Ratio proficiency McDougal Printing, Inc., had sales totaling $43,000,000 in its recent fiscal year. Some ratios for the company are listed below. Use this information to determine the dollar values of various income statement and balance sheet accounts as requested. Assume a 365-day year. (Click the icon here D in order to copy the contents of the data table below into a spreadsheet.) McDougal Printing, Inc. Sales $43.000,000 Gross profit margin 83% Operating profit margin Net profit margin Return on total assets Return on common equity 35% 7% 14.7% 22% Total asset turnover 2.1 Average collection period 53.4 days Calculate values for the following: a. Gross profits b. Cost of goods sold c. Operating profits d. Operating expenses e. Earnings available for common stockholders f. Total assets g. Total common stock equity h. Accounts receivable

Ratio proficiency McDougal Printing, Inc., had sales totaling $43,000,000 in its recent fiscal year. Some ratios for the company are listed below. Use this information to determine the dollar values of various income statement and balance sheet accounts as requested. Assume a 365-day year. (Click the icon here D in order to copy the contents of the data table below into a spreadsheet.) McDougal Printing, Inc. Sales $43.000,000 Gross profit margin 83% Operating profit margin Net profit margin Return on total assets Return on common equity 35% 7% 14.7% 22% Total asset turnover 2.1 Average collection period 53.4 days Calculate values for the following: a. Gross profits b. Cost of goods sold c. Operating profits d. Operating expenses e. Earnings available for common stockholders f. Total assets g. Total common stock equity h. Accounts receivable

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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Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $490,000 $446,000 Cost of merchandise sold 289,100 231,920 Selling expenses 78,400 84,740 Administrative expenses 88,200 75,820 Income tax expense 14,700 22,300 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $490,000 % $446,000 % Cost of merchandise sold 289,100 % 231,920 % % % Selling expenses 78,400 84,740 % Administrative expenses 88,200 % 75,820 % % % Income tax expense 14,700 % 22,300 % % % b. The vertical analysis indicates that the cost of merchandise sold as a percent of sales - by 7 percentage points, while selling expenses by 3…
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