n 2015, Matt Cruz Company had net sales of $955,000 and cost of goods sold of...
n 2015, Matt Cruz Company had net sales of $955,000 and cost of goods sold of $551,900. Operating expenses were $222,200 and interest expense was $12,600. Cruz prepares a multiple-step income statement.
Compute Cruz’s gross profit.
Gross profit rate.
what is Cruz’s income from operations and net incom?
If Cruz prepared a single-step income statement, what amount would it report for net income?
In what section of its classified balance sheet should Cruz ereport inventory?
Homework Answers
a) Multiple step income statement
| Sales | 955000 |
| Cost of goods sold | 551900 |
| Gross profit | 403100 |
| Operating expense | 222200 |
| Operating income | 180900 |
| Other expense | |
| Interest expense | 12600 |
| Net income | 168300 |
b) Gross profit = $403100
c) Gross profit rate = 403100/955000 = 42.21%
d) Income from operation = 180900
e) Net income = 168300
f) Net income in single step income statement = 168300
g) Inventory should be reported under current assets
Add Answer to:
n 2015, Matt Cruz Company had net sales of $955,000 and cost of
goods sold of...
Exercise 5-12 In 2015, Matt Cruz Company had net sales of $941.100 and cost of goods...
Exercise 5-12 In 2015, Matt Cruz Company had net sales of $941.100 and cost of goods sold of $559,500. Operating expenses were $220,900, and interest expense was $11.900. Cru prepares a multiple step income statement net Exercise x Your answer is incorrect. Try again Compute Cruz's gross profit. Gross profit 382000 LINK TO TEXT s by Study Your answer is correct. Compute the gross profit rate. (Round answer to 1 decimal place e.. 25.24.) Gross profit rate 40.60 SHOW SOLUTION...
Question 6 Marigold Bookstore had 550 units on hand at January 1, costing $8 each. Purchases...
Question 6 Marigold Bookstore had 550 units on hand at January 1, costing $8 each. Purchases and sales during the month of January were as follows: Purchases Date Jan. Sales 410 @ $14 14 290 @ $10 290 @ $11 250 @ $15 Marigold does not maintain perpetual inventory records. According to a physical count, 470 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is: $3760. $4990. $5170. $4700....
2016 2015 Net sales $728,450 $699,312 Cost of goods sold $200,000 $224,000 Gross margin $528,450 $475,312...
2016 2015 Net sales $728,450 $699,312 Cost of goods sold $200,000 $224,000 Gross margin $528,450 $475,312 Selling/administrative costs $120,000 $125,000 Operating income $408,450 $350,312 Income tax expense $77,606 $66,559 Net income $330,844 $283,753 A common size income statement analysis would show what figure for the following company: A. The 2016 change in operating income is $58,138 B. The change in gross margin is $53,138 C. 2016 operating income (as a percent of net sales) is 56.1% D. The percent change...
(in millions) 2016 2015 Net sales 10,400 9,900 Cost of goods sold (5,500) (5,200) Gross profit...
(in millions) 2016 2015 Net sales 10,400 9,900 Cost of goods sold (5,500) (5,200) Gross profit 4,900 4,700 Selling and administrative expenses (2,800) (2,700) Income from operations 2,100 2,000 Interest expense (300) (250) Income before income taxes 1,800 1,750 Income tax expense (420) (400) Net income 1,380 1,350 Smith and Sons, Inc. Balance Sheet 2016 2015 (in millions) Assets Current assets Cash and cash equivalents 550 750 Accounts receivable 900 800 Inventory 850 1,000 Other current assets 400 250 Total...
0 Income statement 2016 2015 Sales revenues Less: Cost of goods sold Gross profit Less: Operating...
0 Income statement 2016 2015 Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense Income before income taxes (amounts in thousands) 2017 211,400 $ 182,910 105,000 96,000 106,400 $ 86,910 53,000 46,000 53.400 $ 40,910 5.385 6,459 48,015 $ 34,451 22.617 16. 160 Print Done i Income statement JJUJ 0,435 LESS. Merest expense Income before income taxes 48,015 $ 22,647 25,368 $ 34,451 16,160 Less: Income tax expense Net income 18,291 Additional...
A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance...
A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2015 2015 2014 Assets Cash $ 94,800 $ 24,000 Accounts receivable, net 41,000 51,000 Inventory 85,800 95,800 Prepaid expenses 5,400 4,200 Total current assets 227,000 175,000 Furniture 109,000 119,000 Accum. depreciation—Furniture (17,000 ) (9,000 ) Total assets $ 319,000 $ 285,000 Liabilities and Equity Accounts payable $ 15,000 $ 21,000 Wages payable 9,000 5,000 Income taxes payable 1,400 2,600 Total current...
CRUZ, INC. Income Statement For Year Ended December 31, 2016 Sales $ 454,900 Cost of goods...
CRUZ, INC. Income Statement For Year Ended December 31, 2016 Sales $ 454,900 Cost of goods sold 292,800 Gross profit 162,100 Operating expenses Depreciation expense $ 35,000 Other expenses 83,000 118,000 Income before taxes 44,100 Income taxes expense 16,000 Net income $ 28,100 1. How much cash is paid to acquire inventory during year 2016? 2. How much cash is paid for "other expenses" during year 2016? (Hint: Examine prepaid expenses and wages payable.)
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...
Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for...
Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for income taxes Weighted average shares outstanding $1,231, 349 670 2,035,531 395,883 86,387 63,832 Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. (Enter your answers in thousands not in dollars. Round "Basic earnings per share" to 2 decimal places.) AEROPOSTALE, INC. Consolidated Statement of Income For...
A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance...
A comparative balance sheet and income statement is shown for Cruz, Inc. CRUZ, INC. Comparative Balance Sheets December 31, 2017 2017 2016 Assets Cash $ 82,800 $ 20,600 Accounts receivable, net 35,500 43,700 Inventory 74,300 82,000 Prepaid expenses 4,600 3,700 Total current assets 197,200 150,000 Furniture 92,800 104,800 Accum. depreciation—Furniture (14,400 ) (8,000 ) Total assets $ 275,600 $ 246,800 Liabilities and Equity Accounts payable $ 13,000 $ 18,200 Wages payable 7,700 4,300 Income taxes payable 1,300 2,400 Total current...
Exercise 5-12 In 2015, Matt Cruz Company had net sales of $941.100 and cost of goods sold of $559,500. Operating expenses were $220,900, and interest expense was $11.900. Cru prepares a multiple step income statement net Exercise x Your answer is incorrect. Try again Compute Cruz's gross profit. Gross profit 382000 LINK TO TEXT s by Study Your answer is correct. Compute the gross profit rate. (Round answer to 1 decimal place e.. 25.24.) Gross profit rate 40.60 SHOW SOLUTION...
Question 6 Marigold Bookstore had 550 units on hand at January 1, costing $8 each. Purchases and sales during the month of January were as follows: Purchases Date Jan. Sales 410 @ $14 14 290 @ $10 290 @ $11 250 @ $15 Marigold does not maintain perpetual inventory records. According to a physical count, 470 units were on hand at January 31. The cost of the inventory at January 31, under the FIFO method is: $3760. $4990. $5170. $4700....
(in millions) 2016 2015 Net sales 10,400 9,900 Cost of goods sold (5,500) (5,200) Gross profit 4,900 4,700 Selling and administrative expenses (2,800) (2,700) Income from operations 2,100 2,000 Interest expense (300) (250) Income before income taxes 1,800 1,750 Income tax expense (420) (400) Net income 1,380 1,350 Smith and Sons, Inc. Balance Sheet 2016 2015 (in millions) Assets Current assets Cash and cash equivalents 550 750 Accounts receivable 900 800 Inventory 850 1,000 Other current assets 400 250 Total...
0 Income statement 2016 2015 Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense Income before income taxes (amounts in thousands) 2017 211,400 $ 182,910 105,000 96,000 106,400 $ 86,910 53,000 46,000 53.400 $ 40,910 5.385 6,459 48,015 $ 34,451 22.617 16. 160 Print Done i Income statement JJUJ 0,435 LESS. Merest expense Income before income taxes 48,015 $ 22,647 25,368 $ 34,451 16,160 Less: Income tax expense Net income 18,291 Additional...
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...
Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for income taxes Weighted average shares outstanding $1,231, 349 670 2,035,531 395,883 86,387 63,832 Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. (Enter your answers in thousands not in dollars. Round "Basic earnings per share" to 2 decimal places.) AEROPOSTALE, INC. Consolidated Statement of Income For...
Most questions answered within 3 hours.
-
Q. A buffer solution prepared by mixing 50.00 mL of 0.200 M
acetic acid and 50.00...
asked 9 minutes ago -
PLEASE DO BOTH OF THESE IN PYTHON!!! AND MAKE SURE THAT
I CAN COPY THE CODE....
asked 8 minutes ago -
While fishing you discover two types of mullet. Some
of the mullet jump out of the water...
asked 5 minutes ago -
4. How could the Fed "finance the government's debt"? How does
that work, exactly?
5. In...
asked 11 minutes ago -
The x component of the velocity of an object vibrating
along the x-axis obeys the equation...
asked 1 hour ago -
A junction box contains two trade size 2 raceways on the left
side, and two trade...
asked 1 hour ago -
Atmospheric Mass
Venus and Earth have about the same mass and radius, but the
atmospheric pressure...
asked 2 hours ago -
5. Discuss the use of fault tree analysis (FTA) for risk
assessment (maximum one paragraph).
asked 3 hours ago -
Given that a sample of aluminium oxide has a Young's modulus of
393 GPa and a...
asked 5 hours ago -
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 6 hours ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 7 hours ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 7 hours ago