Which of the following best describes a common-sized income statement? A) Hypothetical expenses and profits if...
Which of the following best describes a common-sized income statement?
A) Hypothetical expenses and profits if sales did not change
B) Expenses and profit as percentages of net sales
C) Expenses and profit as percentages of gross sales
D) Expenses and profit as percentages of total assets
Homework Answers
Dear student...Thank you for using homeworklib...correct answer is B) Expenses and profit as percentages of net sales
the common-size income statement will report the revenue and expense amounts as percentages of net sales.
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Which of the following best describes a common-sized income
statement?
A) Hypothetical expenses and profits if...
Common-Sized Income Statement Revenue and expense data for the current calendar year for Sorenson Electronics Company...
Common-Sized Income Statement Revenue and expense data for the current calendar year for Sorenson Electronics Company and for the electronics industry are as follows. The Sorenson Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages. Sorenson Electronics Company Electronics Industry Average 101.9 % $1,834,200 34,200 1.9 Sales Sales returns and allowances Net sales Cost of goods sold 100 % $1,800,000 1,098,000 $702,000 Gross profit 34 % 20 % Selling expenses $432,000 Administrative expenses 162,000...
Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and...
Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $1,980,000 100 % Cost of goods sold 1,128,600 61 Gross profit $851,400 39% Selling expenses $534,600 23% Administrative expenses 198,000 10 Total operating expenses $732,600 33% Operating income $118,800 6 % Other income 39,600 2. $158,400 8...
Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and...
Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill’s data are expressed in dollars. The electronics industry averages are expressed in percentages. Tannenhill Company Electronics Industry Average Sales $770,000 100 % Cost of goods sold 415,800 59 Gross profit $354,200 41 % Selling expenses $223,300 25 % Administrative expenses 84,700 10 Total operating expenses $308,000 35 % Operating income $46,200 6 % Other income 15,400...
Show Me How Calculator Common-Sized Income Statement Revenue and expense data for the current calendar year...
Show Me How Calculator Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Tannenhill Company Electronics Industry Average Sales 100.0 % 60.0 40.0 % 24.0 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue $4,000,000 2,120,000 $1,680,000 $1,080,000 640,000 $1,720,000 $160,000 120,000 14.0...
Show Me How Calculator Common-Sized Income Statement Revenue and expense data for the current calendar year for Ta...
Show Me How Calculator Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Tannenhill Company Electronics Industry Average Sales 100.0 % 60.0 40.0 % 24.0 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue $4,000,000 2,120,000 $1,680,000 $1,080,000 640,000 $1,720,000 $160,000 120,000 14.0...
only the final answers plz 1. Which definition below best describes financial accounting? A. Process of...
only the final answers plz
1. Which definition below best describes financial accounting? A. Process of measuring income taxes owed to the government. B. System of maintaining communication with a company's customers and suppliers. C. Procedures designed to enhance the company's image to potential investors. D. Measuring business activities and communicating them to external parties. 2. Liabilities can be best described as: A. The amount of expenses over the past year. B. The amount expected to be distributed to stockholders....
Income statement 2014 $1,500,000 750,000 Sales COGS Gross profits Operating Expenses Selling expenses General admin. expenses...
Income statement 2014 $1,500,000 750,000 Sales COGS Gross profits Operating Expenses Selling expenses General admin. expenses Lease expenses Depreciation expense total operating expenses 100,000 50,000 10,000 40,000 Operating profits Interest 20,000 Net profits before taxes Taxes Net profits after taxes Preferred dividends 10,000 Earnings available for common stockholders Tax table Range of taxable income 100,000-335,000 335,000-10,000,000 Tax calculation 22,250 + (39% x amount over 100,000) 113,900 + ( 34% x amount over 335,000)
1.) Express the following comparative income statements in common-size percents. Using the common-size percentages, which item...
1.) Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % % Sales Cost of goods sold 770,000 $635,000 284,400 568,100 Gross profit Operating expenses Net...
Section D: Financial Statement Analysis--Analytical Method The condensed income statements through income from operations for Amazon,...
Section D: Financial Statement Analysis--Analytical Method The condensed income statements through income from operations for Amazon, Best Buy, and Walmart for a recent fiscal year follow in millions): Amazon Sales Cost of Goods Sold Gross Profit Selling and General Expenses Operating Expenses Income from Operations $88,988 62,752 $26,236 26,058 Best Buy $40,339 31,292 $ 9,047 7,592 Walmart $485,651 365,086 $120,565 93,418 0 $_178 $_1.450 $ 27.147 1. Prepare comparative common-sized income statements for each company. (Round percentages to one decimal...
A common-size income statement for Creek Enterprises' 2018 operations follows: Creek Enterprises Income Statement for the...
A common-size income statement for Creek Enterprises' 2018 operations follows: Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,966,000) 100.0 % Less: Cost of goods sold 65.6 Gross profits 34.4 % Less: Operating expenses Selling expense 12.7 % General and administrative expenses 6.3 Lease expense 0.5 Depreciation expense ...
Common-Sized Income Statement Revenue and expense data for the current calendar year for Sorenson Electronics Company and for the electronics industry are as follows. The Sorenson Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages. Sorenson Electronics Company Electronics Industry Average 101.9 % $1,834,200 34,200 1.9 Sales Sales returns and allowances Net sales Cost of goods sold 100 % $1,800,000 1,098,000 $702,000 Gross profit 34 % 20 % Selling expenses $432,000 Administrative expenses 162,000...
Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $1,980,000 100 % Cost of goods sold 1,128,600 61 Gross profit $851,400 39% Selling expenses $534,600 23% Administrative expenses 198,000 10 Total operating expenses $732,600 33% Operating income $118,800 6 % Other income 39,600 2. $158,400 8...
Show Me How Calculator Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Tannenhill Company Electronics Industry Average Sales 100.0 % 60.0 40.0 % 24.0 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue $4,000,000 2,120,000 $1,680,000 $1,080,000 640,000 $1,720,000 $160,000 120,000 14.0...
Show Me How Calculator Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Tannenhill Company Electronics Industry Average Sales 100.0 % 60.0 40.0 % 24.0 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue $4,000,000 2,120,000 $1,680,000 $1,080,000 640,000 $1,720,000 $160,000 120,000 14.0...
only the final answers plz
1. Which definition below best describes financial accounting? A. Process of measuring income taxes owed to the government. B. System of maintaining communication with a company's customers and suppliers. C. Procedures designed to enhance the company's image to potential investors. D. Measuring business activities and communicating them to external parties. 2. Liabilities can be best described as: A. The amount of expenses over the past year. B. The amount expected to be distributed to stockholders....
Income statement 2014 $1,500,000 750,000 Sales COGS Gross profits Operating Expenses Selling expenses General admin. expenses Lease expenses Depreciation expense total operating expenses 100,000 50,000 10,000 40,000 Operating profits Interest 20,000 Net profits before taxes Taxes Net profits after taxes Preferred dividends 10,000 Earnings available for common stockholders Tax table Range of taxable income 100,000-335,000 335,000-10,000,000 Tax calculation 22,250 + (39% x amount over 100,000) 113,900 + ( 34% x amount over 335,000)
1.) Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % % Sales Cost of goods sold 770,000 $635,000 284,400 568,100 Gross profit Operating expenses Net...
Section D: Financial Statement Analysis--Analytical Method The condensed income statements through income from operations for Amazon, Best Buy, and Walmart for a recent fiscal year follow in millions): Amazon Sales Cost of Goods Sold Gross Profit Selling and General Expenses Operating Expenses Income from Operations $88,988 62,752 $26,236 26,058 Best Buy $40,339 31,292 $ 9,047 7,592 Walmart $485,651 365,086 $120,565 93,418 0 $_178 $_1.450 $ 27.147 1. Prepare comparative common-sized income statements for each company. (Round percentages to one decimal...
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