Homework Answers
| Income Statement | |||
| Net sales | $ 55,200 | ||
| Less: | Cost of goods sold | $ 29,500 | |
| Less: | Selling, general and administrative expenses | $ 8,000 | |
| Less: | Income tax expense | $ 3,000 | |
| Net Income | $ 14,700 | ||
| Workings: | |||
| Accounts receivable turnover | = | Net Sales / Average accounts receivables | |
| Net sales | = | $6900 X 8 | |
| = | $ 55,200 | ||
| Inventory Turnover | = | Cost of goods sold / Average Inventory | |
| Cost of goods sold | = | $5900 X 5 | |
| = | $ 29,500 | ||
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Following is an incomplete current year income statement Determine Net Sales, Cost of goods sold and...
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net...
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: • Return on total assets is 14% (average total assets is $81,000). • Inventory turnover is 6 (average inventory is $6,200). • Accounts receivable turnover is 9 (average accounts receivable is $7,200). Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Income tax expense Net income 8,300 3,300
Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income...
Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Income Statement Data for Year $66,800 $413,000 46,000 308,000 14,400 77,000 680 1,800 (90) (380) 1,400 6,900 $4,230 $18,920 Current assets Noncurrent assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilities and stockholders' equity Balance Sheet Data (End of Year) $18,000 $47,000 27,500 121,000 $45,500 $168,000 $11,000 $54,000 16,800 45,000 17,700 69,000 $45,500 $168,000 Total assets Total...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets $90,000 $65,000 $23,400 $75,000 $81,000 Compute (a) profit margin and (b) return on total assets Complete this question by entering your answers in the tabs below. Profit Margin Ratio Return On Total Assets Compute the profit margin ratio. Choose Numerator: Profit Margin Ratio Choose Denominator - = Profit Margin Ratio Profit margin ratio...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax PI Expense Accounts Receivable Return On Assets + Merchandise Inventory Total Current Assets Asset Turnover Cash Total Assets Fixed Assets Other Current Assets Use the charts on the following page to calculate Net Profit Margin % for each scenario: Scenario 1 Scenario 2 Income Statement Income Statement Sales Sales Gross Sales $200,000 Gross Sales $100,000 Promotional Allowances $25,000 Promotional Allowances $15,000 Customer Returns -$15,000...
Wiley Company’s income statement for Year 2 follows: Sales $ 2,800 Cost of goods sold 900...
Wiley Company’s income statement for Year 2 follows: Sales $ 2,800 Cost of goods sold 900 Gross margin 1,900 Selling and administrative expenses 300 Income before taxes 1,600 Income taxes 640 Net income $ 960 The company’s selling and administrative expense for Year 2 includes $76 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows: Year 2 Year 1 Current Assets Accounts receivable $ 200 $ 245 Inventory $...
Wiley Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling...
Wiley Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income taxes Net income $ 150,000 90,000 60,000 40,000 20,000 8,000 $ 12,000 The company's selling and administrative expense for Year 2 includes $7,500 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows: Year i $30,000 $45,000 $ 6,000 Year 2 Current Assets Accounts receivable $ 40,000...
Joyner Company's income statement for Year 2 follows: Sales Cost of goods sold $ 710,000 90,000...
Joyner Company's income statement for Year 2 follows: Sales Cost of goods sold $ 710,000 90,000 Gross margin Selling and administrative expenses 620,000 216,000 Net operating income Gain on sale of equipment 404,000 7,000 Income before taxes Income taxes 411,000 123,300 Net income $287,700 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash Accounts receivable Inventory Prepaid expenses S 257,700 70,000 259,000 127,000 319,000 272,000 17,000 8,500 Total...
Income statement: Sales Cost of goods sold Net income 20X2 $2,500,000 1,300,000 200,000 Balance sheets: Accounts...
Income statement: Sales Cost of goods sold Net income 20X2 $2,500,000 1,300,000 200,000 Balance sheets: Accounts receivable Total assets Total shareholders' equity 20X2 20X1 $ 300,000 $ 200,000 2,000,000 1,800,000 900,000 700,000 The return on shareholders' equity for 20X2 is: The return on shareholders' equity for 20X2 is: Multiple Choice O 20% O 8% O 22.22% O 25% Income statement: Sales Cost of goods sold Net income 20X2 $2,500,000 1,300,000 200,000 Balance sheets: Accounts receivable Total assets Total shareholders' equity...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000,...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000, and total operating expenses of $167,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations? 1. Gross profit on sales 2. Net income from operations 2 A firm had merchandise Inventory of $39,000 on January 1, 2019. During the year the firm had purchases of $51,000, freight in of...
Quick Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,150 9,650 Cost of goods sold (5,...
Quick Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,150 9,650 Cost of goods sold (5,500) (5,200) Gross profit 4,650 4,450 Selling and administrative expenses (2,800) (2.700) Income from operations 1,850 1.750 Interest expense (300) (250) Income before income taxes 1,550 1,500 Income tax expense (420) (400) Net income 1,130 1,100 Smith and Sons, Inc. Balance Sheet (in millions) 2016 2015 Assets Current assets Cash and cash equivalents 300 500 Accounts receivable 900 800 Inventory...
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: • Return on total assets is 14% (average total assets is $81,000). • Inventory turnover is 6 (average inventory is $6,200). • Accounts receivable turnover is 9 (average accounts receivable is $7,200). Income Statement Net sales Cost of goods sold Selling, general, and administrative expenses Income tax expense Net income 8,300 3,300
Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Income Statement Data for Year $66,800 $413,000 46,000 308,000 14,400 77,000 680 1,800 (90) (380) 1,400 6,900 $4,230 $18,920 Current assets Noncurrent assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilities and stockholders' equity Balance Sheet Data (End of Year) $18,000 $47,000 27,500 121,000 $45,500 $168,000 $11,000 $54,000 16,800 45,000 17,700 69,000 $45,500 $168,000 Total assets Total...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets $90,000 $65,000 $23,400 $75,000 $81,000 Compute (a) profit margin and (b) return on total assets Complete this question by entering your answers in the tabs below. Profit Margin Ratio Return On Total Assets Compute the profit margin ratio. Choose Numerator: Profit Margin Ratio Choose Denominator - = Profit Margin Ratio Profit margin ratio...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax PI Expense Accounts Receivable Return On Assets + Merchandise Inventory Total Current Assets Asset Turnover Cash Total Assets Fixed Assets Other Current Assets Use the charts on the following page to calculate Net Profit Margin % for each scenario: Scenario 1 Scenario 2 Income Statement Income Statement Sales Sales Gross Sales $200,000 Gross Sales $100,000 Promotional Allowances $25,000 Promotional Allowances $15,000 Customer Returns -$15,000...
Wiley Company's income statement for Year 2 follows: Sales Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income taxes Net income $ 150,000 90,000 60,000 40,000 20,000 8,000 $ 12,000 The company's selling and administrative expense for Year 2 includes $7,500 of depreciation expense. Selected balance sheet accounts for Wiley at the end of Years 1 and 2 are as follows: Year i $30,000 $45,000 $ 6,000 Year 2 Current Assets Accounts receivable $ 40,000...
Joyner Company's income statement for Year 2 follows: Sales Cost of goods sold $ 710,000 90,000 Gross margin Selling and administrative expenses 620,000 216,000 Net operating income Gain on sale of equipment 404,000 7,000 Income before taxes Income taxes 411,000 123,300 Net income $287,700 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash Accounts receivable Inventory Prepaid expenses S 257,700 70,000 259,000 127,000 319,000 272,000 17,000 8,500 Total...
Income statement: Sales Cost of goods sold Net income 20X2 $2,500,000 1,300,000 200,000 Balance sheets: Accounts receivable Total assets Total shareholders' equity 20X2 20X1 $ 300,000 $ 200,000 2,000,000 1,800,000 900,000 700,000 The return on shareholders' equity for 20X2 is: The return on shareholders' equity for 20X2 is: Multiple Choice O 20% O 8% O 22.22% O 25% Income statement: Sales Cost of goods sold Net income 20X2 $2,500,000 1,300,000 200,000 Balance sheets: Accounts receivable Total assets Total shareholders' equity...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000, and total operating expenses of $167,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations? 1. Gross profit on sales 2. Net income from operations 2 A firm had merchandise Inventory of $39,000 on January 1, 2019. During the year the firm had purchases of $51,000, freight in of...
Quick Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,150 9,650 Cost of goods sold (5,500) (5,200) Gross profit 4,650 4,450 Selling and administrative expenses (2,800) (2.700) Income from operations 1,850 1.750 Interest expense (300) (250) Income before income taxes 1,550 1,500 Income tax expense (420) (400) Net income 1,130 1,100 Smith and Sons, Inc. Balance Sheet (in millions) 2016 2015 Assets Current assets Cash and cash equivalents 300 500 Accounts receivable 900 800 Inventory...
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