LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 23,800 $ 18,600 Sales returns and allowances 1,000 100 Net sales $ 22,800 $ 18,500 Cost of merchandise (goods) sold 10,800 7,200 Gross profit $ 12,000 $ 11,300 Operating expenses: Depreciation $ 1,180 $ 840 Selling and administrative 5,800 4,400 Research 1,030 740 Miscellaneous 840 540 Total operating expenses $ 8,850 $ 6,520 Income before interest and taxes $ 3,150 $ 4,780 Interest expense 1,040 740 Income before taxes $ 2,110 $ 4,040 Provision for taxes 844 1,616 Net income $ 1,266 $ 2,424 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 11,100 $ 8,100 Accounts receivable 15,600 11,600 Merchandise inventory 7,600 13,100 Prepaid expenses 23,100 9,100 Total current assets $ 57,400 $ 41,900 Plant and equipment: Building (net) $ 13,600 $ 10,200 Land 12,600 8,100 Total plant and equipment $ 26,200 $ 18,300 Total assets $ 83,600 $ 60,200 Liabilities Current liabilities: Accounts payable $ 12,100 $ 6,100 Salaries payable 6,100 4,100 Total current liabilities $ 18,200 $ 10,200 Long-term liabilities: Mortgage note payable 21,100 19,600 Total liabilities $ 39,300 $ 29,800 Stockholders’ Equity Common stock $ 20,100 $ 20,100 Retained earnings 24,200 10,300 Total stockholders’ equity $ 44,300 $ 30,400 Total liabilities and stockholders’ equity $ 83,600 $ 60,200 Calculate the asset turnover ratio. (Round your answers to the nearest hundredth.) (FOR 2018 AND 2017)

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View Policies Current Attempt in Progress Culver Limited reports the following information: sales $1,155,600; cost of goods sold $710,640; administrative expenses $172,800; selling expenses $118,800; other income $28,080; other expenses $37,800; and income tax expense $29,160. Assuming Culver uses a multiple-step statement of income. (a) Calculate gross profit. Gross profit 2$ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.

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.

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Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 42,000 S 42.000 42.000

Use 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?

Manero Company included the following information in its annual report: 2018 2017 Sales Cost of goods sold Operating expenses Net income $188,400 115,000 50,000 23,400 $162,500 102,500 50,000 10,000 2016 $150,500 100,000 45,000 5,500 In a common size income statement for 2017, the cost of goods sold are expressed as OA. 115.0% OB. 61.0% OC. 100.0% O D. 63.7%

Assume the following sales data for a company: Line Item Description Amount Current year $883,993 Preceding year 542,076 What is the percentage increase in sales from the preceding year to the current year? a. 63.08% b. 61.32% c. 163.08% d. 38.68%

The income statement of Cheyenne Company is shown below. CHEYENNE COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue       $6,890,000 Cost of goods sold            Beginning inventory   $1,910,000        Purchases   4,410,000        Goods available for sale   6,320,000        Ending inventory   1,620,000        Cost of goods sold       4,700,000 Gross profit       2,190,000 Operating expenses            Selling expenses   460,000        Administrative expenses   700,000   1,160,000 Net income       $1,030,000 Additional information: 1.   Accounts receivable decreased $350,000 during the year. 2.   Prepaid expenses increased $160,000 during the year. 3.   Accounts payable to suppliers of merchandise decreased $300,000 during the year. 4.   Accrued expenses payable decreased $90,000 during the year. 5.   Administrative expenses include depreciation expense of $50,000.…