,000 67,000 49,000 Other paid-in capital 8,375 8,375 5,444 Retained earnings 64,839 40,690 38,779 Total liabilities and equity $ 164,185 $ 136,387 $…Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $745,000 $595,000 Cost of goods sold 459,665 384,965 Selling expenses 114,730 67,235 Administrative expenses 55,130 48,790Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 510,880 $ 391,376 $ 271,600 Cost of goods sold 307,550 248,524 173,824 Gross profit 203,330 142,852 97,776 Selling expenses 72,545 54,010 35,851 Administrative expenses 45,979 34,441 22,543 Total expenses 118,524 88,451 58,394 Income before taxes 84,806 54,401 39,382 Income tax expense 15,774 11,152 7,995 Net income $ 69,032 $ 43,249 $ 31,387 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 53,905 $ 36,079 $ 48,229 Long-term investments 0 500 3,040 Plant assets, net 101,665 92,652 55,799 Total assets $ 155,570 $ 129,231 $ 107,068 Liabilities and Equity Current liabilities $ 22,713 $ 19,255 $ 18,737 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 56,357 33,476…