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 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 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 $14,807.2 Cost of goods sold 4,252.2 10,109.3 Gross profit 2,378.3 4,697.9 Selling, general, & administrative expenses 1,596.2 3,207.1 Net operating income 782.1 1,490.8 Other expense 2.6 265-5 Income before taxes 779.5 1,225-3 Income tax expense 291.2 458.6...
Forecasting an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income ($ 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 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 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 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:
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 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 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...