LOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2017 and 201820182017$20,600 $16,200800Gross sales100Sales returns and allowances$19,800 $16,10011,600$ 8,200 $ 7,500Net sales8,600Cost of merchandise (goods) soldGross profitOperating expenses:DepreciationSelling and administrativeResearch$3,400860 $6802,800710580Miscellaneous520380$ 5,490 $ 4,440$ 2,710 $ 3,060Total operating expensesIncome before interest and taxesInterest expense720580$ 1,990 $ 2,480796Income before taxesProvision for taxes992Net income$ 1,194 $ 1,488LOGIC COMPANYComparative Balance SheetDecember 31, 2017 and 201820182017AssetsCurrent assets:Cash$12,800 $ 9,80013,30014,80010.800Accounts receivable17,3009,300Merchandise inventoryPrepaid expenses24.800Prou 20182017AssetsCurrent assets:$12,800 $ 9,80017,3009,300CashAccounts receivableMerchandise inventoryPrepaid expenses13,30014,80010,80024,800$64,200 $48,700Total current assetsPlant and equipment:Building (net)$15,300 $11,80014,3009,800LandTotal plant and equipment$29,600 $21,600Total assets$93,800 $70,300LiabilitiesCurrent liabilities:Accounts payableSalaries payableTotal current liabilities$13,800 $ 7,8007,800$21,600 $13,6005,800Long-term liabilities:Mortgage note payableTotal liabilities22,700$44,300 $35,00021,400Stockholders' Equity$21,800 $21,80027,700$49,500 $35,300$93,800 $70,300Common stockRetained earnings13,500Total stockholders' equityTotal liabilities and stockholders' equityCalculate the acid test ratio. (Round your answers to the nearest hundredth.)20182017Acid test ratio

The acid-test ratio is calculated by dividing the liquid assets of the company by its current…

LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $20,600 $16,200 100 Gross sales 800 Sales returns and allowances Net sales $19,800 $16,100 11,600 8,600 Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $ 8,200 $ 7,500 860 $ 3,400 680 2,800 580 710 Miscellaneous 520 380 Total operating expenses Income before interest and taxes $ 5,490 $ 4,440 $ 2,710 $ 3,060 720 580 Interest expense Income before taxes $ 1,990 $ 2,480 Provision for taxes 796 992 Net income $ 1,194 $ 1,488 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $12,800 $ 9,800 17,300 9,300 Accounts receivable 13,300 14,800 Merchandise inventory Prepaid expenses 24.800 10.800

LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $20,600 $16,200 100 Gross sales 800 Sales returns and allowances Net sales $19,800 $16,100 11,600 8,600 Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $ 8,200 $ 7,500 860 $ 3,400 680 2,800 580 710 Miscellaneous 520 380 Total operating expenses Income before interest and taxes $ 5,490 $ 4,440 $ 2,710 $ 3,060 720 580 Interest expense Income before taxes $ 1,990 $ 2,480 Provision for taxes 796 992 Net income $ 1,194 $ 1,488 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $12,800 $ 9,800 17,300 9,300 Accounts receivable 13,300 14,800 Merchandise inventory Prepaid expenses 24.800 10.800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Calculate the FCFE of this financial statement.
Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (30%) Net income 2016 $2,033,000 1,487,000 2017 $2,451,000 2018 $2,717,000 2019 $2,994,000 1,617,000 1,768,000 2,093,000 546,000 834,000 949,000 901,000 488,000 494,000 522,000 532,000 58,000 340,000 427,000 369,000 17,400 102,000 128,100 110,700 $40,600 $238,000 $298,900 $258,300 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $19,000. The company uses a periodic inventory system. 2. Compute the gross profit percentage for each year before the correction and after the correction. Note: Round your answers to the nearest whole percent. 2016 2017 2018 2019 Before correction % % % % After correction % % % %
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Operating data for Blue Spruce Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $822,500 528,300 124,000 74,700 38,700 56,800 2021 $643,500 414,600 79,000 53,000 27,900 69,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)
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Common-Size Income Statement 2016 Revenues $ 29,970 % Cost of goods sold (20,030) Gross profit $ 9,940 % Operating expenses (8,030) Net operating income $ 1,910 % Interest expense (860) Earnings before taxes $ 1,050 % Income taxes (382) Net income $ 668 % Required: 1) Prepare Common size income statement
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Sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income (a) 2021 $1,595 900 695 524 171 80 Your answer is incorrect. 91 25 $66 2020 $1,387 $1,208 743 644 411 233 50 183 2019 46 596 612 402 210 40 170 43 $137 $127 Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Round answers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the number e.g. -45.1% or parentheses e.g. (45.1) %.)
View Policies Current Attempt in Progress Assume Sunland Company has the following reported amounts: Sales revenue $1,000,000, Sales returns and allowances $29,000, Cost of goods sold $649.599, and Operating expenses $215,600. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit S (c) Compute income from operations.
Sales Sales Revenue Less Net Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries and Wages Expense Sales Discounts Depreciation Expense Utilities Expense Total Operating Expenses Income From Operations Other Revenues and Gains Interest Revenue Other Expenses and Losses Interest Expense Loss on Disposal of Plant Assets Income Before Income Taxes Income Tax Expense Net Income /(Loss) A V V V CULLUMBER COMPANY Income Statement For the Year Ended December 31, 2025 $ 1,856,400 -134,400 i 390,600 i 260,400 i 92,400 i -59,640 -54,600 i $ 1,722,000 -792,120 929,880 -743,400 i 186,480 54,600 -114,240 126,840 -25,200 i 101,640
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