Homework Answers
A commen size income statement is income statement in which all the numbers are expressed as percentage of revenue or sales
So option 4 total revenues is correct
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To convert an income statement into a common-size income statement, we restate all the numbers as...
To convert a balance sheet into a common-size balance sheet statement, we restate all the numbers...
To convert a balance sheet into a common-size balance sheet statement, we restate all the numbers as percentages of total owners' equity total assets revenue total liabilities
In a common size income statement for a retail store, the 100 percent amount is for...
In a common size income statement for a retail store, the 100 percent amount is for A. net revenues B. cost of goods sold C. gross profit D. net Income
Prepare a comparative common-size income statement for Jubilee Corporation. To an investor, how does 2017 compare...
Prepare a comparative common-size income statement for Jubilee Corporation. To an investor, how does 2017 compare with 2016? Explain your reasoning. E (Click the icon to view the comparative income statement.) Data Table Start by calculating the percentages. (Round the percentages to two decimal places, X.XX.) Jubilee Corporation Comparative Common-Size Income Statement Income Statement For the Years Ended December 31, 2017 and 2016 For the Years Ended December 31, 2017 and 2016 2017 2016 (amounts in thousands) Sales revenues 100.00...
Please add the computation and explanation. Thank you! A. Convert to a Common Size Statement then...
Please add the computation and explanation. Thank you!
A. Convert to a Common Size Statement then prepare an executive summary using the Common Size Statement Sales Cost of Goods Sold Gross Profit Operating Expenses Php 200,000.00 120,000.00 80,000.00 10,000.00 Salaries and Wages Employee's Benefits Sales Commissions Rental Expenses Advertising Professional Fees Travel and Transportation Representation Training/Seminars Light, Water, and Power Office Supplies Depreciation Miscellaneous Total Operating Expenses Operating Profit Add: Non-Operating Income Less: Non-Operating Expenses Net Profit Before Taxes Taxes...
1.) Express the following comparative income statements in common-size percents. Using the common-size percentages, which item...
1.) Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % % Sales Cost of goods sold 770,000 $635,000 284,400 568,100 Gross profit Operating expenses Net...
Exercise 14-1 Common-Size Income Statement [LO14-1] A comparative income statement is given below for Mckenzie Sales,...
Exercise 14-1 Common-Size Income Statement [LO14-1] A comparative income statement is given below for Mckenzie Sales, Ltd., of Toronto: Last Year $5,593,600 3,512,000 2,081,600 Mckenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,360,000 Cost of goods sold 4,640,000 Gross margin 2,720,000 Selling and administrative expenses: Selling expenses 1,377,000 Administrative expenses 706,000 Total expenses 2,083,000 Net operating income 637,000 Interest expense 106,000 Net income before taxes $ 531,000 1,076,000 615,500 1,691,500 390,100 93,000 $ 297,100 Members of the company's board...
Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is...
Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Reason for Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % Sales $...
To convert an income statement to a common-size income statement, each line item should be stated...
To convert an income statement to a common-size income statement, each line item should be stated as a percentage of: pretax income. revenue. net income.
Common-Size Income Statement 2016 100.0 % 66.6 334 % 26.6 Revenues 29,960 (19,950) 10,010 (7,960) 2,050...
Common-Size Income Statement 2016 100.0 % 66.6 334 % 26.6 Revenues 29,960 (19,950) 10,010 (7,960) 2,050 (850) 1,200 (436) 764 Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Earnings before taxes Income taxes 6.8 % 2.8 4.0% Net income 2.6 Analyzing common-size financial statements) Use the common-size financial statements found here:囲to respond to you boss' request that you write up your assessment of the firm's financial condition. Specifically, write up a brief narrative that responds...
A common-size income statement for Creek Enterprises' 2018 operations follows: Creek Enterprises Income Statement for the...
A common-size income statement for Creek Enterprises' 2018 operations follows: Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,966,000) 100.0 % Less: Cost of goods sold 65.6 Gross profits 34.4 % Less: Operating expenses Selling expense 12.7 % General and administrative expenses 6.3 Lease expense 0.5 Depreciation expense ...
To convert a balance sheet into a common-size balance sheet statement, we restate all the numbers as percentages of total owners' equity total assets revenue total liabilities
Prepare a comparative common-size income statement for Jubilee Corporation. To an investor, how does 2017 compare with 2016? Explain your reasoning. E (Click the icon to view the comparative income statement.) Data Table Start by calculating the percentages. (Round the percentages to two decimal places, X.XX.) Jubilee Corporation Comparative Common-Size Income Statement Income Statement For the Years Ended December 31, 2017 and 2016 For the Years Ended December 31, 2017 and 2016 2017 2016 (amounts in thousands) Sales revenues 100.00...
Please add the computation and explanation. Thank you!
A. Convert to a Common Size Statement then prepare an executive summary using the Common Size Statement Sales Cost of Goods Sold Gross Profit Operating Expenses Php 200,000.00 120,000.00 80,000.00 10,000.00 Salaries and Wages Employee's Benefits Sales Commissions Rental Expenses Advertising Professional Fees Travel and Transportation Representation Training/Seminars Light, Water, and Power Office Supplies Depreciation Miscellaneous Total Operating Expenses Operating Profit Add: Non-Operating Income Less: Non-Operating Expenses Net Profit Before Taxes Taxes...
1.) Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % % Sales Cost of goods sold 770,000 $635,000 284,400 568,100 Gross profit Operating expenses Net...
Exercise 14-1 Common-Size Income Statement [LO14-1] A comparative income statement is given below for Mckenzie Sales, Ltd., of Toronto: Last Year $5,593,600 3,512,000 2,081,600 Mckenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,360,000 Cost of goods sold 4,640,000 Gross margin 2,720,000 Selling and administrative expenses: Selling expenses 1,377,000 Administrative expenses 706,000 Total expenses 2,083,000 Net operating income 637,000 Interest expense 106,000 Net income before taxes $ 531,000 1,076,000 615,500 1,691,500 390,100 93,000 $ 297,100 Members of the company's board...
Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Reason for Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % Sales $...
Common-Size Income Statement 2016 100.0 % 66.6 334 % 26.6 Revenues 29,960 (19,950) 10,010 (7,960) 2,050 (850) 1,200 (436) 764 Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Earnings before taxes Income taxes 6.8 % 2.8 4.0% Net income 2.6 Analyzing common-size financial statements) Use the common-size financial statements found here:囲to respond to you boss' request that you write up your assessment of the firm's financial condition. Specifically, write up a brief narrative that responds...
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