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Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the...
Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the...
Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income statements for the last four quarters follow: Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income First Quarter $172,000 86,000 86,000 17,200 $ 68,800 Second Quarter $202,000 101.000 101,000 20,200 $ 80,800 Third Quarter $212,000 106,000 106,000 21,200 $ 84,800 Fourth Quarter $262,000 131,000 131,000 26,200 $104,800 Total $848,000 424,000 424,000 84,800 $339,200 Historically, cost...
Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the...
Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income statements for the last four quarters follow Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income First Quarter $182,000 91,000 91,000 18,200 $ 72,800 Second Quarter $212,069 106,eee 106,000 21,200 $ 84,800 Third Quarter $ 222,000 111,000 111, 22,200 $ 88,800 Fourth Quarter $ 272,000 136,000 136,00 27,200 $108,800 Total $380,000 444,000 444,000 88,888 $355,200...
Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the...
Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income statements for the last four quarters follow: First Quarter Second Quarter Third Quarter Fourth Quarter Total Sales revenue $ 180,000 $ 210,000 $ 220,000 $ 270,000 $ 880,000 Cost of goods sold 90,000 105,000 110,000 135,000 440,000 Gross profit 90,000 105,000 110,000 135,000 440,000 Selling & administrative expenses 18,000 21,000 22,000 27,000 88,000 Net income $ 72,000 $ 84,000...
Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income st...
Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income statements for the last four quarters follow: First Quarter Second Quarter Third Quarter Fourth Quarter Total Sales revenue $ 174,000 $ 204,000 $ 214,000 $ 264,000 $ 856,000 Cost of goods sold 121,800 142,800 149,800 184,800 599,200 Gross profit 52,200 61,200 64,200 79,200 256,800 Selling & administrative expenses 17,400 20,400 21,400 26,400 85,600 Net income $ 34,800 $ 40,800...
4 the last tour quarters tollOw Second Quarter $ 207,000 103,500 103,500 Third Quarter 217,000 108,500...
4
the last tour quarters tollOw Second Quarter $ 207,000 103,500 103,500 Third Quarter 217,000 108,500 108,500 First Fourth Quarter 177,000 Quarter 267,000 133,500 133,50e Total $868,000 434,e00 434,000 Sales revenue Cost of goods sold Gross profit Selling & administrative expenses 88,500 88,500 17,76 20,700 21,70e 26,700 86,800 $ 82,800 $ 86,800 $70,800 $106,800 $347,200 Net income Historically, cost of goods sold is about 50 percent of sales revenue. Selling and administrative expenses are about 10 percent of sales revenue....
Top executive officers of Fanning Company, a merchandising firm, are preparing the next year's budget. The controller h...
Top executive officers of Fanning Company, a merchandising firm, are preparing the next year's budget. The controller has provided everyone with the current year's projected income statement. Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income Current Year $2,200,000 1,650,000 550,000 298,000 $ 252,000 Cost of goods sold is usually 75 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $78,000. The president has...
Top executive officers of Tildon Company, a merchandising firm, are preparing the next year's budget. The...
Top executive officers of Tildon Company, a merchandising firm, are preparing the next year's budget. The controller has provided everyone with the current year's projected income statement. Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income Current Year $1,600,000 1,120,000 480,000 190,000 $ 290,000 Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $30.000. The president has...
Top executive officers of Zachary Company, a merchandising firm, are preparing the next year's budget. The...
Top executive officers of Zachary Company, a merchandising firm, are preparing the next year's budget. The controller has provided everyone with the current year's projected income statement. Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income Current Year $2,500,000 1,875,000 625,000 327,000 $ 298,000 Cost of goods sold is usually 75 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $77,000. The president has...
a) Sales budget October November December Cash Sales $ 126,000.00 $ 157,500.00 $ 196,875.00 Sales on...
a) Sales budget October November December Cash Sales $ 126,000.00 $ 157,500.00 $ 196,875.00 Sales on Account $ 154,000.00 $ 192,500.00 $ 240,625.00 Total Budgeted Sales $ 280,000.00 $ 350,000.00 $ 437,500.00 b) Schedule of cash receipts October November December Current Cash sales $ 126,000.00 $ 157,500.00 $ 196,875.00 Add: Collection From A/R $ $ 154,000.00 $ 192,500.00 Total Collections $ 126,000.00 $ 311,500.00 $ 389,375.00 C) Inventory purchase budget October November December Budgeted Cost of goods sold $ 168,000.00...
Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses...
Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $79,000. The president has announced that the company's goal is to increase net income by 15 percent. Required The following items are independent of each other a. Prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal? b. The market may become stagnant next...
Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income statements for the last four quarters follow: Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income First Quarter $172,000 86,000 86,000 17,200 $ 68,800 Second Quarter $202,000 101.000 101,000 20,200 $ 80,800 Third Quarter $212,000 106,000 106,000 21,200 $ 84,800 Fourth Quarter $262,000 131,000 131,000 26,200 $104,800 Total $848,000 424,000 424,000 84,800 $339,200 Historically, cost...
Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income statements for the last four quarters follow Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income First Quarter $182,000 91,000 91,000 18,200 $ 72,800 Second Quarter $212,069 106,eee 106,000 21,200 $ 84,800 Third Quarter $ 222,000 111,000 111, 22,200 $ 88,800 Fourth Quarter $ 272,000 136,000 136,00 27,200 $108,800 Total $380,000 444,000 444,000 88,888 $355,200...
4
the last tour quarters tollOw Second Quarter $ 207,000 103,500 103,500 Third Quarter 217,000 108,500 108,500 First Fourth Quarter 177,000 Quarter 267,000 133,500 133,50e Total $868,000 434,e00 434,000 Sales revenue Cost of goods sold Gross profit Selling & administrative expenses 88,500 88,500 17,76 20,700 21,70e 26,700 86,800 $ 82,800 $ 86,800 $70,800 $106,800 $347,200 Net income Historically, cost of goods sold is about 50 percent of sales revenue. Selling and administrative expenses are about 10 percent of sales revenue....
Top executive officers of Fanning Company, a merchandising firm, are preparing the next year's budget. The controller has provided everyone with the current year's projected income statement. Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income Current Year $2,200,000 1,650,000 550,000 298,000 $ 252,000 Cost of goods sold is usually 75 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $78,000. The president has...
Top executive officers of Tildon Company, a merchandising firm, are preparing the next year's budget. The controller has provided everyone with the current year's projected income statement. Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income Current Year $1,600,000 1,120,000 480,000 190,000 $ 290,000 Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $30.000. The president has...
Top executive officers of Zachary Company, a merchandising firm, are preparing the next year's budget. The controller has provided everyone with the current year's projected income statement. Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income Current Year $2,500,000 1,875,000 625,000 327,000 $ 298,000 Cost of goods sold is usually 75 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $77,000. The president has...
a) Sales budget October November December Cash Sales $ 126,000.00 $ 157,500.00 $ 196,875.00 Sales on Account $ 154,000.00 $ 192,500.00 $ 240,625.00 Total Budgeted Sales $ 280,000.00 $ 350,000.00 $ 437,500.00 b) Schedule of cash receipts October November December Current Cash sales $ 126,000.00 $ 157,500.00 $ 196,875.00 Add: Collection From A/R $ $ 154,000.00 $ 192,500.00 Total Collections $ 126,000.00 $ 311,500.00 $ 389,375.00 C) Inventory purchase budget October November December Budgeted Cost of goods sold $ 168,000.00...
Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $79,000. The president has announced that the company's goal is to increase net income by 15 percent. Required The following items are independent of each other a. Prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal? b. The market may become stagnant next...
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