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Do It! Review 5-06 Oriole Company reported the following in its 2022 and 2021 income statements....
Do It! Review 5-06 Pharoah Company reported the following in its 2022 and 2021 income statements....
Do It! Review 5-06
Pharoah Company reported the following in its 2022 and 2021
income statements.
2022
2021
Net sales
$150,000
$130,000
Cost of goods sold
90,000
78,000
Operating expenses
36,000
18,200
Income tax expense
18,600
11,200
Net income
$ 5,400
$ 22,600
Determine the company’s gross profit rate and profit margin for
both years. (Round answers to 1 decimal place, e.g.
52.7%.)
2022
2021
Gross profit rate
enter percentages rounded to 1 decimal place
%
enter percentages rounded to...
Do It! Review 5-06 Tamarisk, Inc. reported the following in its 2022 and 2021 income statements....
Do It! Review 5-06
Tamarisk, Inc. reported the following in its 2022 and 2021
income statements.
2022
2021
Net sales
$158,000
$128,000
Cost of goods sold
94,800
76,800
Operating expenses
31,600
19,200
Income tax expense
18,600
10,600
Net income
$ 13,000
$ 21,400
Determine the company’s gross profit rate and profit margin for
both years. (Round answers to 1 decimal place, e.g.
52.7%.)
2022
2021
Gross profit rate
enter percentages rounded to 1 decimal place
%
enter percentages rounded to...
Current Attempt in Progress Windsor, Inc. reported the following in its 2022 and 2021 income statements....
Current Attempt in Progress Windsor, Inc. reported the following in its 2022 and 2021 income statements. 2022 2021 Net sales $142,000 $112.000 Cost of goods sold Operating expenses 85,200 29,820 17,200 67,200 14,560 9,200 Income tax expense Net income $ 9,780 $ 21,040 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.) 2022 2021 Gross profit rate Profit margin
Exercise 5-07 Presented below is information for Oriole Co. for the month of January 2022. Cost...
Exercise 5-07 Presented below is information for Oriole Co. for the month of January 2022. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $208,400 Rent expense 9,000 Sales discounts 14,400 Sales returns and allowances 62,700 Sales revenue 400 Other comprehensive income (net of $400 tax) $33,900 8,900 19,500 393,500 2.000 Income tax expense Prepare an income statement using the multiple-step format. ORIOLE CO. Income Statement We were unable to transcribe this imagePrepare a comprehensive income statement. ORIOLE...
Brief Exercise 13-06 Net income was $508,000 in 2020, $476,000 in 2021, and $528,500 in 2022....
Brief Exercise 13-06 Net income was $508,000 in 2020, $476,000 in 2021, and $528,500 in 2022. What is the percentage of change from (a) 2020 to 2021, and (b) from 2021 to 2022? Is the change an increase or a decrease? (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -2096 or (55,000), (20%). Round percentages to o decimal places, e.g. 12%.) Amount Percentage (a) 2020-2021 (b) 2021-2022 Click if you would like to Show...
Shamrock, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net Sales:...
Shamrock, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net Sales: 158100 105400 Cost of Goods Sold: 63090 27980 Operating Expenses: 63090 27980 Income tax Expense: 18000 5000 Net Income: 15810 31620 Determine the company’s gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e.g. 52.7.) 2017 2016 Gross Profit Rate: __________ _________ Profit Margin: _________ ___________
Current Attempt in Progress Metlock, Inc. reported the following in its 2017 and 2016 income statements....
Current Attempt in Progress Metlock, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $210,000 $140,000 Cost of goods sold 123,900 82,600 Operating expenses 56,240 23,640 Income tax expense 16,000 8,000 Net income $ 13,860 $25,760 Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e.g. 52.7.) 2017 2016 Gross profit rate Profit margin e Textbook and Media
ORIOLE COMPANY Balance Sheets December 31 Assets 2022 2021 $ 69,000 $ 65,000 Cash Debt investments...
ORIOLE COMPANY Balance Sheets December 31 Assets 2022 2021 $ 69,000 $ 65,000 Cash Debt investments (short-term) 55,000 40,000 Accounts receivable 109,000 89,000 168,000 Inventory 239,000 23,000 26,000 Prepaid expenses Land 129,000 129,000 Building and equipment (net) 264,000 186,000 $888,000 $703,000 Total assets Liabilities and Stockholders' Equity $169,000 $109,000 Notes payable Accounts payable 66,000 52,000 42,000 42,000 Accrued liabilities Bonds payable, due 2025 251,000 170,000 Common stock, $10 par 204,000 204,000 156,000 Retained earnings 126,000 $888,000 $703,000 Total liabilities and...
x + edugen.wileyplus.com/edugen/student/mainfr.uni US Kimmel, Accounting, 7e Practice Assignment Gradebook ORION Downloadable eTextbook ssignment ES Exercise...
x + edugen.wileyplus.com/edugen/student/mainfr.uni US Kimmel, Accounting, 7e Practice Assignment Gradebook ORION Downloadable eTextbook ssignment ES Exercise 13-06 Here are the comparative income statements of Oriole Corporation. ORIOLE CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $632,300 $544,800 Cost of goods sold 456,600 415,500 Gross Profit 175,700 129,300 Operating expenses 74,100 44,500 Net income $ 101,600 $ 84,800 (a) Prepare a horizontal analysis of the income statement data for Oriole Corporation, using 2021 -55,000, -20%...
Sage Hill Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $220,000 $18...
Sage Hill Inc. reported the following in its 2017 and 2016
income statements.
2017
2016
Net sales
$220,000
$180,000
Cost of goods sold
143,000
117,000
Operating expenses
44,500
21,520
Income tax expense
16,000
8,000
Net income
$ 16,500
$ 33,480
Sage Hill Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $220,000 $180,000 Cost of goods sold 143,000 117,000 Operating expenses 44,500 16,000 21,520 8,000 Income tax expense Net income $ 16,500 $33,480 Determine...
Do It! Review 5-06
Pharoah Company reported the following in its 2022 and 2021
income statements.
2022
2021
Net sales
$150,000
$130,000
Cost of goods sold
90,000
78,000
Operating expenses
36,000
18,200
Income tax expense
18,600
11,200
Net income
$ 5,400
$ 22,600
Determine the company’s gross profit rate and profit margin for
both years. (Round answers to 1 decimal place, e.g.
52.7%.)
2022
2021
Gross profit rate
enter percentages rounded to 1 decimal place
%
enter percentages rounded to...
Do It! Review 5-06
Tamarisk, Inc. reported the following in its 2022 and 2021
income statements.
2022
2021
Net sales
$158,000
$128,000
Cost of goods sold
94,800
76,800
Operating expenses
31,600
19,200
Income tax expense
18,600
10,600
Net income
$ 13,000
$ 21,400
Determine the company’s gross profit rate and profit margin for
both years. (Round answers to 1 decimal place, e.g.
52.7%.)
2022
2021
Gross profit rate
enter percentages rounded to 1 decimal place
%
enter percentages rounded to...
Current Attempt in Progress Windsor, Inc. reported the following in its 2022 and 2021 income statements. 2022 2021 Net sales $142,000 $112.000 Cost of goods sold Operating expenses 85,200 29,820 17,200 67,200 14,560 9,200 Income tax expense Net income $ 9,780 $ 21,040 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.) 2022 2021 Gross profit rate Profit margin
Exercise 5-07 Presented below is information for Oriole Co. for the month of January 2022. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $208,400 Rent expense 9,000 Sales discounts 14,400 Sales returns and allowances 62,700 Sales revenue 400 Other comprehensive income (net of $400 tax) $33,900 8,900 19,500 393,500 2.000 Income tax expense Prepare an income statement using the multiple-step format. ORIOLE CO. Income Statement We were unable to transcribe this imagePrepare a comprehensive income statement. ORIOLE...
Brief Exercise 13-06 Net income was $508,000 in 2020, $476,000 in 2021, and $528,500 in 2022. What is the percentage of change from (a) 2020 to 2021, and (b) from 2021 to 2022? Is the change an increase or a decrease? (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -2096 or (55,000), (20%). Round percentages to o decimal places, e.g. 12%.) Amount Percentage (a) 2020-2021 (b) 2021-2022 Click if you would like to Show...
Current Attempt in Progress Metlock, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $210,000 $140,000 Cost of goods sold 123,900 82,600 Operating expenses 56,240 23,640 Income tax expense 16,000 8,000 Net income $ 13,860 $25,760 Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e.g. 52.7.) 2017 2016 Gross profit rate Profit margin e Textbook and Media
ORIOLE COMPANY Balance Sheets December 31 Assets 2022 2021 $ 69,000 $ 65,000 Cash Debt investments (short-term) 55,000 40,000 Accounts receivable 109,000 89,000 168,000 Inventory 239,000 23,000 26,000 Prepaid expenses Land 129,000 129,000 Building and equipment (net) 264,000 186,000 $888,000 $703,000 Total assets Liabilities and Stockholders' Equity $169,000 $109,000 Notes payable Accounts payable 66,000 52,000 42,000 42,000 Accrued liabilities Bonds payable, due 2025 251,000 170,000 Common stock, $10 par 204,000 204,000 156,000 Retained earnings 126,000 $888,000 $703,000 Total liabilities and...
x + edugen.wileyplus.com/edugen/student/mainfr.uni US Kimmel, Accounting, 7e Practice Assignment Gradebook ORION Downloadable eTextbook ssignment ES Exercise 13-06 Here are the comparative income statements of Oriole Corporation. ORIOLE CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $632,300 $544,800 Cost of goods sold 456,600 415,500 Gross Profit 175,700 129,300 Operating expenses 74,100 44,500 Net income $ 101,600 $ 84,800 (a) Prepare a horizontal analysis of the income statement data for Oriole Corporation, using 2021 -55,000, -20%...
Sage Hill Inc. reported the following in its 2017 and 2016
income statements.
2017
2016
Net sales
$220,000
$180,000
Cost of goods sold
143,000
117,000
Operating expenses
44,500
21,520
Income tax expense
16,000
8,000
Net income
$ 16,500
$ 33,480
Sage Hill Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $220,000 $180,000 Cost of goods sold 143,000 117,000 Operating expenses 44,500 16,000 21,520 8,000 Income tax expense Net income $ 16,500 $33,480 Determine...
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