Smith Wesson Net income $10,000 $100,000 Net sales 50,000 400,000 Calculate the profit margin ratio for each company.
Q: Juan, who is single, is a self-employed carpenter as well as an e His self-employment net income is…
A: Self Employment Tax The federal government collects taxes from self-employed workers and small…
Q: 1. Mr. J. Cruz is the owner of a small variety store. His gross sales la any one year do not exceed…
A: The percentage tax due is : 450,000*.03% = 13,500 ( Merchandise Inventory and Purchases from…
Q: Skysong Company reports the following costs and expenses in May. Factory utilities $14,200…
A: Product Costs mean the costs incurred directly or indirectly related to the production of a product.…
Q: an Clemente Inc. incurs the following costs to produce 10,000 units of a subcomponent: Direct…
A: Lets understand the basics. When there is option between make or buy then management always choose a…
Q: The following transactions occurred during February, affecting your A/R ledger account for Johnny…
A: When a customer purchases the goods on credit, he or she owes an amount to the firm. Accounts…
Q: The following list of account balances were extracted from the accounting records of Don's…
A: Statement of profit and loss and other comprehensive income is a financial statement summarizing the…
Q: 17. A start-up company that makes hydraulic seals borrowed $800000 to expand its packaging and…
A: Solution Concept Introduction to time value of money Time value of money is used to compare the…
Q: If P850,000 of cash was distributed by the partnership, compute for the following: 1. Problem 3 -…
A: Partnership means a group of persons who come together with a purpose to control and manage the…
Q: 1. One aspect that partnership differs from sole proprietorship is the plurality of capital and…
A: Partnership is a form of business in which two or more persons come together and operate a business.…
Q: Question Your investigation of Samsung Corp.’s various non-current asset transactions for 2021…
A: The franchise is a method used for marketing by big brands under which the franchisee uses the brand…
Q: A corporation has a taxable income of $2,302,253. At this income level, the federal income rate is…
A: Given data:- Federal income tax rate=49%state tax rate=20%Local tax rate=13%Total taxable income -…
Q: Explain the First-In, First-Out (FIFO) method used for determining COGS and Ending Inventory cost.
A: FIFO Method of Inventory Valuation
Q: d. Assets minus liabilities. e. The financial statement indicating the profitability of the business…
A: Solution:- d) Discussion of term Asset minus Liabilities as follows under:-
Q: Consider the following data: RECEIVED ISSUED 1-Apr| 20 units @ P 5.00 each 5-Apr 10-Apr 60 units @ P…
A: Using moving average method, average cost per unit is calculated after every sale and purchase.
Q: Comparative financial statement data for Carmono Company follow: This Year Last Year…
A: Statement of Cash Flow - Statement of Cash Flow shows the movement of cash for the financial year.…
Q: You are reviewing the inventories of Sheep-Ahoy Company and found the following items: In the…
A: The inventory held on date shall include all the physical inventory held by the company.
Q: Precious Realty Corporation owns and holds several property items that are held for sale as…
A:
Q: When a dividend is declared and paid in stock * Choices; stockholders' equity does not change.…
A: Stock dividends are distributions to shareholders that companies make when they do not wish to…
Q: Listed below are activities for Stellar Services Ltd. for the month of January, 2016: a. Stellar…
A: Journal Entry The purpose of providing the journal entry to enter the required transaction into…
Q: The following information is available for Zhang Company: Item Units Beginning inventory p00 Unit…
A: Solution.. Total costs of goods available for sale = $2,840 Total units available for sale =…
Q: Amy and Mitchell share equally (50%) in the profits, losses, and capital of the accrual basis AM…
A: LLC interest means the entire ownership or membership interest in a limited liability company. Such…
Q: Record Journal Entries
A: Journal entries are those entries which a company have to record on the book of original entries.…
Q: )How much is the investment balance to be presented byJJCin December 31, 2023? d)How much is the…
A: On January 1, 2022, JJC acquired 30% of Chiyo Company’s voting shares for P10,000,000. Half of the…
Q: Inventory 240,000 138,000 Equipment 322,000 240,000 Accounts payable 200,000 200,000 Notes payable…
A: To find the profit distribution table, T accounts and the statement in partner's equity as,
Q: Let’s assume that you plan to purchase a house which is selling for $350,000 today. You will make a…
A: Formulas that are used:-
Q: Please calculate capital allowance using declining balance method with the following information:…
A: In the context of the given question, we compute the allowances at the rate applying to the…
Q: ou invested $5,000 into a certificate of deposit (CD) today and agreed to leave it in the CD for the…
A: Future Value Future value is what a sum of money invested today will become over time, at a rate of…
Q: balance in his capital account may
A: Partnership is a relationship between the two or more persons who are sharing profit of the business…
Q: Walberg Associates, antique dealers, purchased goods for $38,100. Terms of the purchase were FOB…
A: Cost of inventory includes the cost of purchase material/goods, freight, and any taxes paid by the…
Q: Trumpet and Trombone Manufacturing, Inc. began the year with a retained earnings balance of…
A: Introduction: Retained Earnings : Retained Earnings are share holders funds. Retained earnings…
Q: Two online travel companies, E-Travel and Pricecheck, provide the following selected financial…
A: Solution:- 1-a)Calculation of the debt to equity ratio for E-Travel and Price check as follows…
Q: Exercise 2 The balance sheet of the Omar, Paolo, and Quek partnership on November 1, 2016 (before…
A: Liquidation of Partnership firm: Liquidation of dissolution of the Partnership Firm means…
Q: Herman Swayne is a waiter at the Dixie Hotel. In his first weekly pay in March, he earned $360.00…
A: Net pay is the final pay after taking into consideration all the deductions. The calculation is…
Q: Harlander Corporation leased industrial equipment to American Manufacturing on January 1, 2019. The…
A: A loan amortization schedule is a comprehensive table of periodic loan payments that shows the…
Q: During its first year of operations, Sheridan Company had credit sales of $3,596,600; $660,700…
A: Net realizable value of accounts receivable = Ending Accounts Receivable balance - Allowance for…
Q: Lindy Company's auditor discovered several errors. No errors were corrected during 2020. The errors…
A: Prepaid insurance means the insurance amount is paid in advance. Adjustment of prepaid insurance…
Q: Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Selected current year-end financial statements of Genesis Corporation follow. All sales were on…
A: A series of high-level reports that describe a company's monetary performance, financial position,…
Q: nth of sale month after month of sale ond month after month of sale month after month of sale unt…
A: Working
Q: Borland, Inc., has a profit margin of 6.5 percent on sales of $22,600,000. Assume the firm has debt…
A: Formula: ROA = ( Net profit / Total Assets ) x 100
Q: Using the Cost Driver rate determined above allocate overhead to the departments and determine the…
A: Safari company produces customized row boats. It follows job order costing system. It operates two…
Q: on Stock ed Eamings ance for Uncollectible Accounts Revenue of Goods Sold ebt Expense es Expense
A: Adjusted trial balance refers to the type of trial balance that lists all the ending balances of all…
Q: The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for…
A: Bank reconciliation statement is prepared by the management at a particular time period. It helps to…
Q: The cost of land usually includes all of the following except a. commission related to acquisition…
A: Cost of land is the value of the land and the enhancements made to the land. The detailed…
Q: The following balances were extracted from the books of Chanda at 31/12/19…
A: To calculate above ratios, first we have to prepare the Profit & loss statement and Balance…
Q: Unruh, Grey, and Carter are partners with capital balances of P80,000, P200,000, and…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Sup has paid a dividend of $3.82 per share per year for the last 16 years. Management expects to…
A: In the context of the given question, we compute the required figures by using the Dividend price…
Q: Problem 13-7 (Algo) Prepare a Statement of Cash Flows [LO13-1, LO13-2] Skip to question [The…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Problem 18 (Profitability Ratios) a. Alpha Industries had an asset turnover of 1.4 times per year.…
A: solution introduction asset turnover ratio =net sales / average total assets return on total…
Q: Presented below are relevant extracts from Tank Corporation’s statement of financial position as of…
A: The following important points explain the adjustment to be done to arrive at the required adjusted…
Trending now
This is a popular solution!
Learn your way
Includes step-by-step video
Step by step
Solved in 2 steps
- The following information relates to Paterno Company: Sales revenue $10,000,000Contribution margin 4,000,000Net income 1,000,000If a manager at Paterno desired to determine the percentage impact on net income of a given percentage change in sales, the manager would multiply the percentage increase/decrease in sales revenue by: A) 0.25. B) 0.40. C) 2.50. D) 4.00. E) 10.00.Accelerated Logistics provides the following information: $1,600,000 $15,000,000 $1,800,000 Operating income Net sales Average total assets Management's target rate of return 25% What is the company's profit margin ratio? (Round your answer to two decimal places.) ..... A. 12.00% B. 88.89% C. 27.90% D. 10.67%The following are the income statements for Ace and Diamond Companies. Diamond $ 76,000 49,000 45,600 21,000 30,400 9,500 12,500 $ 11,500 $ 17,900 What are the net income percentages for Ace and Diamond, respectively? Revenue Cost of goods sold Gross margin Operating expenses Net income Multiple Choice 6.09% and 4.25% 16.4% and 23.6% 1.83% and 1.70% 30% and 40% Ace $ 70,000
- wo years. EXERCISE 15-2 Financial Ratios for Assessing Liquidity LO15-2 ending December 31 appear below. The company did not issue any new common stock during the payable was 12%, the income tax rate was 40%, and the dividend per share of common stock was this year was $18. All of the company’s sales are on account. year Deceof 800,000 shares of common stock were outstanding, The interest rate on the bond year. $0.75 last year and $0.40 this year. The market value of the company's common stock at the end of Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash .... $ 1,280 $ 1,560 Accounts receivable, net 12,300 9,100 Inventory .... 9,700 8,200 Prepaid expenses 1,800 2,100 Total current assets 25,080 20,960 Property and equipment: Land ..... 6,000 6,000 Buildings and equipment, net .. 19,200 19,000 epeA Total property and equipment ... 25,200 25,000 Total assets $50,280 $45,960 Liabilities and Stockholders' Equity Current…IF XZX has the following data:Profit margin 2%Return on Asset 4%Sales revenues $500,000What is the company Total assets ? O a. $500,000 O b. $300,000 O c. $250,000 O d. $100,000Income statement information for Sadie Company is below: Sales $175,000 Cost of goods sold 115,000 Gross profit $60,000 Using vertical analysis of the income statement for Sadie Company, determine the gross profit margin. Oa. 100% Оь. 29% Oc. 66% d. 34%
- Assume the following sales data for a company: Year 2 $562,500 Year 1 $450,000 What is the percentage increase in sales from Year 1 to Year 2 (to the nearest whole percent)? O a. 20% O b. 125% О с. 25% O d. 80%Assume a company reported the following results: Sales $ 400,e00 Variable expenses Contribution margin Fixed expenses 260,e00 140,000 96,e00 Net operating income $ 44,000 Average operating assets $ 350, 000 The margin is closest to: Muitiple Choice 12.9%. 35.0%. 114.3%.Given the following amounts: Ravena Inc. Mulawin Corp. Sales P1,600,000 P120,000 60% of Sales 40% of Sales Cost of Sales Operating Expenses P416,000 P42,000 Which of the statements is true? a. Ravena Inc. has a higher a gross profit ratio compared to Mulawin Corp. b. Mulawin Corp. has lower operating expenses ratio compared to Ravena Inc. C. Mulawin Corp. is profitable than Ravena Inc. in terms of absolute amount. d. Mulawin Corp. is profitable than Ravena Inc. in terms of net income margin.
- Assume the following sales data for a company: Current year $1,025,000 Preceding year 820,000 What is the percentage increase in sales from the preceding year to the current year? Oa. 125% Ob. 25% Oc. 75% Od. 100%Following data is given for XYZ company: Sales $114,000 Operating income Total assets $39,900 $71,250 Return on investment for XYZ company is: a. 21.875% b. 56% с. 100% d. 10%A company shows the following balances: Sales $1,000,000 225,000 25,000 600,000 13 Sales Returns and Allowances Sales Discounts Cost of Goods Sold What is the gross profit rate? a. 60% b. 80% c. 40% d. 20% Explore
