FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Alpesharrow_forwardCalculate the FCFE of this financial statement.arrow_forwardSales 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 % % % %arrow_forward
- dont give answer in image formatarrow_forwardOperating 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%.)arrow_forwardplease answerarrow_forward
- Please provide answer in text form with explanation computation for each steps clearly and correctlyarrow_forwardSales 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) %.)arrow_forwardView 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.arrow_forward
- 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 101,640arrow_forwardDon't give answer in imagearrow_forwardUse the following statement of financial position and statement of comprehensive income Blue Bird, Inc. 2018 Statement of comprehensive income Net Sales Less: Cost of Goods Sold Less: Depreciation Earnings Before Interest and Taxes Less: Interest Paid Taxable Income Less: Taxes Net Income Blue Bird, Inc. Statement of financial position Years ended 2017 and 2018 $12,630 8,240 1,010 3,380 750 $2,630 920 $1,710 Cash Accounts rec. Inventory Total 2017 2018 $640 $590 1,200 1,390 2,300 2,470 $4,140 $4,450 Net fixed assets 4,640 5,200 Total assets $8,780 $9,650 Total liabilities & equity Accounts payable Long-term debt Common stock Retained earnings 2017 2018 2,500 2,800 4,000 4,500 1,040 1,690 $8,780 $9,650 Blue Bird, Inc. has 1,500 shares of stock outstanding. The price-earnings ratio for 2018 is 21. What is the market price per share of stock?arrow_forward
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