Homework Answers
| Condensed Income Statement | ||||
| December 31, 2016. | ||||
| Marigold Company | Swifty Company | |||
| Dollars | Percent | Dollars | Percent | |
| Net Sales | £1,568,100 | 100% | £339,769 | 100% |
| Less: Cost of Goods Sold (£1,039,353/£1,568,100*100); (£237,248/£339,769*100) | £1,039,353 | 66.28% | £237,248 | 69.83% |
| Gross Margin (£528,747/£1,568,100*100); (£102,521/£339,769*100) | £528,747 | 33.72% | £102,521 | 30.17% |
| Less: Operating Expense (£275,595/£1,568,100*100); (£76,368/£339,769*100) | £275,595 | 17.58% | £76,368 | 22.48% |
| Earnings before Interest and Tax (EBIT) (£253,152/£1,568,100*100); (£26,153/£339,769*100) | £253,152 | 16.14% | £26,153 | 7.69% |
| Less: Interest Expense (£7,360/£1,568,100*100); (£2,930/£339,769*100) | £7,360 | 0.47% | £2,930 | 0.86% |
| Earnings before Tax (EBT) (£245,792/£1,568,100*100); (£23,223/£339,769*100) | £245,792 | 15.67% | £23,223 | 6.83% |
| Less: Income Tax (£60,474/£1,568,100*100); (£7,770/£339,769*100) | £60,474 | 3.86% | £7,770 | 2.29% |
| Net Income (£185,318/£1,568,100*100); (£15,453/£339,769*100) | £185,318 | 11.81% | £15,453 | 4.54% |
| Margold | Swifty | |||
| Return on assets: | ||||
| Net Income (a) | £185,318 | £15,453 | ||
| Average total assets (b) (£1,003,161 + £961,104/2); (£227,400 + £210,186/2) | £982,133 | £218,793 | ||
| Return on assets (a/b) | 18.87% | 7.06% | ||
| Working notes: | ||||
| Marigold Company | Swifty Company | |||
| 2017 | 2016 | 2017 | 2016 | |
| Plant Assets (net) | £595,977 | £574,752 | £141,046 | £127,661 |
| Current Assets | £407,184 | £386,352 | £86,354 | £82,525 |
| Total Assets | £1,003,161 | £961,104 | £227,400 | £210,186 |
| Average | ||||
| Margold | Swifty | |||
| Return on shareholders' equity: | ||||
| Net Income (a) | £185,318 | £15,453 | ||
| Average shareholders' equity (b) (£835,833+£802,260/2); (£190,548+£184,532/2) | £819,047 | £187,540 | ||
| Return on shareholders' equity (a/b) | 22.63% | 8.24% | ||
| Working notes: | ||||
| Marigold Company | Swifty Company | |||
| 2017 | 2016 | 2017 | 2016 | |
| Share capital - ordinary, £15 par | £575,000 | £575,000 | £132,000 | £132,000 |
| Retained earnings | £260,833 | £227,260 | £58,548 | £52,532 |
| Total shareholders' equity | £835,833 | £802,260 | £190,548 | £184,532 |
Add Answer to:
Question 1 Comparative statement data for Marigold company and Swifty Company, we competitors, appear below. All...
Question 1 Comparative statement data for Marigold Company and Swifty Company, two competitors, appear below. All...
Question 1 Comparative statement data for Marigold Company and Swifty Company, two competitors, appear below. All statement of financial position data are as of December 31, 2017, and December 31, 2016. . Net soles Cost of goods sold Operating expenses Inturest expense Income tax expense Plant assets (net) Current assets Marigold Company Swifty Company 2016 2017 2016 E1,568,100 E339,769 1,039,353 237,248 275,595 76,368 7.360 2,930 60,474 7,770 595,977 E574,752 141,046 E 127,661 407,184 386,352 86,354 82,525 575,000 575,000 132,000 132,000...
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Crane Company, two competitors, appear below. All balance sheet
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Cullumber
Company
Crane
Company
2017
2017
Net sales
$2,700,000
$930,000
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510,000
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424,500
147,000
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54,000
Current assets
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194,636
Plant assets (net)
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209,592
Current liabilities
99,488
50,574
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Question
(a) Prepare a vertical analysis of the 2017 income statement
data for Lionel Company and Barrymore Company in columnar
form
(b) comment on the relative profitabiliyy of the companies by
computing the return on assets and the return on ordinary
shareholder's equity for both companies
P14-1 Comparative statement data for Lionel Company and Barrymore Company, two competitors, appear below. All statement of financial position data are as of December 31, 2017, and December 31, 2016. Net sales Cost of...
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Comparative financial statement data for Cullumber Company and
Crane Company, two competitors, appear below. All balance sheet
data are as of December 31, 2017.
Cullumber
Company
Crane
Company
2017
2017
Net sales
$2,700,000
$930,000
Cost of goods sold
1,762,500
510,000
Operating expenses
424,500
147,000
Interest expense
13,500
5,700
Income tax expense
127,500
54,000
Current assets
411,100
194,636
Plant assets (net)
798,000
209,592
Current liabilities
99,488
50,574
Long-term liabilities
162,750
61,026
Net cash provided by operating activities
207,000
54,000
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