Homework Answers
| Lemon Auto wholesalers | |
| Income statement | |
| Sales | 1,230,100 |
| Cost of goods sold(69%) | 848,769 |
| Gross Profit | 381,331 |
| Selling and administrative expense | 184,515 |
| (15% of sales) | |
| Depriciation | 12,000 |
| Operating profit | 184,816 |
| Interest expense | 20,900 |
| Earnings before taxes | 163,916 |
| Taxes @30% | 49,175 |
| Earnings after taxes | 114,741 |
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increasing selling and administrative expenses to 15 percent of sales, sales can be increased to $1,230,100....
b-1. Assume the firm hires Ms. Carr, an efficiency expert, as a consultant. She suggests that...
b-1. Assume the firm hires Ms. Carr, an efficiency expert, as a consultant. She suggests that by increasing selling and administrative expenses to 15 percent of sales, sales can be increased to $1,230,100. The extra sales effort will also reduce cost of goods sold to 69 percent of sales. (There will be a larger markup in prices as a result of more aggressive selling.) Depreciation expense will remain at $12,000. However, more automobiles will have to be carried in inventory...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest expense Sales Selling and administrative expense Taxes value: 20.00 points Lemon Auto Wholesalers had sales of $740,000 last year, and cost of goods sold represented 70 percent of sales. Selling and administrative expenses were 12 percent of sales. Depreciation expense was $18,000 and interest expense for the year was $11,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes. Lemon Auto...
7. Carr Auto Wholesalers had sales of $900,000 in 2015, and cost of goods sold represented...
7. Carr Auto Wholesalers had sales of $900,000 in 2015, and cost of goods sold represented 65 percent of sales. Selling and administrative expenses were 9 percent of sales. Amortization expense was $10,000, and interest expense for the year was $8,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes using percentage-of-sales method. b. Assume the firm hires Ms. Hood, an efficiency expert, as a consultant. She suggests that by increasing selling and administrative expenses to 12...
Carr Auto Wholesalers had sales of $1,510,000 in 2015, and cost of goods sold represented 76...
Carr Auto Wholesalers had sales of $1,510,000 in 2015, and cost of goods sold represented 76 percent of sales. Selling and administrative expenses were 12 percent of sales. Amortization expense was $19,000 and interest expense for the year was $10,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes using Percentage-of-Sales Method. (Input all answers as positive values.) CARR AUTO WHOLESALERS Income Statement For the Year Ended December 31, 2015 TClick to select) Cick to select) Interest...
Lemon Auto Wholesalers had sales of $1,180,000 last year, and cost of goods sold represented 73...
Lemon Auto Wholesalers had sales of $1,180,000 last year, and cost of goods sold represented 73 percent of sales. Selling and administrative expenses were 13 percent of sales. Depreciation expense was $12,000 and interest expense for the year was $13,000. The firm's tax rate is 30 percent a. Compute earnings after taxes Lemon Auto Wholesalers Income Statement
Compute Cost of Sales,Selling, General and Admin Expenses and taxes as a percent of revenue...
1) Compute Cost of Sales,Selling, General and Admin Expenses and taxes as a percent of revenue for 2012,2011 and explain how Google net income has changed over the three year period2) Compute current and non current assets as a percent of total assets and explain how google asset structure changed from 2011 to 20123) Compute current and long term liabilities as a percent of total assets and explain how google reliance on liabilites as a source of financing changed from...
Please provide a 1) Sales budget, including a schedule of expected cash collections. 2) Production budget....
Please provide a
1) Sales budget, including a schedule of expected cash
collections.
2) Production budget.
Kimmel Gnomes, located in South Dakota, may be the only other manufacturer of high quality clay garden gnomes that are hand finished. Kimmel Gnomes are stoneware, rather than terracotta. Stoneware uses higher-quality clay than terracotta and the gnomes are fired at higher temperature, yielding a stronger, more durable gnome. The gnomes are fired inside and out and are colored with glaze before firing, rather...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as...
Gleim 6 Deductions from AGI [1] Which one of the following expenses does not qualify as a deductible medical expense? A. Cost of long-term care for a developmentally disabled person in a relative’s home. B. Special school for a deaf child to learn lip reading. C. Cost of elevator installed for individual who had heart bypass surgery (in excess of increase in value of individual’s home). D. Cost and care of guide dogs used by a blind person in his...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in Appendix A. Required: Compute the following ratios for Year 11. Liquidity ratios: Asset utilization ratios:* a. Current ratio n. Cash turnover b. Acid-test ratio 0. Accounts receivable turnover c. Days to sell inventory p. Inventory turnover d. Collection period 4. Working capital turnover Capital structure and solvency ratios: 1. Fixed assets turnover e. Total debt to total equity s. Total assets turnover f. Long-term...
Our controller, Richard Kimmel is negotiating with potential new Clay suppliers in Kentucky. We need the...
Our controller, Richard Kimmel is negotiating with potential new Clay suppliers in Kentucky. We need the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019 for our corporate strategic planning process, and we cannot wait for Richard’s return from Kentucky. We would like you to prepare the Large Gnome Division’s Master Budget for the fiscal year ended June 30, 2019. The deliverables are as follows: 1. Sales budget, including a schedule of expected cash collections. 2....
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest expense Sales Selling and administrative expense Taxes value: 20.00 points Lemon Auto Wholesalers had sales of $740,000 last year, and cost of goods sold represented 70 percent of sales. Selling and administrative expenses were 12 percent of sales. Depreciation expense was $18,000 and interest expense for the year was $11,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes. Lemon Auto...
7. Carr Auto Wholesalers had sales of $900,000 in 2015, and cost of goods sold represented 65 percent of sales. Selling and administrative expenses were 9 percent of sales. Amortization expense was $10,000, and interest expense for the year was $8,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes using percentage-of-sales method. b. Assume the firm hires Ms. Hood, an efficiency expert, as a consultant. She suggests that by increasing selling and administrative expenses to 12...
Carr Auto Wholesalers had sales of $1,510,000 in 2015, and cost of goods sold represented 76 percent of sales. Selling and administrative expenses were 12 percent of sales. Amortization expense was $19,000 and interest expense for the year was $10,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes using Percentage-of-Sales Method. (Input all answers as positive values.) CARR AUTO WHOLESALERS Income Statement For the Year Ended December 31, 2015 TClick to select) Cick to select) Interest...
Lemon Auto Wholesalers had sales of $1,180,000 last year, and cost of goods sold represented 73 percent of sales. Selling and administrative expenses were 13 percent of sales. Depreciation expense was $12,000 and interest expense for the year was $13,000. The firm's tax rate is 30 percent a. Compute earnings after taxes Lemon Auto Wholesalers Income Statement
Please provide a
1) Sales budget, including a schedule of expected cash
collections.
2) Production budget.
Kimmel Gnomes, located in South Dakota, may be the only other manufacturer of high quality clay garden gnomes that are hand finished. Kimmel Gnomes are stoneware, rather than terracotta. Stoneware uses higher-quality clay than terracotta and the gnomes are fired at higher temperature, yielding a stronger, more durable gnome. The gnomes are fired inside and out and are colored with glaze before firing, rather...
CASE 1-5 Financial Statement Ratio Computation Refer to Campbell Soup Company's financial Campbell Soup statements in Appendix A. Required: Compute the following ratios for Year 11. Liquidity ratios: Asset utilization ratios:* a. Current ratio n. Cash turnover b. Acid-test ratio 0. Accounts receivable turnover c. Days to sell inventory p. Inventory turnover d. Collection period 4. Working capital turnover Capital structure and solvency ratios: 1. Fixed assets turnover e. Total debt to total equity s. Total assets turnover f. Long-term...
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