Teal Mountain Inc. has the following income statement (in millions): TEAL MOUNTAIN INC. Income Statement For...
Teal Mountain Inc. has the following income statement (in
millions):
| TEAL MOUNTAIN
INC. Income Statement For the Year Ended December 31, 2017 |
|
| Net Sales | $280 |
| Cost of Goods Sold | 170 |
| Gross Profit | 110 |
| Operating Expenses | 62 |
| Net Income | $ 48 |
Using vertical analysis, what percentage is assigned to cost of
goods sold?
| 50% |
| 41% |
| 61% |
| 100% |
Homework Answers
Solution:
Percentage assigned to cost of goods sold = Cost of goods sold / Net sales
= $170 / $280
= 61%
Hence third option is correct.
Add Answer to:
Teal Mountain Inc. has the following income statement (in
millions):
TEAL MOUNTAIN
INC.
Income Statement
For...
Teal Mountain Inc. has the following Income Statement (in millions): TEAL MOUNTAIN INC. Income Statement For...
Teal Mountain Inc. has the following Income Statement (in
millions):
TEAL MOUNTAIN
INC.
Income Statement
For the Year Ended December 31, 2017
Net Sales
$183
Cost of Goods Sold
119
Gross Profit
64
Operating Expenses
49
Net Income
$ 15
Using vertical analysis, what percentage is assigned to net
sales?
100%
54%
154%
Can’t be computed
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The vertical analysis of the income statement of Bates, Inc. is as shown below: Bates, Inc....
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Teal Mountain Inc. has the following Income Statement (in
millions):
TEAL MOUNTAIN
INC.
Income Statement
For the Year Ended December 31, 2017
Net Sales
$183
Cost of Goods Sold
119
Gross Profit
64
Operating Expenses
49
Net Income
$ 15
Using vertical analysis, what percentage is assigned to net
sales?
100%
54%
154%
Can’t be computed
Tamarisk, Inc. has the following income statement (in millions): $520 TAMARISK, INC. Income Statement For the Year Ended December 31, 2023 Net Sales Cost of Goods Sold 416 Gross Profit Operating Expenses Net Income $ 34 104 70 Using vertical analysis, what percentage is assigned to cost of goods sold? 80% 100% 50% 36%
questions 24-25 Use the following to answer Moon Beam, Inc. has the following income statement (in millions): MOON BEAM, INC. Income Statement For the Year Ended December 31, 2016 $180 120 60 33 $ 27 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income 24. Using vertical analysis, what percentage is assigned to Cost of Goods Sold? A) 67% B) 33% C) 100% D) None of the above tio fr2016 is 25. Using vertical analysis, what percentage...
28) Targee Inc. has the following income statement (in mulons). Targee, INC. Income Statement For the Year Ended December 31, 2020 Net Sales $3,300 Cost of Goods Sold 2.280 Gross Profit 1,950 Operating Expenses 45 Net Income $1.905 Using vertical analysis, what percentage is assigned to Cost of Goods Sold? a. 70% b. 6996 c. 100% d. None of these answer choices are correct. 30) 29) Western Beef Department Store had net credit sales of $18,000,000 and cost of goods...
Variline Corp. reported the following on its comparative income
statement:
Variline Corp. reported the following on its comparative income statement EEB (Click the icon to view the data.) Prepare a horizontal analysis of revenues and gross profit-both in dollar amounts and in percentages-for 2019 and 2018 Begin by calculating the gross profit for each year, then prepare a horizontal analysis of revenues and gross profit-both in dollar amounts and in percentages-for 2019 and 2018. (Enter amounts in millions as provided...
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)...
Requirement 1. Prepare a vertical analysis for McConnell for both its income statement and balance sheet. Begin by preparing a vertical analysis for McConnell for its income statement. (Round the percent of total amounts to one decimal place, X.X%.) McConnell Department Stores, Inc. Income Statement Year Ended December 31, 2018 Amount Percent of Total Net Sales Revenue $ % 783,000 526,176 Cost of Goods Sold % Gross Profit % 256,824 163,647 % Operating Expenses Operating Income % 93,177 4,698 Other...
The vertical analysis of the income statement of Bates, Inc. is as shown below: Bates, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Bates, Inc Comparative Income Statement Years Ended December 31, 2019 and 2018 (In millions) Net Sales Cost of Goods Sold 2019 $6,355 3,370 Percent of Total 100.0% 53.0 2018 2018 $4,920 2.200 Percent of Total 0 100.0% 44.7 O A. equal to 47.0% of net income OB. 47.0% of net sales revenue OC. 47.0%...
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