Homework Answers
Answer : 14.29%
Profit Margin = Net income / Net sales
Profit Margin for 2018
=500 / 3500 = $14.29%(Answer)
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Given the following information for Mouse Inc., calculate its profit margin for the year 2018. $...
2019 2017 2018 (in thousands) $2,004,719 Gross sales Less: Sales discounts 4,811 $1,937,021 $1,835,987 4,6494 ,406...
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Problem 5-87A (Algorithmic) Ratio Analysis Selected information from Bigg Company's financial statements follows: Gross sales Less:...
Problem 5-87A (Algorithmic) Ratio Analysis Selected information from Bigg Company's financial statements follows: Gross sales Less: Sales discounts Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expenses) Net income Fiscal Year Ended December 31 2019 2018 2017 (in thousands) $2,004,719 $1,937,021 $1,835,987 4,811 4,649 4,406 2,406 2,324 2,203 $1,997,502 $1,930,048 $1,829,378 621,463 619,847 660,955 $1,376,039 $1,310,201 $1,168,423 577,369 595,226 583,555 $798,670 $714,975 $584,868 15,973 (5,910) (8,773) $814,643 $709,065 $576,095...
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Brief Exercise 5-57 Ratio Analysis Watts Inc. specializes in imported goods, focusing particularly on food products....
Brief Exercise 5-57 Ratio Analysis Watts Inc. specializes in imported goods, focusing particularly on food products. For 2019, the company realized net sales of 59,700,000 and average net trade accounts receivable were $1,057,000. In 2018, Watts had realized a net loss for the year in the amount of $20,000; however, extraordinary efficiency efforts in 2019 increased net income by $445,000. Required: Round your answers to two decimal places. 1. Calculate Watts' accounts receivable turnover. 2. Calculate Watts' net profit margin...
Help for income, retained earnings, balance sheet, Net profit margin, and a current ratio Drs. Glenn...
Help for income, retained earnings, balance sheet, Net profit margin, and a current ratio Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Debit Credit Cash $ 6 Accounts Receivable 2 Supplies 2 Equipment 9 Accumulated Depreciation $ 2...
Application Problem 4-8A The statement of income for Dituri Manufacturing Inc. for the years 2018 to...
Application Problem 4-8A The statement of income for Dituri Manufacturing Inc. for the years 2018 to 2020 is presented below. Calculate the missing amounts on the statement of income. DITURI MANUFACTURING INC. Statement of Income (in thousands of dollars) 2020 2019 2018 Sales Revenue $1,362 $1,122 Cost of goods sold 951 Gross margin 701 450 Operating Expenses Store expenses 137 110 Administrative expenses 131 o 0 Depreciation expense 111 00 Operating income 147 Investment income Financing expenses Earnings before income...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Curren...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current assets: Accounts receivable, net of $24,000 in allowance for uncollectible accounts $ 218,000 Interest receivable 6,800 Notes receivable 260,000 Additional Information: The notes receivable account consists of two notes, a $60,000 note and a $200,000 note. The $60,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $200,000 note is dated June 30, 2018, with principal and...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current assets: Accounts receivable, net of $27,000 in allowance for uncollectible accounts $ 233,000 Interest receivable 10,000 Notes receivable 290,000 Additional Information: The notes receivable account consists of two notes, a $60,000 note and a $230,000 note. The $60,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $230,000 note is dated June 30, 2018, with principal and...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current...
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2018, year-end balance sheet: Current assets: Accounts receivable, net of $38,000 in allowance for uncollectible accounts $ 288,000 Interest receivable 11,300 Notes receivable 400,000 Additional Information: 1.The notes receivable account consists of two notes, a $70,000 note and a $330,000 note. The $70,000 note is dated October 31, 2018, with principal and interest payable on October 31, 2019. The $330,000 note is dated June 30, 2018, with principal and...
Shows what is you have completed so far. It does not inc Required information The following...
Shows what is you have completed so far. It does not inc Required information The following information applies to the questions displayed below] Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify: Debit Credit $3 5 12 60 15 5 Account Titles Cash Accounts...
2019 2017 2018 (in thousands) $2,004,719 Gross sales Less: Sales discounts 4,811 $1,937,021 $1,835,987 4,6494 ,406 2,324 2,203 Less: Sales returns and allowances 2,406 Net sales $1,997,502 621,463 $1,930,048 $1,829,378 619,847 660,955 $1,310,201 $1,168,423 595,226 583,555 Cost of goods sold Gross profit Operating expenses Operating income Other income (expenses) $1,376,039 577,369 $798,670 $714,975 $584,868 15,973 (5,850) $709,125 (8,773) $576,095 Net income $814,643 2019 2017 At December 31 2018 (in thousands) $195,427 2,736 $192,691 Accounts receivable $201,290 Less: Allowance for doubtful...
Problem 5-87A (Algorithmic) Ratio Analysis Selected information from Bigg Company's financial statements follows: Gross sales Less: Sales discounts Less: Sales returns and allowances Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expenses) Net income Fiscal Year Ended December 31 2019 2018 2017 (in thousands) $2,004,719 $1,937,021 $1,835,987 4,811 4,649 4,406 2,406 2,324 2,203 $1,997,502 $1,930,048 $1,829,378 621,463 619,847 660,955 $1,376,039 $1,310,201 $1,168,423 577,369 595,226 583,555 $798,670 $714,975 $584,868 15,973 (5,910) (8,773) $814,643 $709,065 $576,095...
Brief Exercise 5-57 Ratio Analysis Watts Inc. specializes in imported goods, focusing particularly on food products. For 2019, the company realized net sales of 59,700,000 and average net trade accounts receivable were $1,057,000. In 2018, Watts had realized a net loss for the year in the amount of $20,000; however, extraordinary efficiency efforts in 2019 increased net income by $445,000. Required: Round your answers to two decimal places. 1. Calculate Watts' accounts receivable turnover. 2. Calculate Watts' net profit margin...
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Shows what is you have completed so far. It does not inc Required information The following information applies to the questions displayed below] Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool, Inc.) on January 1, 2016. The annual reporting period ends December 31. The trial balance on January 1, 2018, follows (the amounts are rounded to thousands of dollars to simplify: Debit Credit $3 5 12 60 15 5 Account Titles Cash Accounts...
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