Homework Answers
Gross profit margin=Gross profit/Sales
| Gross profit margin | |
| 2013 | (1594550/4853500)=32.9%(Approx) |
| 2012 | (1,555,600/4,755,900)=32.7%(Approx). |
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Additional Problem 5-9 (Part Level Submission) Arlington Merchants reported the following on its income statement for...
Additional Problem 5-9 (Part Level Submission) Arlington Merchants reported the following on its income statement for...
Additional Problem 5-9 (Part Level Submission) Arlington Merchants reported the following on its income statement for the fiscal years ending December 31, 2013 and 2012. Sales Cost of goods sold Gross Profit Operating expenses Profit 2013 $4,853,500 3,258,950 1,594,550 875,880 $718,670 2012 $4,755,900 3,200,300 1,555,600 896,280 $659,320 (a) (b) Calculate the profit margin for Arlington for 2012 and 2013. (Round answers to 1 decimal place, e.g. 52.7%.) Profit margin 2013 2012
RCES Part Part Exercise 5-10 a-c (Part Level Submission) (Video) In its income statement for the...
RCES Part Part Exercise 5-10 a-c (Part Level Submission) (Video) In its income statement for the year ended December 31, 2020, Swifty Company reported the following condensed data. Operating expenses $763,520 Interest revenue $32,220 Cost of goods sold 1,292,100 Loss on disposal of plant assets 19,670 Interest expense 74,210 Net sales 2,408,400 Other comprehensive loss 8,300 Part (Part (a) Your answer is partially correct. Try again. (Part Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 6-11 (Part Level Submission) Marigold Corp. reported the fo...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 6-11 (Part Level Submission) Marigold Corp. reported the following income statement data for a 2-year period. 2018 2019 $215,000 $257,500 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 32,500 192,500 225,000 44,000 181,000 $34,000 44,000 217,500 261,500 55,000 206,500 $51,000 Gross profit Marigold Corp. uses a periodic inventory system. The inventories at January 1, 2018, and...
In its income statement for the year ended December 31, 2020, Sheffield Company reported the following...
In its income statement for the year ended December 31, 2020,
Sheffield Company reported the following condensed data.
Operating expenses
$768,510
Interest revenue
$28,430
Cost of goods sold
1,296,900
Loss on disposal of plant assets
16,140
Interest expense
71,980
Net sales
2,407,700
Other comprehensive loss
9,000
Exercise 5-10 a-c (Part Level Submission) (Video) In its income statement for the year ended December 31, 2020, Sheffield Company reported the following condensed data. Operating expenses Cost of goods sold Interest expense $768,510...
Exercise 5-8 (Part Level Submission) In its income statement for the year ended December 31, 2017,...
Exercise 5-8 (Part Level Submission) In its income statement for the year ended December 31, 2017, Cullumber Company reported the following condensed data. Salaries and wages Loss on disposal of plant $ 187,875 $1,046,250 assets expenses Sales revenue Cost of goods sold 2,220,750 4,972,500 Interest expense Income tax expense 159,750 56,250 Interest revenue 146,250 Sales discounts 360,000 Depreciation expense Utilities expense 247,500 697,500 (a) Prepare a multiple-step income statement. (List other revenues before other expenses.) CULLUMBER COMPANY Income Statement Open...
Application Problem 7-16A a, b1-b2 (Part Level Submission) The following information was taken from the accounting reco...
Application Problem 7-16A a, b1-b2 (Part Level Submission) The following information was taken from the accounting recordss of Chicoutimi Ltée. and Jonquière Ltée. at December 31, 2020. The two companies are competitors Chicoutimi Ltée Jonquière Ltée Ending inventory, Dec. 31, 2019 Ending inventory, Dec. 31, 2020 $402,000 $164,000 439,000 186,000 Cost of goods sold, 2020 2,859,400 1,085,000 Sales for 2020 5,718,800 2,170,000 (a) Calculate the gross margin, gross margin ratio, and inventory turnover ratio at December 31, 2020, for i....
In its income statement for the year ended December 31, 2017, Blossom Company reported the following...
In its income statement for the year ended December 31, 2017, Blossom Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $450,000 Loss on disposal of plant assets 1,149,500 Sales revenue 65,000 Income tax expense 145,200 Sales discounts 300,000 Utilities expense $83,000 2,210,000 25,000 120,000 100,000 Your answer is partially correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) BLOSSOM COMPANY Income Statement For the Year...
Arlington Company prepared a common-size income statement, for 2021, to corrpare its results with its key...
Arlington Company prepared a common-size income statement, for 2021, to corrpare its results with its key competitor, Bardo Company. Refer to the following data: m Click the icon to view the common-size income statement.) Which of the following statements can be correctly concluded from the above data? OA. Bardo places a higher priority on research and development than Arlington OB. Bardo produces higher gross margin per dollar of sales than Arlington OC. Bardo Company produced higher total not income than...
Broadening Your Perspective 5-2 (Part Level Submission) The condensed income statement for the Peri and Paul...
Broadening Your Perspective 5-2 (Part Level Submission) The condensed income statement for the Peri and Paul partnership for 2017 is as follows PERI AND PAUL COMPANY Income Statement For the Year Ended December 31, 2017 Sales (240,000 units) Cost of goods sold Gross profit $1,200,000 900,000 400,000 $280,000 150,000 Selling Administrative 430,000 Net loss $(30,000) A cost behavior analysis indicates that 60% of the cost of goods sold are variable 45% of the selling expenses are variable, and 37% of...
Horizontal Analysis of Income Statement For 2012, McDade Company reported a decline in net income. At...
Horizontal Analysis of Income Statement For 2012, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 2012 2011 Sales $341,120 $304,000 Cost of goods sold 239.400 190,000 Gross profit $101.720 $114,000 Selling expenses $34,450 19,740 $26,000 16,000 Administrative expenses $54,190 $42.000 Total operating expenses Income from operations $47,530...
Additional Problem 5-9 (Part Level Submission) Arlington Merchants reported the following on its income statement for the fiscal years ending December 31, 2013 and 2012. Sales Cost of goods sold Gross Profit Operating expenses Profit 2013 $4,853,500 3,258,950 1,594,550 875,880 $718,670 2012 $4,755,900 3,200,300 1,555,600 896,280 $659,320 (a) (b) Calculate the profit margin for Arlington for 2012 and 2013. (Round answers to 1 decimal place, e.g. 52.7%.) Profit margin 2013 2012
RCES Part Part Exercise 5-10 a-c (Part Level Submission) (Video) In its income statement for the year ended December 31, 2020, Swifty Company reported the following condensed data. Operating expenses $763,520 Interest revenue $32,220 Cost of goods sold 1,292,100 Loss on disposal of plant assets 19,670 Interest expense 74,210 Net sales 2,408,400 Other comprehensive loss 8,300 Part (Part (a) Your answer is partially correct. Try again. (Part Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative...
CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Exercise 6-11 (Part Level Submission) Marigold Corp. reported the following income statement data for a 2-year period. 2018 2019 $215,000 $257,500 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold 32,500 192,500 225,000 44,000 181,000 $34,000 44,000 217,500 261,500 55,000 206,500 $51,000 Gross profit Marigold Corp. uses a periodic inventory system. The inventories at January 1, 2018, and...
In its income statement for the year ended December 31, 2020,
Sheffield Company reported the following condensed data.
Operating expenses
$768,510
Interest revenue
$28,430
Cost of goods sold
1,296,900
Loss on disposal of plant assets
16,140
Interest expense
71,980
Net sales
2,407,700
Other comprehensive loss
9,000
Exercise 5-10 a-c (Part Level Submission) (Video) In its income statement for the year ended December 31, 2020, Sheffield Company reported the following condensed data. Operating expenses Cost of goods sold Interest expense $768,510...
Exercise 5-8 (Part Level Submission) In its income statement for the year ended December 31, 2017, Cullumber Company reported the following condensed data. Salaries and wages Loss on disposal of plant $ 187,875 $1,046,250 assets expenses Sales revenue Cost of goods sold 2,220,750 4,972,500 Interest expense Income tax expense 159,750 56,250 Interest revenue 146,250 Sales discounts 360,000 Depreciation expense Utilities expense 247,500 697,500 (a) Prepare a multiple-step income statement. (List other revenues before other expenses.) CULLUMBER COMPANY Income Statement Open...
Application Problem 7-16A a, b1-b2 (Part Level Submission) The following information was taken from the accounting recordss of Chicoutimi Ltée. and Jonquière Ltée. at December 31, 2020. The two companies are competitors Chicoutimi Ltée Jonquière Ltée Ending inventory, Dec. 31, 2019 Ending inventory, Dec. 31, 2020 $402,000 $164,000 439,000 186,000 Cost of goods sold, 2020 2,859,400 1,085,000 Sales for 2020 5,718,800 2,170,000 (a) Calculate the gross margin, gross margin ratio, and inventory turnover ratio at December 31, 2020, for i....
In its income statement for the year ended December 31, 2017, Blossom Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $450,000 Loss on disposal of plant assets 1,149,500 Sales revenue 65,000 Income tax expense 145,200 Sales discounts 300,000 Utilities expense $83,000 2,210,000 25,000 120,000 100,000 Your answer is partially correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) BLOSSOM COMPANY Income Statement For the Year...
Arlington Company prepared a common-size income statement, for 2021, to corrpare its results with its key competitor, Bardo Company. Refer to the following data: m Click the icon to view the common-size income statement.) Which of the following statements can be correctly concluded from the above data? OA. Bardo places a higher priority on research and development than Arlington OB. Bardo produces higher gross margin per dollar of sales than Arlington OC. Bardo Company produced higher total not income than...
Broadening Your Perspective 5-2 (Part Level Submission) The condensed income statement for the Peri and Paul partnership for 2017 is as follows PERI AND PAUL COMPANY Income Statement For the Year Ended December 31, 2017 Sales (240,000 units) Cost of goods sold Gross profit $1,200,000 900,000 400,000 $280,000 150,000 Selling Administrative 430,000 Net loss $(30,000) A cost behavior analysis indicates that 60% of the cost of goods sold are variable 45% of the selling expenses are variable, and 37% of...
Horizontal Analysis of Income Statement For 2012, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 2012 2011 Sales $341,120 $304,000 Cost of goods sold 239.400 190,000 Gross profit $101.720 $114,000 Selling expenses $34,450 19,740 $26,000 16,000 Administrative expenses $54,190 $42.000 Total operating expenses Income from operations $47,530...
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