Homework Answers
Part 1)
The correct answer is
50.00 %
Explaination
Percentage changes = (Year 3 net income - Year 2 net income) / year 2 net income *100
= ( 31500-21000) / 21000 * 100
= 50 %
Part 2)
The correct answer is
8.1 %
Percentage of SGA expenses = SGA Expenses / Sales
= 49080 / 607700*100
= 8.1 %
Part 3)
The correct answer is
8.0%
Calculation
Return on net assets
= (net income + Interest expense) / average total assets
= ( 25000 +2000) / ((325500+345500)/2)
= 8.0 %
Part 4)
The correct answer is
11.4 %
Calculatio
Return on sales
= net income / sales * 100
= 25000 / 219000*100
= 11.4 %
Add Answer to:
Question 11 A company reported the following amounts of net income: 2 pts Year 1 Year...
15. Account Current year Prior year Net sales $219,000 $180,000 Cost of Goods Sold $125,000 $110,000...
15.
Account Current year Prior year Net sales $219,000 $180,000 Cost of Goods Sold $125,000 $110,000 Gross Profit $94,000 $70,000 Income from operations $32,000 $30,000 Interest expense $2,000 $7,000 Net income $25,000 $18,000 Also known: Total assets in the prior year were $325,500, and in the current year are $345,500. What is the prior year's return on sales? 10.0% 14.6% 21.7% 11.4%
Question 13 Prior year Account Current year Net sales $219.000 $125,000 $180,000 $110.000 Cost of Goods...
Question 13 Prior year Account Current year Net sales $219.000 $125,000 $180,000 $110.000 Cost of Goods Sold $94.000 $70,000 Gross Pront Income from operations $32,000 $30,000 $7.000 Interest expense $2.000 Net Income $25,000 $18,000 Also known: Total assets in the prior year were $325,500, and in the current year are $345,500. What is the current year's return on total assets? 7.8 O BOX 7.4% 10.18
Question 13 Prior year Account Current year Net sales $219.000 $125,000 $180,000 $110.000 Cost of Goods...
Question 13 Prior year Account Current year Net sales $219.000 $125,000 $180,000 $110.000 Cost of Goods Sold $94.000 $70,000 Gross Pront Income from operations $32,000 $30,000 $7.000 Interest expense $2.000 Net Income $25,000 $18,000 Also known: Total assets in the prior year were $325,500, and in the current year are $345,500. What is the current year's return on total assets? 7.8 O BOX 7.4% 10.18
14. Question 14 12 pts Account Current year Prior year Net sales $219,000 $180,000 Cost of...
14.
Question 14 12 pts Account Current year Prior year Net sales $219,000 $180,000 Cost of Goods Sold $125,000 $110,000 Gross Profit $94,000 $70,000 Income from operations $32,000 $30,000 Interest expense $2,000 $7,000 Net income $25,000 $18,000 Also known: Total assets in the prior year were $325.500, and in the current year are $345,500. What is the current year's return on total assets? 7.4% 8.0% 7.8% 10.1%
Question 15 Prior year Account Current year $219,000 $180,000 Net sales $125.000 $110,000 Cost of Goods...
Question 15 Prior year Account Current year $219,000 $180,000 Net sales $125.000 $110,000 Cost of Goods Sold $94,000 $70,000 Gross Pront $32.000 $30,000 Income from operations $2.000 $7,000 Interest expense $25,000 $18,000 Net income Also known: Total assets in the prior year were $325,500, and in the current year are $345,500. What is the prior year's return on sales? 21.7% 14.6% 11.4% O 10.0%
The Hummel Corporation reported the following income statement and balance sheet amounts and additional information for...
The Hummel Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of prior year End of current year Net sales revenue (all credit) Cost of goods sold Gross profit Selling/general expenses $800,000 $504,000 $296,000 $184,000 $32,000 $80,000 $71,000 $329,000 $400,000 Interest expense Net income Current assets $20,000 Long - term assets $280,000 Total assets $300,000 Current liabilities $56,000 $16.000 Total assets $400,000 $300,000 $16,000 Current liabilities $56,000 Long...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $ 1 comma 220 comma 000$1,220,000 Cost of goods sold $ 725 comma 000$725,000 Gross profit $495,000 Selling/general expenses $280,000 Interest expense $42,000 Net Income $173,000 Current assets $ 113 comma 000$113,000 $82,000 Longminus−term assets $ 512 comma 000$512,000 $440,000 Total assets $625,000 $522,000 Current...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $ 1 comma 520 comma 000$1,520,000 Cost of goods sold $ 1 comma 025 comma 000$1,025,000 Gross profit $495,000 Selling/general expenses $280,000 Interest expense $42,000 Net Income $173,000 Current assets $ 116 comma 000$116,000 $82,000 Longminus−term assets $ 509 comma 000$509,000 $440,000 Total assets $625,000...
The Hummel Corporation reported the following income statement and balance sheet amounts and additional information for...
The Hummel Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $800,000 Cost of goods sold $504,000 Gross profit $296,000 Selling/general expenses $184,000 Interest expense $ 32,000 Net income $ 80,000 Current assets $ 71,000 $20,000 Long-term assets $329,000 $280,000 Total assets $400,000 $300,000 Current liabilities $ 56,000 $16,000 Long-term liabilities $ 84,000 $164,000 Common stockholders'...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for...
The Amos Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current year End of prior year Net sales revenue (all credit) $ 1 comma 520 comma 000$1,520,000 Cost of goods sold $ 1 comma 025 comma 000$1,025,000 Gross profit $495,000 Selling/general expenses $280,000 Interest expense $42,000 Net Income $173,000 Current assets $113,000 $82,000 Longminus−term assets $512,000 $440,000 Total assets $625,000 $522,000 Current liabilities $57,000 $52,000 Longminus−term...
15.
Account Current year Prior year Net sales $219,000 $180,000 Cost of Goods Sold $125,000 $110,000 Gross Profit $94,000 $70,000 Income from operations $32,000 $30,000 Interest expense $2,000 $7,000 Net income $25,000 $18,000 Also known: Total assets in the prior year were $325,500, and in the current year are $345,500. What is the prior year's return on sales? 10.0% 14.6% 21.7% 11.4%
Question 13 Prior year Account Current year Net sales $219.000 $125,000 $180,000 $110.000 Cost of Goods Sold $94.000 $70,000 Gross Pront Income from operations $32,000 $30,000 $7.000 Interest expense $2.000 Net Income $25,000 $18,000 Also known: Total assets in the prior year were $325,500, and in the current year are $345,500. What is the current year's return on total assets? 7.8 O BOX 7.4% 10.18
Question 13 Prior year Account Current year Net sales $219.000 $125,000 $180,000 $110.000 Cost of Goods Sold $94.000 $70,000 Gross Pront Income from operations $32,000 $30,000 $7.000 Interest expense $2.000 Net Income $25,000 $18,000 Also known: Total assets in the prior year were $325,500, and in the current year are $345,500. What is the current year's return on total assets? 7.8 O BOX 7.4% 10.18
14.
Question 14 12 pts Account Current year Prior year Net sales $219,000 $180,000 Cost of Goods Sold $125,000 $110,000 Gross Profit $94,000 $70,000 Income from operations $32,000 $30,000 Interest expense $2,000 $7,000 Net income $25,000 $18,000 Also known: Total assets in the prior year were $325.500, and in the current year are $345,500. What is the current year's return on total assets? 7.4% 8.0% 7.8% 10.1%
Question 15 Prior year Account Current year $219,000 $180,000 Net sales $125.000 $110,000 Cost of Goods Sold $94,000 $70,000 Gross Pront $32.000 $30,000 Income from operations $2.000 $7,000 Interest expense $25,000 $18,000 Net income Also known: Total assets in the prior year were $325,500, and in the current year are $345,500. What is the prior year's return on sales? 21.7% 14.6% 11.4% O 10.0%
The Hummel Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of prior year End of current year Net sales revenue (all credit) Cost of goods sold Gross profit Selling/general expenses $800,000 $504,000 $296,000 $184,000 $32,000 $80,000 $71,000 $329,000 $400,000 Interest expense Net income Current assets $20,000 Long - term assets $280,000 Total assets $300,000 Current liabilities $56,000 $16.000 Total assets $400,000 $300,000 $16,000 Current liabilities $56,000 Long...
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