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. 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...
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. 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...