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Exercise 9-13 Each of the following gross profit percentages is expressed in terms of cost. 1....
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2019 $636,000 497,988 138,012 90,312 $ 47,700 2018 $530,000 458,450 71,550 45,050 $ 26,500 Prepare a horizontal analysis of the income statement data for Bridgeport Corp., using 2018 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20%...
Exercise 9-15 Crane Legler requires an estimate of the cost of goods lost by fire on...
Exercise 9-15 Crane Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $48,640. Purchases since January 1 were $92,160; freight-in, $4,352; purchase returns and allowances, $3,072. Sales are made at 33 1/3% above cost and totaled $153,000 to March 9. Goods costing $13,952 were left undamaged by the fire; remaining goods were destroyed. X] your answer is incorrect. Try again. Compute the cost of goods destroyed. (Round...
Exercise 9-15 Sandhill Legler requires an estimate of the cost of goods lost by fire on...
Exercise 9-15 Sandhill Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $37,240. Purchases since January 1 were $70,560; freight-in, $3,332; purchase returns and allowances, $2,352. Sales are made at 33 /3% above cost and totaled $111,000 to March 9. Goods costing $10,682 were left undamaged by the fire; remaining goods were destroyed. VYour answer is correct. Compute the cost of goods destroyed. (Round gross profit percentage...
CALCULATOR INTER VERSION BACK NEX Exercise 9-14 Metlock Company uses the gross profit method to estimate...
CALCULATOR INTER VERSION BACK NEX Exercise 9-14 Metlock Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 156,500 Purchases (gross) 628,400 Freight-in 31,900 Sales revenue 1,029,400 Sales returns 74,600 Purchase discounts 10.800 Compute the estimated Inventory at May 31, assuming that the gross profit is 40% of net sales The estimated Inventory at May 31 Compute the estimated Inventory at May 31, assuming...
Which of the following statements regarding gross profit percentage is not correct? The gross profit percentage...
Which of the following statements regarding gross profit percentage is not correct? The gross profit percentage measures the percentage of profit earned on each dollar of sales. O A decreasing gross profit percentage means that the company is selling products for a greater markup over its cost. O Gross profit percentages vary across industries It is possible for a company to increase both its gross profit percentage and net income without increasing the dollar amount of sales Garcia Company is...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross Profit Operating expenses Net income $612,400 447,500 164,900 78,000 $531,500 409,400 122,100 49,600 $ 72,500 $ 86,900 Prepare a horizontal analysis of the income statement data for Bridgeport Corp., using 2016 as a base. percentages to 1 decimal place, e.g. 12.1%.) BRIDGEPORT CORP. Comparative Income Statement Increase or (Decrease)...
are a honzontal analysis of revenues and gross profit both in dollar amounts and in percentages...
are a honzontal analysis of revenues and gross profit both in dollar amounts and in percentages for 2019 and 2018. %. Use a minus sign or parentheses to indicate a decrease.) riner Corp. Eatement - (Partial) cember 31, 2019 and A Data Table 17 Amount (In millions) Revenue Cost of Goods Sold 2019 9,610 $ 6,120 2018 9,355 $ 5,900 2017 9,050 5,675 9,050 5,675 Print Done o the next question. Marine Corp. reported the foliowing on its comparative Income...
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...
Brief Exercise 5-14 Sheffield Corp. reported net sales $900,000; cost of goods sold $585,000; operating expenses...
Brief Exercise 5-14 Sheffield Corp. reported net sales $900,000; cost of goods sold $585,000; operating expenses $236,250; and net income $76,500. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.) Profit margin Gross profit rate Click if you would like to Show Work for this question: Open Show Work
Exercise 13-04 Operating data for Sheffield Corp. are presented below. Sales revenue Cost of goods sold...
Exercise 13-04 Operating data for Sheffield Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $839,100 522,400 121,700 76,200 34,200 84,600 2021 $649,000 410,700 76,300 54,000 24,400 83,600 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) SHEFFIELD CORP. Condensed Income Statement 2022 Percent 2021 Percent Amount Amount $649,000 Sales $839,100 % Cost of goods sold 522,400 % 410,700...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2019 $636,000 497,988 138,012 90,312 $ 47,700 2018 $530,000 458,450 71,550 45,050 $ 26,500 Prepare a horizontal analysis of the income statement data for Bridgeport Corp., using 2018 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20%...
Exercise 9-15 Crane Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $48,640. Purchases since January 1 were $92,160; freight-in, $4,352; purchase returns and allowances, $3,072. Sales are made at 33 1/3% above cost and totaled $153,000 to March 9. Goods costing $13,952 were left undamaged by the fire; remaining goods were destroyed. X] your answer is incorrect. Try again. Compute the cost of goods destroyed. (Round...
Exercise 9-15 Sandhill Legler requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $37,240. Purchases since January 1 were $70,560; freight-in, $3,332; purchase returns and allowances, $2,352. Sales are made at 33 /3% above cost and totaled $111,000 to March 9. Goods costing $10,682 were left undamaged by the fire; remaining goods were destroyed. VYour answer is correct. Compute the cost of goods destroyed. (Round gross profit percentage...
CALCULATOR INTER VERSION BACK NEX Exercise 9-14 Metlock Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 $ 156,500 Purchases (gross) 628,400 Freight-in 31,900 Sales revenue 1,029,400 Sales returns 74,600 Purchase discounts 10.800 Compute the estimated Inventory at May 31, assuming that the gross profit is 40% of net sales The estimated Inventory at May 31 Compute the estimated Inventory at May 31, assuming...
Which of the following statements regarding gross profit percentage is not correct? The gross profit percentage measures the percentage of profit earned on each dollar of sales. O A decreasing gross profit percentage means that the company is selling products for a greater markup over its cost. O Gross profit percentages vary across industries It is possible for a company to increase both its gross profit percentage and net income without increasing the dollar amount of sales Garcia Company is...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross Profit Operating expenses Net income $612,400 447,500 164,900 78,000 $531,500 409,400 122,100 49,600 $ 72,500 $ 86,900 Prepare a horizontal analysis of the income statement data for Bridgeport Corp., using 2016 as a base. percentages to 1 decimal place, e.g. 12.1%.) BRIDGEPORT CORP. Comparative Income Statement Increase or (Decrease)...
are a honzontal analysis of revenues and gross profit both in dollar amounts and in percentages for 2019 and 2018. %. Use a minus sign or parentheses to indicate a decrease.) riner Corp. Eatement - (Partial) cember 31, 2019 and A Data Table 17 Amount (In millions) Revenue Cost of Goods Sold 2019 9,610 $ 6,120 2018 9,355 $ 5,900 2017 9,050 5,675 9,050 5,675 Print Done o the next question. Marine Corp. reported the foliowing on its comparative Income...
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...
Brief Exercise 5-14 Sheffield Corp. reported net sales $900,000; cost of goods sold $585,000; operating expenses $236,250; and net income $76,500. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.) Profit margin Gross profit rate Click if you would like to Show Work for this question: Open Show Work
Exercise 13-04 Operating data for Sheffield Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $839,100 522,400 121,700 76,200 34,200 84,600 2021 $649,000 410,700 76,300 54,000 24,400 83,600 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) SHEFFIELD CORP. Condensed Income Statement 2022 Percent 2021 Percent Amount Amount $649,000 Sales $839,100 % Cost of goods sold 522,400 % 410,700...
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