Homework Answers
Answer
| 2018 | 2019 | 2018 | 2019 | Changes in $ | Change in % | |
| Revenues | ||||||
| Net sales | $ 175,222 | $ 178,221 | 100.00% | 100.00% | $ 2,999 | 1.71% |
| Less: COGS | $ 132,245 | $ 140,211 | 75.47% | 78.67% | $ 7,966 | 6.02% |
| Gross Profit | $ 42,977 | $ 38,010 | 24.53% | 21.33% | $ (4,967) | -11.56% |
| Expenses | ||||||
| Operating expenses | ||||||
| Advertising | $ 1,325 | $ 1,522 | 0.76% | 0.85% | $ 197 | 14.87% |
| Office | $ 1,253 | $ 1,324 | 0.72% | 0.74% | $ 71 | 5.67% |
| Utilities | $ 3,255 | $ 3,661 | 1.86% | 2.05% | $ 406 | 12.47% |
| Selling | $ 3,972 | $ 4,312 | 2.27% | 2.42% | $ 340 | 8.56% |
| Total Operating expenses | $ 9,805 | $ 10,819 | 5.60% | 6.07% | $ 1,014 | 10.34% |
| $ - | ||||||
| Operating Income | $ 33,172 | $ 27,191 | 18.93% | 15.26% | $ (5,981) | -18.03% |
| Other incomes(expense) | ||||||
| Other incomes(expense) | $ 895 | $ 952 | 0.51% | 0.53% | $ 57 | 6.37% |
| Total incomes(expense) | $ 895 | $ 952 | 0.51% | 0.53% | $ 57 | 6.37% |
| Income before taxes | $ 34,067 | $ 28,143 | 19.44% | 15.79% | $ (5,924) | -17.39% |
| Provission foe taxes | $ (364) | $ (408) | -0.21% | -0.23% | $ (44) | 12.09% |
| Net income | $ 33,703 | $ 27,735 | 19.23% | 15.56% | $ (5,968) | -17.71% |
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Change in $ For the period ending March REVENUES (thousands) 2018 Actual 2019 Actual 2018 2019...
The income statement. ACTUAL FORECAST 2018 2019 ...
The income statement. ACTUAL FORECAST 2018 2019 $71,879 Cost of Revenue $(51,125) gross profit $20,754 operating expenses Selling, General, and Administrative $(14,248) ...
ACTUAL FORECAST 2018 2019 Total Revenue $ 71,879 Cost of Revenue $ (51,125) Gross Profit $ ...
ACTUAL FORECAST 2018 2019 Total Revenue $ 71,879 Cost of Revenue $ (51,125) Gross Profit $ 20,754 Operating Expenses: Selling, General, and Administrative $ (14,248) Research and Development $ - Special Income/Other Charges $ (2,194) Total Operating Expenses $ (16,442) Operating Income $ 4,312 Net Interest Income $ (666) Pre-Tax Income $ 3,646 Provision for Income Tax (19.5%) $ (711) Net Income $ 2,935 Tag-It’s CEO has predicted a 10% increase in total revenue next year. Utilizing the percentage of...
IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 77,300...
IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 77,300 $ 61,000 Accounts receivable, net 90,500 68,000 Inventory 80,800 112,000 Prepaid expenses 6,100 8,800 Total current assets 254,700 249,800 Equipment 141,000 132,000 Accum. depreciation—Equipment (35,500 ) (17,500 ) Total assets $ 360,200 $ 364,300 Liabilities and Equity Accounts payable $ 42,000 $ 55,500 Wages payable 7,700 18,400 Income taxes payable 5,100 7,200 Total current liabilities 54,800 81,100 Notes payable (long term) 33,400 77,000 Total...
2018 IKTBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 97,900...
2018 IKTBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 97,900 Accounts receivable, net 89.000 Inventory 79, 800 Prepaid expenses 6,000 Total current assets 272, 700 Equipment 140,000 Accun. depreciation-Equipment (35,000) Total assets $377, 700 Liabilities and Equity Accounts payable $ 41.000 Wages payable 7,600 Income taxes payable 5,000 Total current liabilities 53, 600 Notes payable (long tern) 46.000 Total liabilities 99,600 Equity Connon stock. $5 par value 252,000 Retained earnings 26.100 Total liabilities and...
MICI Puricu. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 Assets 2019 2018 Cash...
MICI Puricu. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 Assets 2019 2018 Cash Accounts receivable, net $ 99, 100 $ 58,000 Inventory 86,000 65,000 Prepaid expenses 77,800 107,500 5,800 Total current assets 8, 200 Equipment 268, 700 238, 700 Accum. depreciation Equipment 138,000 129,000 (34,000) (16,000) Total assets $372, 700 $351, 700 Liabilities and Equity Accounts payable $ 39,000 $ 51,000 Wages payable 7,400 17,800 Income taxes payable 4,800 6,600 Total current liabilities 51,200 75,400 Notes payable...
2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 83,...
2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 83, 300 Accounts receivable, net 75,500 Inventory 70,800 Prepaid expenses 5, 100 Total current assets 234, 700 Equipment 131,000 Accum. depreciation-Equipment (30,500) Total assets $335, 200 Liabilities and Equity Accounts payable $ 32,000 Wages payable 6,700 Income taxes payable 4,100 Total current liabilities 42,800 Notes payable (long term) 31,400 Total liabilities 74, 200 Equity Common stock, $5 par value 234,000 Retained earnings 27,000 Total liabilities...
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BARCELONA INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
86,300
$
41,700
Accounts receivable, net
78,000
61,000
Inventory
66,000
92,000
Prepaid expenses
5,000
6,300
Total current assets
235,300
201,000
Equipment
153,000
142,000
Accum. depreciation—Equipment
(39,000
)
(13,000
)
Total assets
$
349,300
$
330,000
Liabilities and Equity
Accounts payable
$
30,000
$
36,000
Wages payable
8,000
19,000
Income taxes payable
3,600
4,000
Total current liabilities
41,600
59,000
Notes payable (long term)
38,000
75,000
Total...
2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 9...
2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 92,000 Inventory 81,800 Prepaid expenses 6,200 Total current assets 276,700 Equipment 142,000 Accum. depreciation Equipment (36.000) Total assets $382,700 Liabilities and Equity Accounts payable $ 43,000 Wages payable 7,800 Income taxes payable 5,200 Total current liabilities 56,000 Notes payable (long term) 48,000 Total liabilities 104,000 Equity Common stock, $5 par value 256.000 Retained earnings 22,700 Total liabilities and equity $382,700 $...
Actual 2019 Dana Dairy Products Key Ratios Industry Actual Average 2018 Current ratio 1.3 1.0 Quick...
Actual 2019 Dana Dairy Products Key Ratios Industry Actual Average 2018 Current ratio 1.3 1.0 Quick ratio 0.8 0.75 Average collection period 23 days 30 days Inventory turnover 21.7 Debt ratio 64.7% Times interest eamed 4.8 5.5 Gross profit margin 13.6% 12.0% Net profit margin 1.0% 0.5% Return on total assets 2.9% 20% Retum on equity 8.2% 4.0% 19 50% Income Statement Dana Dairy Products For the Year Ended December 31, 2019 Sales revenue $100,000 Less: Cost of goods sold...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable,...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900...
2018 IKTBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 97,900 Accounts receivable, net 89.000 Inventory 79, 800 Prepaid expenses 6,000 Total current assets 272, 700 Equipment 140,000 Accun. depreciation-Equipment (35,000) Total assets $377, 700 Liabilities and Equity Accounts payable $ 41.000 Wages payable 7,600 Income taxes payable 5,000 Total current liabilities 53, 600 Notes payable (long tern) 46.000 Total liabilities 99,600 Equity Connon stock. $5 par value 252,000 Retained earnings 26.100 Total liabilities and...
MICI Puricu. IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 Assets 2019 2018 Cash Accounts receivable, net $ 99, 100 $ 58,000 Inventory 86,000 65,000 Prepaid expenses 77,800 107,500 5,800 Total current assets 8, 200 Equipment 268, 700 238, 700 Accum. depreciation Equipment 138,000 129,000 (34,000) (16,000) Total assets $372, 700 $351, 700 Liabilities and Equity Accounts payable $ 39,000 $ 51,000 Wages payable 7,400 17,800 Income taxes payable 4,800 6,600 Total current liabilities 51,200 75,400 Notes payable...
2018 IKIBAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 83, 300 Accounts receivable, net 75,500 Inventory 70,800 Prepaid expenses 5, 100 Total current assets 234, 700 Equipment 131,000 Accum. depreciation-Equipment (30,500) Total assets $335, 200 Liabilities and Equity Accounts payable $ 32,000 Wages payable 6,700 Income taxes payable 4,100 Total current liabilities 42,800 Notes payable (long term) 31,400 Total liabilities 74, 200 Equity Common stock, $5 par value 234,000 Retained earnings 27,000 Total liabilities...
BARCELONA INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
86,300
$
41,700
Accounts receivable, net
78,000
61,000
Inventory
66,000
92,000
Prepaid expenses
5,000
6,300
Total current assets
235,300
201,000
Equipment
153,000
142,000
Accum. depreciation—Equipment
(39,000
)
(13,000
)
Total assets
$
349,300
$
330,000
Liabilities and Equity
Accounts payable
$
30,000
$
36,000
Wages payable
8,000
19,000
Income taxes payable
3,600
4,000
Total current liabilities
41,600
59,000
Notes payable (long term)
38,000
75,000
Total...
2018 IKIRAN INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 Assets Cash $ 96,700 Accounts receivable, net 92,000 Inventory 81,800 Prepaid expenses 6,200 Total current assets 276,700 Equipment 142,000 Accum. depreciation Equipment (36.000) Total assets $382,700 Liabilities and Equity Accounts payable $ 43,000 Wages payable 7,800 Income taxes payable 5,200 Total current liabilities 56,000 Notes payable (long term) 48,000 Total liabilities 104,000 Equity Common stock, $5 par value 256.000 Retained earnings 22,700 Total liabilities and equity $382,700 $...
Actual 2019 Dana Dairy Products Key Ratios Industry Actual Average 2018 Current ratio 1.3 1.0 Quick ratio 0.8 0.75 Average collection period 23 days 30 days Inventory turnover 21.7 Debt ratio 64.7% Times interest eamed 4.8 5.5 Gross profit margin 13.6% 12.0% Net profit margin 1.0% 0.5% Return on total assets 2.9% 20% Retum on equity 8.2% 4.0% 19 50% Income Statement Dana Dairy Products For the Year Ended December 31, 2019 Sales revenue $100,000 Less: Cost of goods sold...
2018 CRUZ, INC. Comparative Balance Sheets December 31, 2019 2019 Assets Cash $ 62,800 Accounts receivable, net 27.000 Inventory 56,600 Prepaid expenses 3,500 Total current assets 149,900 Furniture 70,500 Accum. depreciation-Furniture (10,900) Total assets $209,500 Liabilities and Equity Accounts payable $ 9,900 Wages payable 5,900 Income taxes payable 1.000 Total current liabilities 16,800 Notes payable (long-term) 20,700 Total liabilities 37,500 Equity Common stock, $5 par value 150,000 Retained earnings 22.000 Total liabilities and equity $209,500 $ 15,700 33.300 62,500 2,900...
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