Question

Dollar Tree Stores, Inc., and Dollar General Corporation are both discount retailers. As their adapted income statements (in

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Dollar tree(in %) Dollar General(in %) Particulars Sales 100.0 100.0 Less. Cost ofGoods sold Gross profit Less. Selling, geneWorkings: Sales(take it as 100) 100.0 100.0 (4252.2/6630.5)*100 (10109.3/14807.2)*100 Cost ofGoods sold Selling, general & ad

Add a comment
Know the answer?
Add Answer to:
Dollar Tree Stores, Inc., and Dollar General Corporation are both discount retailers. As their adapted income...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Dollar Tree Stores, Inc., and Dollar General Corporation are both discount retailers. As their adapted income...

    Dollar Tree Stores, Inc., and Dollar General Corporation are both discount retailers. As their adapted income statements (in $ millions) show, Dollar General's sales revenue was more than double that of Dollar Tree. Dollar Dollar Tree General Sales $6,630.5 $14,807.2 Cost of goods sold 4,252.2 10,109.3 Gross profit 2,378.3 4,697.9 Selling, general, & administrative expenses Net operating income 1,596.2 3,207.1 782.1 1,490.8 Other expense 265.5 2.6 Income before taxes 779.5 1,225.3 Income tax expense 291.2 458.6 Net income $488.3 $766.7...

  • View Policies Current Attempt in Progress Dollar Tree Stores, Inc., and Dollar General Corporation are both...

    View Policies Current Attempt in Progress Dollar Tree Stores, Inc., and Dollar General Corporation are both discount retailers. As their adapted income statements (in $millions) show, Dollar General's sales revenue was more than double that of Dollar Tree. Dollar Dollar Tree General $6,630.5 $14,807.2 Sales 10,109.3 Cost of goods sold 4,252.2 Gross profit 2,378.3 4,697.9 Selling, general, & administrative expenses Net operating income 1,596.2 3,207.1 782.1 1,490.8 Other expense 2.6 265.5 Income before taxes 779.5 1,225.3 Incorme tax expense 291.2...

  • Problems 12.14 (LO 2) Excel Comparing companies of different size Gallivan, Inc., and Tucker Ltd. are...

    Problems 12.14 (LO 2) Excel Comparing companies of different size Gallivan, Inc., and Tucker Ltd. are both food service distributors. As their adapted income statements in $ millions) show, Gallivan's sales revenue was more than double that of Tucker. Tucker Gallivan Sales $6,630.5 $14,807.2 Cost of goods sold 4,252.2 10,109.3 Gross profit 2,378.3 4,697.9 Selling, general, & administrative expenses 1,596.2 3,207.1 Net operating income 782.1 1,490.8 Other expense 2.6 265-5 Income before taxes 779.5 1,225-3 Income tax expense 291.2 458.6...

  • Forecasting an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income ($...

    Forecasting an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income ($ in Thousands) 12 Months Ended Aug. 27, 2016 Net sales $10,635,676 Cost of sales, including warehouse and delivery expenses 5,026,940 Gross profit 5,608,736 Operating, selling, general and administrative expenses 3,548,341 Operating profit 2,060,395 Interest expense, net 147,681 Income before income taxes 1,912,714 Income tax expense 671,707 Net income $1,241,007 Forecast AutoZone's 2017 income statement assuming the following income statement relations ($ in thousands). All...

  • Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices to meet...

    Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices to meet the needs of middle-, low-, and fixed-income families in southern, eastern, and midwestern states. For the year ended January 29, 2016, the company reported average inventories of $2,900 (in millions) and an inventory turnover of 4.83. Average total fixed assets were $2,190 (million) and the fixed asset turnover ratio was 9.32. 1-a. Calculate Dollar General’s net sales and cost of goods sold. 1-b. Calculate...

  • Please answer both The following is a partial trial balance for General Lighting Corporation as of...

    Please answer both The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: Debits Credits 2,650,000 86,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Loss on inventory write-down (obsolescence) Selling expense General and administrative expense Interest expense points 25,500 1,250,000 260,000 360,000 180,000 85,000 Skipped eBook There were 300,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income...

  • During the year, cost of goods sold was $120,000; income from operations was $114,000; income tax...

    During the year, cost of goods sold was $120,000; income from operations was $114,000; income tax expense was $24,000; interest expense was $18,000; and selling, general, and administrative expenses were $66,000. Required: Calculate net sales, gross profit, income before taxes, and net income.

  • The following is a partial trial balance for General Lighting Corporation as of December 31, 2021:...

    The following is a partial trial balance for General Lighting Corporation as of December 31, 2021: There were 200,000 shares of common stock outstanding throughout 2021. Income tax expense has not yet been recorded. The income tax rate is 25%. Required: Prepare a single-step income statement for 2021, including EPS disclosures. Prepare a multiple-step income statement for 2021, including EPS disclosures. Debits Credits 2,900,000 91,000 Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold...

  • $ 980 Majestic Homes Corporation Income Statement For the Year Ended December 31, 2018 Sales Cost...

    $ 980 Majestic Homes Corporation Income Statement For the Year Ended December 31, 2018 Sales Cost of Goods Sold Gross Profit Selling Expenses General and Administrative Expenses Other Revenues and Expenses (100) 880 (50) (120) (40) Loss on Asset Impairment Income Before Tax 645 (258) Income Tax Expense (at 40%) 387 Net Income Il The mobile home division accounts for 20% of sales, cost of goods sold, selling, and general and administrative expenses. Assume no gain or loss on remeasurement...

  • please correct this problem Brief Exercise 4-3 (Algo) Multiple-step income statement (L04-1, 4-3] The adjusted trial...

    please correct this problem Brief Exercise 4-3 (Algo) Multiple-step income statement (L04-1, 4-3] The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue, $2,185; cost of goods sold, $1,410: selling expense, $200, general and administrative expense, $190; interest expense, $60; and gain on sale of investments, $155. Income tax expense has not yet been recorded. The income tax rate is...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
Active Questions
ADVERTISEMENT