Homework Answers
| Martha's Beauty Products Ltd. | ||||
| Statement of Income | Amount in Thousands | |||
| 2017 | 2016 | 2015 | ||
| Sales (A) | $ 42.00 | $ 39.20 | $ 36.80 | |
| Less: Cost of Sales | $ 34.10 | $ 31.00 | $ 28.90 | |
| Gross Profit (B) | $ 7.90 | $ 8.20 | $ 7.90 | |
| Gross Profit Percentage A/B | 18.810% | 20.918% | 21.467% | |
| The Sales increased, the Gross profit stayed the same , and the net income slid to net loss | ||||
| Inventory Turnover - Cost of Sales/ Average Inventory | ||||
| 2017 | 2016 | 2015 | ||
| Cost of Sales(A) | $ 34.10 | $ 31.00 | $ 28.90 | |
| Averages Inventory (B) | $ 8.70 | $ 7.45 | $ 6.75 | |
| Inventory Turnover - A/B | 3.9 | 4.2 | 4.3 | times |
| The gross profit % | Dropped | |||
| The inventory Turnover | deteriorated | |||
| This suggests that Martha 's Beauty Products had to | discount | |||
| end result was a | Net loss | |||
| Selling expenses | increased | |||
| to advertise heavily | heavily, | |||
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Martha's Beauty Products Ltd. reported the figures below at December 31, 2017, 2016, and 2015. The...
Joanne Products Ltd. reported the figures below at December 31, 2017, 2016, and 2015.The business has...
Joanne Products Ltd. reported the figures below at December 31,
2017, 2016, and 2015.The business has declared bankruptcy. You
have been asked to review the business and explain why it
failed.
Requirement EVALLA hatred of Kannas Realty Productos results of operations during 2015 through 2017. Consider the tranda of rare, grees prodit, and net income. Track the grass profit percentage to the cecinAI PACAR) And the rate clinerary tumar tocne deciA SACAI Asch year 2015 2016 and 2017. 4 ,...
Data Table Achieve's Companies Income Statement Years Ended May 31, 2016 and 2015 2016 2015 Net...
Data Table Achieve's Companies Income Statement Years Ended May 31, 2016 and 2015 2016 2015 Net Sales Cost of Goods Sold Interest Expense All Other Expenses 49,200,000 $ 20,800,000 600,000 4,300,000 41,600,000 28,600,000 280,000 7.800,000 Net Income $ 23,500,000 $ 4,920,000 Print Done مطعم مراد امد وممم JmNEWork: Chapter 17 Homework re: 0.92 of 2 pts 2 of 4 (4 complete) HW Score: 52.88% Data Table Achieve's Companies Balance Sheet May 31, 2016 and 2015 Assets 2016 Liabilities 2016 2015...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 27,904 $ 32...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
27,904
$
32,617
$
34,676
Accounts receivable, net
89,700
62,600
59,700
Merchandise inventory
113,000
83,000
54,000
Prepaid expenses
8,986
8,562
3,853
Plant assets, net
247,981
233,541
208,871
Total assets
$
487,571
$
420,320
$
361,100
Liabilities and Equity
Accounts payable
$
117,763
$
68,903
$
46,235
Long-term notes payable secured by
mortgages on plant assets
88,913
93,773
77,409
Common stock, $10 par value
162,500
162,500...
Simon Company’s year-end balance sheets follow. At December 31 2017 2016 2015 Assets Cash $ 31,800...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,800
$
36,000
$
37,200
Accounts receivable, net
88,100
62,000
50,500
Merchandise inventory
111,000
83,800
54,500
Prepaid expenses
10,300
9,350
4,600
Plant assets, net
280,000
257,000
235,000
Total assets
$
521,200
$
448,150
$
381,800
Liabilities and Equity
Accounts payable
$
129,200
$
75,250
$
50,400
Long-term notes payable secured by
mortgages on plant assets
98,000
100,000
82,600
Common stock, $10 par value
161,500
161,500...
For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales $ 548,876 $ 420,484 Cost of goods sold 330,423 266,58...
For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales $ 548,876 $ 420,484 Cost of goods sold 330,423 266,587 Gross profit 218,453 153,897 Selling expenses 77,940 58,027 Administrative expenses 49,399 37,003 Total expenses 127,339 95,030 Income before taxes 91, 114 58,867 Income taxes 16,947 12,068 Net income $ 74,167 $ 46,799 2015 $ 291,800 186,752 105,048 38,518 24,219 62,737 42,311 8,589 $ 33,722 2016 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable,...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 28,167 84,968 103,689 9,348 260,975 $ 487,147 $ 32,924 $ 58,794 78,468 8,643 241,125 $ 419,954 $ 34,307 45,742 48,233 3,774 211,044 343,100 $ 120,087 $ 69,553 $ 44,383...
2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant...
2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 28,394 $ 33,515 $ 79,066 56,943 102,454 72,989 9,654 8,712 252,845 234,576 $ 471,813 $ 406,735 $ 32,898 44,302 45,771 3,582 205,747 332,300 $ 115, 132 $ 66,676 $ 43,425 91,362 92,614 72,704 163,500...
The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the ...
The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the following summarized data 2017 2016 Income Statement Sales Revenue* Cost of Goods Sold $110,000 $ 99,000 48,000 52,000 Gross Profit Operating Expenses Interest Expense 58,000 36,000 4,000 51,000 33,000 4,000 Income before Income Tax Expense Income Tax Expense (30%) 18,000 5,400 14,000 4,200 Net Income $ 12,600 9,800 Balance Sheet Cash Accounts Receivable, Net Inventory Property and equipment, Net $ 49,500 18,000 32,000 38,000 95,000 105,000...
Brief Exercise 220 Selected data for Buechner Corporation appear below. 2017 2016 Net credit sales $630,000...
Brief Exercise 220 Selected data for Buechner Corporation appear below. 2017 2016 Net credit sales $630,000 $520,000 Cost of goods sold 409,500 312,000 Inventory at the end of year 64,000 85,000 Accounts receivable at end of year 90,000 50,000 Compute gross profit percentage for 2017. (Round answer to 0 decimal places, e.g. 25%) Gross profit percentage Compute the inventory turnover for 2017. (Round answer to 1 decimal place, e.g. 5.1) times Inventory turnover Compute accounts receivable turnover for 2017. (Round...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $19,000 $15,000 100 $18,000 $14,900 9,000 $ 6,000 5,900 $ 700 600 2,000 500 300 $ 3,810 3,400 $ 2,190 $2,500 500 $ 1,630 2,000 800 $ 990 $1,200 Depreciation 2,200 550 360 Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes...
Joanne Products Ltd. reported the figures below at December 31,
2017, 2016, and 2015.The business has declared bankruptcy. You
have been asked to review the business and explain why it
failed.
Requirement EVALLA hatred of Kannas Realty Productos results of operations during 2015 through 2017. Consider the tranda of rare, grees prodit, and net income. Track the grass profit percentage to the cecinAI PACAR) And the rate clinerary tumar tocne deciA SACAI Asch year 2015 2016 and 2017. 4 ,...
Data Table Achieve's Companies Income Statement Years Ended May 31, 2016 and 2015 2016 2015 Net Sales Cost of Goods Sold Interest Expense All Other Expenses 49,200,000 $ 20,800,000 600,000 4,300,000 41,600,000 28,600,000 280,000 7.800,000 Net Income $ 23,500,000 $ 4,920,000 Print Done مطعم مراد امد وممم JmNEWork: Chapter 17 Homework re: 0.92 of 2 pts 2 of 4 (4 complete) HW Score: 52.88% Data Table Achieve's Companies Balance Sheet May 31, 2016 and 2015 Assets 2016 Liabilities 2016 2015...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
27,904
$
32,617
$
34,676
Accounts receivable, net
89,700
62,600
59,700
Merchandise inventory
113,000
83,000
54,000
Prepaid expenses
8,986
8,562
3,853
Plant assets, net
247,981
233,541
208,871
Total assets
$
487,571
$
420,320
$
361,100
Liabilities and Equity
Accounts payable
$
117,763
$
68,903
$
46,235
Long-term notes payable secured by
mortgages on plant assets
88,913
93,773
77,409
Common stock, $10 par value
162,500
162,500...
Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,800
$
36,000
$
37,200
Accounts receivable, net
88,100
62,000
50,500
Merchandise inventory
111,000
83,800
54,500
Prepaid expenses
10,300
9,350
4,600
Plant assets, net
280,000
257,000
235,000
Total assets
$
521,200
$
448,150
$
381,800
Liabilities and Equity
Accounts payable
$
129,200
$
75,250
$
50,400
Long-term notes payable secured by
mortgages on plant assets
98,000
100,000
82,600
Common stock, $10 par value
161,500
161,500...
For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales $ 548,876 $ 420,484 Cost of goods sold 330,423 266,587 Gross profit 218,453 153,897 Selling expenses 77,940 58,027 Administrative expenses 49,399 37,003 Total expenses 127,339 95,030 Income before taxes 91, 114 58,867 Income taxes 16,947 12,068 Net income $ 74,167 $ 46,799 2015 $ 291,800 186,752 105,048 38,518 24,219 62,737 42,311 8,589 $ 33,722 2016 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017...
Simon Company's year-end balance sheets follow. 2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity 28,167 84,968 103,689 9,348 260,975 $ 487,147 $ 32,924 $ 58,794 78,468 8,643 241,125 $ 419,954 $ 34,307 45,742 48,233 3,774 211,044 343,100 $ 120,087 $ 69,553 $ 44,383...
2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 28,394 $ 33,515 $ 79,066 56,943 102,454 72,989 9,654 8,712 252,845 234,576 $ 471,813 $ 406,735 $ 32,898 44,302 45,771 3,582 205,747 332,300 $ 115, 132 $ 66,676 $ 43,425 91,362 92,614 72,704 163,500...
The comparative financial statements prepared at December 31, 2017, for Pinnacle Plus showed the following summarized data 2017 2016 Income Statement Sales Revenue* Cost of Goods Sold $110,000 $ 99,000 48,000 52,000 Gross Profit Operating Expenses Interest Expense 58,000 36,000 4,000 51,000 33,000 4,000 Income before Income Tax Expense Income Tax Expense (30%) 18,000 5,400 14,000 4,200 Net Income $ 12,600 9,800 Balance Sheet Cash Accounts Receivable, Net Inventory Property and equipment, Net $ 49,500 18,000 32,000 38,000 95,000 105,000...
Brief Exercise 220 Selected data for Buechner Corporation appear below. 2017 2016 Net credit sales $630,000 $520,000 Cost of goods sold 409,500 312,000 Inventory at the end of year 64,000 85,000 Accounts receivable at end of year 90,000 50,000 Compute gross profit percentage for 2017. (Round answer to 0 decimal places, e.g. 25%) Gross profit percentage Compute the inventory turnover for 2017. (Round answer to 1 decimal place, e.g. 5.1) times Inventory turnover Compute accounts receivable turnover for 2017. (Round...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $19,000 $15,000 100 $18,000 $14,900 9,000 $ 6,000 5,900 $ 700 600 2,000 500 300 $ 3,810 3,400 $ 2,190 $2,500 500 $ 1,630 2,000 800 $ 990 $1,200 Depreciation 2,200 550 360 Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes...
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