Common-size and trend percentages for a company's net sales, cost of goods sold, and expenses follow: Common-Size Percentages Trend Percentages 2023 Net sales 100.0% 2022 100.0% 2021 2023 2022 2021 100.0% 108.5% 107.3% 100.0% Cost of goods sold Expenses 55.8 53.3 49.6 115.2 110.7 100.0 32.4 30.3 30.7 111.9 104.6 100.0 Required: a. Calculate the profit percentage for 2021, 2022 and 2023. (Round the final answers to 2 decimal places.) Profit Percentage 2021 2022 % % 2023 %
Q: None
A: Flexible Budget for variable cost is calculated by multiplying budgeted variable cost per activity…
Q: Assume that a company makes three products-Product A, Product B, and Product C-and provides the…
A: The contribution margin refers to the difference between the sales and the variable expense. The…
Q: Seaco Products produced 10,000 gears with the following unit costs: variable manufacturing costs…
A: Absorption costing means where inventory is valued at total manufacturing cost.. Variable costing…
Q: Which of the following is the external user of financial statements? A. Manager of the business B.…
A: Financial statements are a set of documents that help analyze the financial position of an entity in…
Q: None
A: Cost of Goods Sold-The cost of goods sold includes the cost of goods that were sold during the…
Q: Martin Clothing Company is a retail company that sells hiking and other outdoor gear specially made…
A: CASH BUDGET Cash Budget is a detailed budget of cash income and cash expenditure incorporating both…
Q: Homer Company borrowed money by issuing $5,500,000 of 5% bonds payable at 101.3 on July 1, 2021. The…
A: The bonds are issued at a premium when the bond offers more interest earnings than the market. The…
Q: Cost and fair value data for the trading debt securities of Crane Company at December 31, 2022, are…
A: Fair value of the securities means actual replacement value of the securities in the market.…
Q: Professional Fees Earned Budget Day & Spieth, CPAs, offer three types of services to clients:…
A: Budget is the statement prepared by the entity for the purpose of estimating the costs and revenues…
Q: ur independent situations are described below. Each involves future deductible amounts and/or future…
A: Deferred tax:The temporary difference between the amount of income calculated in accordance of tax…
Q: Meman
A: The objective of the question is to determine the transfer price per unit for component TR222…
Q: 10. What is the total balance of treasury shares at year-end? 11. What is the total outstanding…
A: Treasury shares: A business has bounced back shares, taken them out of circulation, and inserted…
Q: Mr. Ortega earns a monthly salary of $9,200. Based on Mr. Ortega's Form W-4, the tax tables require…
A: A payroll register is a document that lists every employee's pay information for a given time frame,…
Q: palactic Incorporated manufa flying drone toys. Sa its for January, ebruary, 632, and 700…
A: The direct labor and manufacturing overhead are manufacturing costs incurred for converting raw…
Q: A new factory manager was hired for a company that was experiencing slow production rates and lower…
A: C. unfavorable direct labor cost varianceExplanation:CORRECT OPTION:The situation described in the…
Q: Identify one or more substantive audit procedures that shoul performed by Kautz in gathering…
A: Audit -Audit is the examination or inspection of various books of accounts by an auditor followed by…
Q: DLW Corporation acquired and placed in service the following assets during the year: (Use MACRS…
A: MACRS Depreciation : MACRS stands for Modified Accelerated Cost Recovery System. This depreciation…
Q: Assume a company's activity-based costing system includes three activities with the following…
A: ACTIVITY BASED COSTINGActivity Based Costing is a Powerful tool for measuring…
Q: Huron Company produces a cleaning compound known as Zoom. The direct materials and direct labor…
A: DIRECT MATERIALS COST VARIANCEDirect materials cost variance is the difference between the actual…
Q: The management of Cleancut Lawnmowers has calculated the following variances: Direct materials cost…
A: FLEXIBLE BUDGETA flexible budget is a budget that is prepared for different levels of activity or…
Q: S Following are costs for eight different items. Costs are shown for three different levels of units…
A: The objective of the question is to classify the given costs into variable, fixed, or mixed based on…
Q: Manji
A: The objective of the question is to prepare the closing entries for Manji Spicer Inc. at the end of…
Q: hal.0
A: The objective of the question is to create an amortization table for a three-year loan of $500,000…
Q: . Prepare a depreciation schedule for six years using the straight-line method.
A: Under straight line method depreciable value of asset is equally depreciated over the estimated life…
Q: ABC Manufacturing is evaluating the desirability of implementing process improvements and is seeking…
A: Lead timeThe time taken for a product to go through all the processes from the start to the end of…
Q: Chaz Corporation has taxable income in 2023 of $1,313,000 for purposes of computing the $179 expense…
A: To calculate the maximum total depreciation deduction for Chaz Corporation in 2023,we need to…
Q: Scenario a. Roger's, Inc., already owns another restaurant in town and wants to expand. Roger's,…
A: Organizational expenses refer to costs incurred by a business in the process of establishing or…
Q: None
A: Special ordersThe company receives special orders at a point in time when the company has to decide…
Q: What is the allowable MACRS depreciation on Convers's property in the current year assuming Convers…
A: MACRS Depreciation:-The Modified Accelerated Cost Recovery Scheme (MACRS) is the current tax…
Q: A corporation commences operations on January 1, 2019. It has the following account balances at…
A: The objective of the question is to calculate the total net assets of the corporation at the end of…
Q: On January 1, Year 1, Reid Corporation acquired bonds with a face value of $500,000 for $481,156.15.…
A: An instrument that acts as a loan provided by investors to the entity issuing it. They are issued to…
Q: Grouper Company accumulates the following summary data for the year ending December 31, 2025, for…
A: Responsibility Accounting :The management of responsibility centers by the means of pre-determined…
Q: Depreciation, insurance, and property taxes represent $31,000 of the estimated monthly expenses. The…
A: Financial Management: Financial management comprises of two words i.e. Finance and management.…
Q: Walte Company just starting business had the following transactions in May: Purchase June 1 Sale…
A: Periodic Inventory :- periodic inventory system is a mechanism for mesuring cost of goods sold and…
Q: The accompanying data are from a football league for one season. a. Construct a scatter diagram for…
A: a) The scatter diagram shows linear so there appears to be a linear relationship between the two…
Q: Required information [The following information applies to the questions displayed below.) In each…
A: Transfer pricingThe price given to the goods and services provided within the companies having the…
Q: Mei-kwei International’s common stock sold for $4.30 per share at the end of this year. The company…
A: The objective of the question is to calculate the average collection period for Mei-kwei…
Q: The manufacturing plant of Carilla Ltd. specializes in crafting specialized pieces for carnival.…
A: Cost sheet is a financial document that provides information about total costs incurred by a…
Q: Denzel needs a new car. At the dealership, he finds the car that he likes. The dealership gives him…
A: The term "present value" (PV) refers to the value at the current time of a quantity of money or…
Q: Year 1 January 2 Purchased 75,000 shares of Grecco Company common stock for $531,000 cash. Grecco…
A: A journal:It can be a written or digital document that is kept in a book, spreadsheet, or accounting…
Q: QUESTION 20 Total Per unit Sales Revenue (30,000 units) $750,000 $25 Variable Costs A $450,000 $15…
A: The objective of this question is to determine how an increase in fixed costs will affect the…
Q: Rahul
A: The objective of this question is to prepare a production budget for Supermix for the months of…
Q: Net cash provided by operating activities for the year ended December 31, 2022, was $125,800. The…
A: A cash flow statement indicates cash inflow and outflow information for a particular time period and…
Q: Computing Ending Inventory Using Dollar-Value LIF On January 1 of Year 5, Bay Inc. adopted…
A: Inventory:The inventory refers to the stock of the raw material which will be used in the production…
Q: Precision Castparts, a manufacturer of processed engine parts in the automotive and airline…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: Eagle Tiles is a small distributor of marble tiles. Eagle identifies its three major activities and…
A: Operating income is the income available after paying for the cost of goods sold and operating cost…
Q: Crane Company is considering an investment that will return a lump sum of $830,000, 6 years from…
A: Present value is the sum of money that must be invested in order to achieve a specific future goal.…
Q: Johnson Manufacturing uses a standard cost system. Standards for direct materials are as follows:…
A: The Direct Material Usage Variance is calculated by taking the difference between standard quantity…
Q: What is the interest income on the bond investment for the year 2022? What is the carrying amount…
A: Interest Income: The revenue you have from a bond investment, the interest payments made by its…
Q: None
A: Investment is prescribed as the assets that are held by an enterprise to earn income or wealth in…
Step by step
Solved in 3 steps with 3 images
- 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. 1,220,000The 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: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?In a common-sized income statement, 100% is the a. net cost of goods sold b. gross profit c. sales d. net income
- Common-size and trend percents for Rustynail Company's sales, cost of goods sold, and expenses follow. Sales Cost of goods sold Total expenses Current Yr 100.0% 63.6 Common-Size Percents 1 Yr Ago 100.0% 61.4 13.9 2 Yrs Ago 100.0% 57.6 14.2 Current Yr 104.9% 115.8 106.5 Trend Percents 1 Yr Ago 103. 74 2 Yrs Ago 100.0% 100.0 100.0 110.5 101.5 14.4 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period? Complete this question by entering your answers in the tabs below. Change in Net Income Net Income Determine the net income for the following years. (Enter all amounts as positive values.) Current Yr 1 Yr Ago 2 Yrs Ago Sales 100,000 Cost of Goods Sold 57,600 14,200 Total Expenses Net Income %24 28,200 Hat Change in Net Income> Did the net income increase, decrease, or remain unchanged in this three-year period? Did the net income increase, decrease, or remain unchanged in this three-year period? Net income…! Required information Use the following information to determine the prior year and current year trend percents for net sales using the prior year as the base year. ($ thousands) Net sales Cost of goods sold Current Year Prior Year $ 802,971 394,306 $ 454,365 135,325 Current Year: Prior Year: Determine the Prior Year and Current Year common-size percents for cost of goods sold using net sales as the base. (Enter the answers in thousands of dollars.) Common-Size Percent for Cost of Goods Sold using Net Sales as the base: Denominator: Numerator: Analysis period cost of goods sold $ $ Check my work 394,306 / 135,325 / $ 454,365 Common-size percents 0 % 29.78 %Use the following selected information from Corolla to determine the Year 1 and Year 2 trend percentages for net sales using Year 1 as the base. Year 2 Year 1 Net sales $ 281,200 $ 232,400 Cost of goods sold 150,900 130,590 Operating expenses 54,240 52,240 Net earnings 29,020 20,820
- GIVE THE COMPARATIVE INCOME STATEMENT HORIZONTAL AND VERTICAL ANALYSIS FROM THE FOLLOWING INCOME STATEMENT BELOW JOLLIBEE INCOME STATEMENT ITEM 2016 2017 2018 2019 2020 Sales/Revenue 113.81B 133.61B 161.17B 179.63B 129.31B Sales Growth - 17.40% 20.62% 11.45% -28.01% Cost of Goods Sold (COGS) incl. D&A - - 132.96B 150.88B 115.39B COGS Growth - - - 13.47% -23.52% COGS excluding D&A 89.27B 105.39B 121.08B 137.38B 100.82B Depreciation & Amortization Expense 4B 4.75B 11.89B 13.5B 14.57B Depreciation 3.93B 4.66B 11.73B 13.34B 14.32B Amortization of Intangibles 68.99M 78.95M 151.82M 145.42M 245.23M Gross Income 20.54B 23.48B 28.21B 28.75B 13.92B Gross Income Growth - 14.30% 20.12% 1.93% -51.57% Gross Profit Margin - - - - 10.77% SG&A Expense - - 17.64B 20.21B 20.42B SGA Growth - - -…Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow. P nt 7 erences SC Sales Cost of goods sold Operating expenses Fn Change in Net Income Type here to search Sales Cost of Goods Sold Operating Expenses Net Income Net Income F1 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-y period? Complete this question by entering your answers in the tabs below. X Common-Size Percents 1 Year Ago Current Year 100.0% 63.4 14.3 F2 A Determine the net income for the following years. Assuming sales were $100,000 2 yrs ago, what is net income in each year? (Enter all amounts as positive values.) Current Year 100.0% 61.2 13.8 F3 E F6 2 Years Ago 100.0% 100.0 100.0 A + DELL F7 F8 F9 0 FGIVE THE COMPARATIVE INCOME STATEMENT HORIZONTAL ANALYSIS FROM THE FOLLOWING INCOME STATEMENT BELOW JOLLIBEE INCOME STATEMENT ITEM 2016 2017 2018 2019 2020 Sales/Revenue 113.81B 133.61B 161.17B 179.63B 129.31B Sales Growth - 17.40% 20.62% 11.45% -28.01% Cost of Goods Sold (COGS) incl. D&A - - 132.96B 150.88B 115.39B COGS Growth - - - 13.47% -23.52% COGS excluding D&A 89.27B 105.39B 121.08B 137.38B 100.82B Depreciation & Amortization Expense 4B 4.75B 11.89B 13.5B 14.57B Depreciation 3.93B 4.66B 11.73B 13.34B 14.32B Amortization of Intangibles 68.99M 78.95M 151.82M 145.42M 245.23M Gross Income 20.54B 23.48B 28.21B 28.75B 13.92B Gross Income Growth - 14.30% 20.12% 1.93% -51.57% Gross Profit Margin - - - - 10.77% SG&A Expense - - 17.64B 20.21B 20.42B SGA Growth - - - 14.57% 1.02%…
- Question 3 of 10 Consider the following income statement data for Oriole Inc.: Sales revenue Less: Cost of goods sold Gross profit Less: Selling and administration costs Net Income O 103.6% 4 2024 $97700 49700 48000 24425 $23575 2023 $89900 55600 34300 18400 $15900 The common-size percentage for selling and administration costs in 2024 wasGIVE THE COMPARATIVE INCOME STATEMENT VERTICAL ANALYSIS FROM THE FOLLOWING INCOME STATEMENT BELOW JOLLIBEE INCOME STATEMENT ITEM 2016 2017 2018 2019 2020 Sales/Revenue 113.81B 133.61B 161.17B 179.63B 129.31B Sales Growth - 17.40% 20.62% 11.45% -28.01% Cost of Goods Sold (COGS) incl. D&A - - 132.96B 150.88B 115.39B COGS Growth - - - 13.47% -23.52% COGS excluding D&A 89.27B 105.39B 121.08B 137.38B 100.82B Depreciation & Amortization Expense 4B 4.75B 11.89B 13.5B 14.57B Depreciation 3.93B 4.66B 11.73B 13.34B 14.32B Amortization of Intangibles 68.99M 78.95M 151.82M 145.42M 245.23M Gross Income 20.54B 23.48B 28.21B 28.75B 13.92B Gross Income Growth - 14.30% 20.12% 1.93% -51.57% Gross Profit Margin - - - - 10.77% SG&A Expense - - 17.64B 20.21B 20.42B SGA Growth - - - 14.57% 1.02%…Vertical analysis (common-size) percentages for Cullumber Company’s sales revenue, cost of goods sold, and expenses are listed here. Vertical Analysis 2022 2021 2020 Sales revenue 100.0 % 100.0 % 100.0 % Cost of goods sold 60.0 64.2 65.6 Expenses 24.7 27.1 29.5 Calculate Cullumber’s net income as a percent of sales. (Round answers to 1 decimal place, e.g. 5.2.) 2022 2021 2020 Net income Enter percentages rounded to 1 decimal place. Enter percentages rounded to 1 decimal place. Enter percentages rounded to 1 decimal place. Did Cullumber’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Cullumber’s net income as a percent of sales Choose the correct answer increaseddecreasedremained unchanged