Condensed financial data are presented below for the Phoenix
Corporation:
20X2 | 20X1 | |||||||||||
Accounts receivable | $ | 267,500 | $ | 230,000 | ||||||||
Inventory | 312,500 | 257,500 | ||||||||||
Total current assets | 670,000 | 565,000 | ||||||||||
Intangible assets | 50,000 | 60,000 | ||||||||||
Total assets | 825,000 | 695,000 | ||||||||||
Current liabilities | 252,500 | 200,000 | ||||||||||
Long-term liabilities | 77,500 | 75,000 | ||||||||||
Sales | 1,640,000 | |||||||||||
Cost of goods sold | 982,500 | |||||||||||
Interest expense | 10,000 | |||||||||||
Income tax expense | 77,500 | |||||||||||
Net income | 127,500 | |||||||||||
Cash flow from operations | 71,000 | |||||||||||
Cash flow from investing activities | (6,000 | ) | ||||||||||
Cash flow from financing activities | (62,500 | ) | ||||||||||
Tax rate | 30 | % | ||||||||||
In a common size income statement for 20X2, cost of goods sold is expressed as:
Multiple Choice
92.0%
167%
60.0%
119%
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Question 11 of 40 Total
In a common size income statement;each item would be represented as a % of sales value
Hence cost of goods sold would be expressed as =982500/1,640,000
which is equal to
=60.0%(Approx(
Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 Accounts receivable $ 267,500...
Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 Accounts receivable $ 267,500 $ 230,000 Inventory 312,500 257,500 Total current assets 670,000 565,000 Intangible assets 50,000 60,000 Total assets 825,000 695,000 Current liabilities 252,500 200,000 Long-term liabilities 77,500 75,000 Sales 1,640,000 Cost of goods sold 982,500 Interest expense 10,000 Income tax expense 77,500 Net income 127,500 Cash flow from operations 71,000 Cash flow from investing activities (6,000 ) Cash flow from financing activities (62,500 ) Tax rate...
Condensed financial data are presented below for the Phoenix Corporation: 20X2 20X1 Accounts receivable $ 267,500 $ 230,000 Inventory 312,500 257,500 Total current assets 670,000 565,000 Intangible assets 50,000 60,000 Total assets 825,000 695,000 Current liabilities 252,500 200,000 Long-term liabilities 77,500 75,000 Sales 1,640,000 Cost of goods sold 982,500 Interest expense 10,000 Income tax expense 77,500 Net income 127,500 Cash flow from operations 71,000 Cash flow from investing activities (6,000 ) Cash flow from financing activities (62,500 ) Tax rate...
Please provide detail answer. Condensed financial data are presented below for the Phoenix Corporation: 2019 2018 Accounts receivable 267,500 $230,000 Inventory 312,500 257,500 Total current assets 670,000 565,000 Intangible assets 50,000 60,000 Total assets 825,000 695,000 Current liabilities 252,500 200,000 Long-term liabilities 77,500 75,000 Sales 1,640,000 Cost of goods sold 982,500 Interest expense 10,000 Income tax expense 77,500 Net income 127,500 Cash flow from operations 71,000 Cash flow from investing activities (6,000) Cash flow from financing activities (62,500) Tax rate...
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