Homework Answers
Asset turnover ratio = net sales / average total assets
Average total assets= (total opening assets + total closing assets)/2
Therefore in this question Asset turnover ratio of 2017 is =
22200 / 74250 = 0.3
Add Answer to:
7. value: 113 points 2016 $18,000 100 $17.900 7.600 $10,300 LOGIC COMPANY Comparative Income Statement For...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 2016 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 2016 Gross sales $ 19,000 $ 15,000 Sales returns and allowances 1,000 100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold 12,000 9,000 Gross profit $ 6,000 $ 5,900 Operating expenses: Depreciation $ 700 $ 600 Selling and administrative 2,200 2,000 Research 550 500 Miscellaneous 360 300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500...
1 2 Complete the comparative income statement and balance sheet for Logic Company. (Input all...
1 2
Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your"percent" answers to the nearest hundredth percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 INCREASE (DECREASE Amount 2017 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...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 2016 Gross sales $ 19...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 2016 Gross sales $ 19,200 $ 15,150 Sales returns and allowances 900 100 Net sales $ 18,300 $ 15,050 Cost of merchandise (goods) sold 11,950 8,950 Gross profit $ 6,350 $ 6,100 Operating expenses: Depreciation $ 720 $ 610 Selling and administrative 2,350 2,100 Research 570 510 Miscellaneous 380 310 Total operating expenses $ 4,020 $ 3,530 Income before interest and taxes $ 2,330 $ 2,570...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $15,000 $19,000 1,000 $18,000 12,000 $ 6,000 Sales returns and allowances 100 $14,900 9,000 Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative $ 5,900 $ 2,200 550 360 700 600 2,000 Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 500 300 $ 3,400 $ 2,500 $3,810...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560...
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...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales $57,534 $42,542 Cost of goods sold 16,870 13,669 Gross profit 40,664 28,873 Operating expenses 24,093 19,241 Operating income 16,571 9,632 Other expenses/revenues: Interest revenue 240 194 Interest expense (196 ) (172 ) Total other (expenses)/revenues (44 ) (22 ) Income before income taxes 16,615 9,610 Income taxes (34%) 5,649 3,267 Net income $10,966 $ 6,343 METRO TRACK COMPANY Comparative Balance Sheets December 31,...
Peace Corporation Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Assets Current Assets: Cash...
Peace Corporation Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Assets Current Assets: Cash and Cash Equivalents Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets s 2.284 2,044 1,340 1,125 1,697 7,365 1,920 1,870 2,078 6,993 18,313 15,126 $ 25,678 $ 22,119 Other Assets Total Assets Liabilities Current Liabilities Long-term Liabilities Total Liabilities 7,113 8,342 2,186 11,773 10,528 4,660 Stockholders' Equity Common Stock, no par Retained Eamings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 5,691 5,900...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales $57,534 $42,542 Cost of goods sold 16,870 13,669 Gross profit 40,664 28,873 Operating expenses 24,093 19,241 Operating income 16,571 9,632 Other expenses/revenues: Interest revenue 240 194 Interest expense (196 ) (172 ) Total other (expenses)/revenues (44 ) (22 ) Income before income taxes 16,615 9,610 Income taxes (34%) 5,649 3,267 Net income $10,966 $ 6,343 METRO TRACK COMPANY Comparative Balance Sheets December 31,...
Problem 13-2A The comparative statements of Blossom Company are presented here. BLOSSOM COMPANY Income Statements For...
Problem 13-2A The comparative statements of Blossom Company are presented here. BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales $1,893,340 $1,753,300 Cost of goods sold 1,061,340 1,008,800 Gross profit 832,000 744,500 Selling and administrative expenses 502,800 481,800 Income from operations 329,200 262,700 Other expenses and losses Interest expense 23,700 21,700 Income before income taxes 305,500 241,000 Income tax expense 93,700 74,700 Net income $ 211,800 $ 166,300 BLOSSOM COMPANY Balance Sheets December 31 Assets...
1 2
Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your"percent" answers to the nearest hundredth percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 INCREASE (DECREASE Amount 2017 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...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $15,000 $19,000 1,000 $18,000 12,000 $ 6,000 Sales returns and allowances 100 $14,900 9,000 Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative $ 5,900 $ 2,200 550 360 700 600 2,000 Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 500 300 $ 3,400 $ 2,500 $3,810...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560...
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...
Peace Corporation Comparative Balance Sheet December 31, 2017 and 2016 2017 2016 Assets Current Assets: Cash and Cash Equivalents Accounts Receivable Merchandise Inventory Prepaid Expenses Total Current Assets s 2.284 2,044 1,340 1,125 1,697 7,365 1,920 1,870 2,078 6,993 18,313 15,126 $ 25,678 $ 22,119 Other Assets Total Assets Liabilities Current Liabilities Long-term Liabilities Total Liabilities 7,113 8,342 2,186 11,773 10,528 4,660 Stockholders' Equity Common Stock, no par Retained Eamings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 5,691 5,900...
Most questions answered within 3 hours.
-
Let C = (2.25 m, 15 ∘ above the negative x-axis) and D = (30.6
m,...
asked 18 minutes ago -
How are the concepts of microevolution and macroevolution
linked?
asked 2 minutes ago -
Use the following information to answer the question:
Coupon Rate = 6% Face Value = $1,000...
asked 12 minutes ago -
Two vectors, given in unit vector notation, are A = 5i + 4j + 3k
and...
asked 4 minutes ago -
Based on the assigned readings, complete this sentence: “Mutual
respect and understanding are built one _____...
asked 4 minutes ago -
complete the problem and solution paragraph below, include 2-3
causes and 2-3 solutions for them.
remember...
asked 25 minutes ago -
Find the magnetic field (in cylindrical coordinates) both inside
and outside of a very long cylindrical...
asked 10 minutes ago -
of the following statements below is/are an example of a
normative statement?
I. The water shortage...
asked 19 minutes ago -
Carbon disulfide is prepared by heating sulfur and charcoal. The
chemical equation is
S2(g)+C(s)−⇀↽−CS2(g) Kc=9.40 at...
asked 23 minutes ago -
I was looking for help with a computer science c programming
class. not c++
This program...
asked 49 minutes ago -
Albinism is an autosomal recessive condition characterized by
absence of melanin pigment from the skin, eye...
asked 39 minutes ago -
Suppose you're looking at a physics example online, and come
across this expression in the middle...
asked 47 minutes ago