TB MC Qu. 8-78 (Algo) Nueva Company reported the following... Nueva Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 7,490 5,670 1,638 15% 627 808 What is Nueva's gross profit ratio if it elects FIFO? Note: Round your answer to two decimal places e.g., 0.1234 as 12.34%.

TB MC Qu. 8-78 (Algo) Nueva Company reported the following... Nueva Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected 7,490 5,670 1,638 15% 627 808 What is Nueva's gross profit ratio if it elects FIFO? Note: Round your answer to two decimal places e.g., 0.1234 as 12.34%.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 38E: Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for...

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The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for Sundahl Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)
Nueva Company reported the following pretax data for its first year of operations. Net sales 7,380 Cost of goods available for sale 5,670 Operating expenses 1,528 Effective tax rate 20% Ending inventories: If LIFO is elected 631 If FIFO is elected 809 What is Nueva's net income if it elects FIFO?
Saunderstown Company reported the following pretax data for its first year of operations. Net sales Cost of goods available for sale Operating expenses Effective tax rate Ending inventories: If LIFO is elected If FIFO is elected Gross profit ratio $2,950 $2,480 $ 700 % 30% What is Saunderstown's gross profit ratio if it elects LIFO? (Round your answer to the nearest whole percentage.) 990 $ $1,250
C. Paxton Company provided the following income statement for last year: P 87,021,000 (62,138,249) P 24,882,751 (19,371,601) P 5,511,150 (875,400) P 4,635,750 (1,854,300) P 2.781.450 Sales Cost of Goods Sold Gross Margin Operating Expenses Operating Income Interest Expense Income Before Taxes Income Taxes Net Income Required: Calculate the times interest earned ratio. (Round your answer to one decimal place.
Refer to the information for Sundahl Company on the previous page.Required:1. Prepare a common-size income statement for Year 1 by expressing each line item as apercentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)2. Prepare a common-size income statement for Year 2 by expressing each line item as apercentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)
Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Previous Year Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Current Year $447,000 272,670 71,520 71,520 13,410 $384,000 215,040 69,120 57,600 15,360
The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
Shelcal, Inc. provides the following data for the year 2019: Net Sales Revenue, $437,690; Cost of Goods Sold, $255,000. O The gross profit as a percentage of net sales is (Round your answer to two decimal places.) OA) 37.96% OB) 39.80% OC) 60.20% OD) 40.8%
10. Nu Company reported the following pretax data for its first year of operations. Net sales 2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 25 % Ending inventories: If LIFO is elected 820 If FIFO is elected 1,060 What is Nu's net income if it elects FIFO? a. 480 b. 360 c. 1360 d. 180