Homework Answers
- Formulas for each of the required information are as follows
- Gross profit = sales revenue - cost of goods sold,
- Operating income = Gross profit - operating expenses,
- Income before income taxes = operating income - non operating expenses,
- Net income/loss = income before income taxes - Income tax expense,
| Gross profit | operating income |
income before income taxes |
Net income/loss | |
| Henry | 14000 | 9600 | 8200 | 6800 |
| Grace | 5750 | (1650) | (5050) | (5050) |
| James | 9240 | 6840 | 6840 | 4440 |
- Gross profit ratio is calculated as a percentage of gross profit to sales, formula is gross profit/sales revenue * 100.
-
Gross profit ratio Henry 70% Grace 25% James 33%
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Below are amounts found in the income statements of three companies Company Henry Grace James Sales Revenue $20,00...
work i Saved Below are amounts found in the income statements of three companies Company Henry...
work i Saved Below are amounts found in the income statements of three companies Company Henry Grace James Sales Revenue $36,eee 39,089 44,000 Cost of Goods Sold $12,600 26,130 25,960 Operating Expenses $5,2ee 13,300 3, 200 Non-operating Expenses $2,200 7.200 3 Income Tax Expense $2,280 ,289 / 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry Grace James < Prey 9 of 9 Next rch ote 9
Required information [The following information applies to the questions displayed below.] Below are amounts found in...
Required information [The following information applies to the questions displayed below.] Below are amounts found in the income statements of three companies. Company Sales Revenue Cost of Goods Sold Operating Expenses Non-operating Expenses Income Tax Expense Henry $ 30,000 $ 6,000 $ 4,900 $ 1,900 $ 1,900 Grace 33,000 23,760 13,000 6,900 0 James 38,000 24,320 2,900 0 2,900 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry = Grace = James = 2-b. Which...
(The following information applies to the questions displayed below.) Below are amounts found in the income...
(The following information applies to the questions displayed below.) Below are amounts found in the income statements of three companies. Company Henry Grace James Sales Revenue $42,000 45,000 50,000 Cost of Goods Sold $10,500 29,700 29,000 Operating Expenses $ 5,500 16, 600 3,500 Non- operating Expenses $2,500 7,500 0 Income Tax Expense $2,500 3,500 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) amounts should be indicated by a minus...
ork 0 [The following information applies to the questions displayed below) Below are amounts found in...
ork 0 [The following information applies to the questions displayed below) Below are amounts found in the income statements of three companies. Company Henry Grace James Sales Revenue $36,880 39,000 44,000 Cost of Goods Sold $12,600 26,130 25,960 Operating Expenses $ 5,289 13,389 3,200 Non-operating Expenses $2,200 7.200 Income Tax Expense $2,200 3,200 Required: 1. For each company, calculate (a) gross profit, (b) operating income. (c) income before income taxes, a amounts should be indicated by a minus sign.) Gross...
The income statement of Smith Company is shown below. Sales .... SMITH COMPANY INCOME STATEMENT FOR...
The income statement of Smith Company is shown below. Sales .... SMITH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 ..............$755,000 Cost of goods sold. ... ..............543,000 Gross profit...... .............212,000 Operating expenses Selling expenses ....... $52,000 Administrative expenses ............... ........89,000..........141,000 Income before tax ................ ......................71,000 Income Tax Expense .............. .....20,000 Net income ......... $ 51,000 Additional information: 1. Accounts receivable decreased by $63,000 during the year. 2. Inventory increased by $38,000 during the year. 3. Prepaid expenses increased...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest expense | 2,000 Income tax expense 20,000 Rent Expense 8,000 Cost of goods sold 298,000 Inventory (begin) 31,000 Inventory (end) 26,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __:__% Use the following for 9 and 10 Units Beginning inventory 20 Purchase 1...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $19,000 $15,000 100 $18,000 $14,900 9,000 $ 6,000 5,900 $ 700 600 2,000 500 300 $ 3,810 3,400 $ 2,190 $2,500 500 $ 1,630 2,000 800 $ 990 $1,200 Depreciation 2,200 550 360 Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes...
- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns...
- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns 4,400 Interest income Utilities expense 6,000 Interest expense Income tax expense 20,000 Rent Expense Cost of goods sold Inventory (begin) 31,000 Inventory (end) Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __.__% Use the following for 9 and 10 Units Beginning inventory 20...
CRANE COMPANY Income Statement For the Year Ended December 31, 2017 Sales Sales Revenue 2,290,000 Less...
CRANE COMPANY Income Statement For the Year Ended December 31, 2017 Sales Sales Revenue 2,290,000 Less +: Sales Discounts 170,000 Net Sales 2,120,000 Cost of Goods Sold 1,038,800 Gross Profit 1,081,200 Operating Expenses 460,000 i Salaries and Wages Expense 320,000 i Depreciation Expense 120,000 i Utilities Expense Total Operating Expenses 900,000 Income From Operations 181,200 Other Revenues and Gains Interest Revenue 57,900 Other Expenses and Losses Interest Expense 67,000 83,500 i Loss on Disposal of Plant Assets 150,500 88,600 Income...
Exercise 5-08 c (Essay) Financial information for two companies are presented below. Yoste Company Noone Company $90,00...
Exercise 5-08 c (Essay) Financial information for two companies are presented below. Yoste Company Noone Company $90,000 $105,000 Sales revenue Sales returns and allowances 6,000 5,000 100,000 84,000 Net sales 58,000 60,000 Cost of goods sold 26,000 40,000 Gross profit 14,380 23,000 Operating expenses 11,620 17,000 Net income Yoste Company Noone Company Profit margin 14% 17% 40% Gross profit rate 31% (c) Discuss your findings in the calculation of profit margin and the gross profit rate for each company Click...
work i Saved Below are amounts found in the income statements of three companies Company Henry Grace James Sales Revenue $36,eee 39,089 44,000 Cost of Goods Sold $12,600 26,130 25,960 Operating Expenses $5,2ee 13,300 3, 200 Non-operating Expenses $2,200 7.200 3 Income Tax Expense $2,280 ,289 / 2-a. For each company, calculate the gross profit ratio. Gross Profit Ratio Henry Grace James < Prey 9 of 9 Next rch ote 9
(The following information applies to the questions displayed below.) Below are amounts found in the income statements of three companies. Company Henry Grace James Sales Revenue $42,000 45,000 50,000 Cost of Goods Sold $10,500 29,700 29,000 Operating Expenses $ 5,500 16, 600 3,500 Non- operating Expenses $2,500 7,500 0 Income Tax Expense $2,500 3,500 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) amounts should be indicated by a minus...
ork 0 [The following information applies to the questions displayed below) Below are amounts found in the income statements of three companies. Company Henry Grace James Sales Revenue $36,880 39,000 44,000 Cost of Goods Sold $12,600 26,130 25,960 Operating Expenses $ 5,289 13,389 3,200 Non-operating Expenses $2,200 7.200 Income Tax Expense $2,200 3,200 Required: 1. For each company, calculate (a) gross profit, (b) operating income. (c) income before income taxes, a amounts should be indicated by a minus sign.) Gross...
The income statement of Smith Company is shown below. Sales .... SMITH COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 ..............$755,000 Cost of goods sold. ... ..............543,000 Gross profit...... .............212,000 Operating expenses Selling expenses ....... $52,000 Administrative expenses ............... ........89,000..........141,000 Income before tax ................ ......................71,000 Income Tax Expense .............. .....20,000 Net income ......... $ 51,000 Additional information: 1. Accounts receivable decreased by $63,000 during the year. 2. Inventory increased by $38,000 during the year. 3. Prepaid expenses increased...
Salaries expense $112,000 Sales revenue $475,000 Sales returns 4,400 Interest income 6,000 Utilities expense 6,000 Interest expense | 2,000 Income tax expense 20,000 Rent Expense 8,000 Cost of goods sold 298,000 Inventory (begin) 31,000 Inventory (end) 26,000 Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __:__% Use the following for 9 and 10 Units Beginning inventory 20 Purchase 1...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $19,000 $15,000 100 $18,000 $14,900 9,000 $ 6,000 5,900 $ 700 600 2,000 500 300 $ 3,810 3,400 $ 2,190 $2,500 500 $ 1,630 2,000 800 $ 990 $1,200 Depreciation 2,200 550 360 Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes...
- ZOOM + $475,000 6,000 2,000 8,000 298,000 26,000 Salaries expense $112,000 Sales revenue Sales returns 4,400 Interest income Utilities expense 6,000 Interest expense Income tax expense 20,000 Rent Expense Cost of goods sold Inventory (begin) 31,000 Inventory (end) Determine: 1. Net sales 2. Gross profit 3. Operating expenses 4. Operating income 5. Pretax income (IBT) 6. Net income 7. Purchases 8. Gross profit ratio (two decimal places) __.__% Use the following for 9 and 10 Units Beginning inventory 20...
CRANE COMPANY Income Statement For the Year Ended December 31, 2017 Sales Sales Revenue 2,290,000 Less +: Sales Discounts 170,000 Net Sales 2,120,000 Cost of Goods Sold 1,038,800 Gross Profit 1,081,200 Operating Expenses 460,000 i Salaries and Wages Expense 320,000 i Depreciation Expense 120,000 i Utilities Expense Total Operating Expenses 900,000 Income From Operations 181,200 Other Revenues and Gains Interest Revenue 57,900 Other Expenses and Losses Interest Expense 67,000 83,500 i Loss on Disposal of Plant Assets 150,500 88,600 Income...
Exercise 5-08 c (Essay) Financial information for two companies are presented below. Yoste Company Noone Company $90,000 $105,000 Sales revenue Sales returns and allowances 6,000 5,000 100,000 84,000 Net sales 58,000 60,000 Cost of goods sold 26,000 40,000 Gross profit 14,380 23,000 Operating expenses 11,620 17,000 Net income Yoste Company Noone Company Profit margin 14% 17% 40% Gross profit rate 31% (c) Discuss your findings in the calculation of profit margin and the gross profit rate for each company Click...
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