
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Compute the component percentages for Trixy Magic's income statement below.
Note: Enter your answers as a percentage rounded to 2 decimal place (i.e. 0.1234 should be entered as 12.34). Enter all
answers as positive values.
Net sales
Cost of sales
TRIXY MAGIC, INCORPORATED
Consolidated Statements of Earnings
(in millions)
Fiscal 2021
% Sales
Fiscal 2020
% Sales
Fiscal 2019
% Sales
$ 48,244
100.00 % $
48,291
100.00 % $ 46,944
100.00 %
31,730
31,569
30,746
16,514
100.00
16,722
100.00
16,198
100.00
Gross margin
Expenses:
Selling, general, and administrative
11,084
10,524
9,744
Depreciation
1,541
1,369
1,176
Interest-net
287
209
166
Total expenses
12,912
0.00
12,102
0.00
11,086
0.00
Pre-tax earnings
3,602
100.00
4,620
100.00
5,112
100.00
Income tax provision
1,322
1,705
1,902
Net earnings
$
2,280
100,00 %
$
2,915
100.00 %
$
3,210
100.00 %
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