LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 |
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2017 | 2016 | |||
Gross sales | $ | 19,200 | $ | 15,150 |
Sales returns and allowances | 900 | 100 | ||
Net sales | $ | 18,300 | $ | 15,050 |
Cost of merchandise (goods) sold | 11,950 | 8,950 | ||
Gross profit | $ | 6,350 | $ | 6,100 |
Operating expenses: | ||||
Depreciation | $ | 720 | $ | 610 |
Selling and administrative | 2,350 | 2,100 | ||
Research | 570 | 510 | ||
Miscellaneous | 380 | 310 | ||
Total operating expenses | $ | 4,020 | $ | 3,530 |
Income before interest and taxes | $ | 2,330 | $ | 2,570 |
Interest expense | 580 | 510 | ||
Income before taxes | $ | 1,750 | $ | 2,060 |
Provision for taxes | 700 | 824 | ||
Net income | $ | 1,050 | $ | 1,236 |
LOGIC COMPANY Comparative Balance Sheet December 31, 2016 and 2017 |
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2017 | 2016 | |||
Assets | ||||
Current assets: | ||||
Cash | $ | 12,100 | $ | 9,100 |
Accounts receivable | 16,600 | 12,600 | ||
Merchandise inventory | 8,600 | 14,100 | ||
Prepaid expenses | 24,100 | 10,100 | ||
Total current assets | $ | 61,400 | $ | 45,900 |
Plant and equipment: | ||||
Building (net) | $ | 14,600 | $ | 11,100 |
Land | 13,600 | 9,100 | ||
Total plant and equipment | $ | 28,200 | $ | 20,200 |
Total assets | $ | 89,600 | $ | 66,100 |
Liabilities | ||||
Current liabilities: | ||||
Accounts payable | $ | 13,100 | $ | 7,100 |
Salaries payable | 7,100 | 5,100 | ||
Total current liabilities | $ | 20,200 | $ | 12,200 |
Long-term liabilities: | ||||
Mortgage note payable | 22,100 | 20,600 | ||
Total liabilities | $ | 42,300 | $ | 32,800 |
Stockholders’ Equity | ||||
Common stock | $ | 21,100 | $ | 21,100 |
Retained earnings | 26,200 | 12,200 | ||
Total stockholders’ equity | $ | 47,300 | $ | 33,300 |
Total liabilities and stockholders’ equity | $ | 89,600 | $ | 66,100 |
Calculate the average day’s collection ratio. (Use 360 days a year. Do not round intermediate calculations. Round your answers to the nearest hundredth.)
2017 | 2016 | |
Average day’s collection ratio | ||
2017 | 2016 | |
Average day's collection ratio [ ( Accounts receivables / Net sales ) * Days in a year ] |
326.56 [ (16600/18300)*360 ] |
301.40 [ (12600/15050)*360 ] |
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 2016 Gross sales $ 19...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 2016 Gross sales $ 19,000 $ 15,000 Sales returns and allowances 1,000 100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold 12,000 9,000 Gross profit $ 6,000 $ 5,900 Operating expenses: Depreciation $ 700 $ 600 Selling and administrative 2,200 2,000 Research 550 500 Miscellaneous 360 300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $15,000 $19,000 1,000 $18,000 12,000 $ 6,000 Sales returns and allowances 100 $14,900 9,000 Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative $ 5,900 $ 2,200 550 360 700 600 2,000 Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 500 300 $ 3,400 $ 2,500 $3,810...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales $57,534 $42,542 Cost of goods sold 16,870 13,669 Gross profit 40,664 28,873 Operating expenses 24,093 19,241 Operating income 16,571 9,632 Other expenses/revenues: Interest revenue 240 194 Interest expense (196 ) (172 ) Total other (expenses)/revenues (44 ) (22 ) Income before income taxes 16,615 9,610 Income taxes (34%) 5,649 3,267 Net income $10,966 $ 6,343 METRO TRACK COMPANY Comparative Balance Sheets December 31,...
METRO TRACk COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales $57,534 $42,542 Cost of goods sold 16,870 13,669 Gross profit 40,664 28,873 Operating expenses 24,093 19,241 Operating income 16,571 9,632 Other expenses/revenues: Interest revenue 240 194 Interest expense (196 ) (172 ) Total other (expenses)/revenues (44 ) (22 ) Income before income taxes 16,615 9,610 Income taxes (34%) 5,649 3,267 Net income $10,966 $ 6,343 METRO TRACK COMPANY Comparative Balance Sheets December 31,...
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...
1 2 Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your"percent" answers to the nearest hundredth percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 INCREASE (DECREASE Amount 2017 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...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales $389,743 $298,575 $207,200 Cost of goods sold 234,625 188,401 132,608 Gross profit 155, 118 110,174 74,592 Selling expenses 55,344 41,203 27, 350 Administrative expenses 35,077 26,275 | 17,198 Total expenses 90,421 67,478 44,548 Income before taxes 64,697 42,696 30,044 Income tax expense 12,034 8,753 6,099 Net income $ 52,663 $ 33,943 $ 23,945 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017,...
7. value: 113 points 2016 $18,000 100 $17.900 7.600 $10,300 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 Gross sales $23,000 Sales returns and allowances 800 Net sales $22,200 Cost of merchandise (goods) sold 11.000 Gross profit $ 11,200 Operating expenses. Depreciation $ 1,100 Selling and administrative 5,200 Research 950 Miscellaneous 760 Total operating expenses $ 8.010 Income before interest and taxes S 3,190 Interest expense Income before taxes $ 2.230 Provision for taxes...
BLOSSOM COMPANY Income Statements For the Years Ended December 31 2017 2016 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses $1,896,440 $1,756,400 1,011,900 744,500 484,900 259,600 1,064,440 832,000 505,900 326,100 Interest expense Income before income taxes Income tax expense Net income 24,100 302,000 94,100 $207,900 22,100 237,500 75,100 $162,400 BLOSSOM COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Debt investments (short-term) Accounts receivable Inventory 60,100 64,200...