menu
bartleby
search
close search
Hit Return to see all results

5. As a shareholder of Jacksonville Industries, a manufacturer of DVD players, you are interested incomparing gross profits over a 3-year period. Calculate the gross profit percentage for years 2019,2018, and 2017 using the income statement items below (in thousands). Interpret your results.201920182017Net sales$20,640$21,880$21,540Cost of goods sold14,83014,04413.684Gross Profit$5.810$7.836$7.856der

Question
5. As a shareholder of Jacksonville Industries, a manufacturer of DVD players, you are interested in
comparing gross profits over a 3-year period. Calculate the gross profit percentage for years 2019,
2018, and 2017 using the income statement items below (in thousands). Interpret your results.
2019
2018
2017
Net sales
$20,640
$21,880
$21,540
Cost of goods sold
14,830
14,044
13.684
Gross Profit
$5.810
$7.836
$7.856
der
help_outline

Image Transcriptionclose

5. As a shareholder of Jacksonville Industries, a manufacturer of DVD players, you are interested in comparing gross profits over a 3-year period. Calculate the gross profit percentage for years 2019, 2018, and 2017 using the income statement items below (in thousands). Interpret your results. 2019 2018 2017 Net sales $20,640 $21,880 $21,540 Cost of goods sold 14,830 14,044 13.684 Gross Profit $5.810 $7.836 $7.856 der

fullscreen
check_circleAnswer
Step 1

Gross profit: Gross profit is a profit for a company arrived after deducting cost associated with production and selling of goods or services from revenue earned from sale of such goods and services.

Gross profit pecentage- Gross profit100
Net sales
help_outline

Image Transcriptionclose

Gross profit pecentage- Gross profit100 Net sales

fullscreen
Step 2

Compute gross profit percentage for years 2019, 20...

Gross profit percentage for 2019 . Gross profit 100
Total sales
S5,810100
$20,640
=28.15%
Gross profit percentage for 2018 = Gross profit 100
Total sales
$7,836100
-X
$21, 880
=35.81%
Gross profit percentage for 2017 = Gross profit 100.
Total sales
$7,856x100
$21,540
36.47%
help_outline

Image Transcriptionclose

Gross profit percentage for 2019 . Gross profit 100 Total sales S5,810100 $20,640 =28.15% Gross profit percentage for 2018 = Gross profit 100 Total sales $7,836100 -X $21, 880 =35.81% Gross profit percentage for 2017 = Gross profit 100. Total sales $7,856x100 $21,540 36.47%

fullscreen

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Our solutions are written by experts, many with advanced degrees, and available 24/7

See Solution
Tagged in

Business

Accounting

Accounting Ratio Analysis

Related Accounting Q&A

Find answers to questions asked by student like you

Show more Q&A add
question_answer

Q: How would i find the variable cost per unit?

A: Variable costs: Variable costs refers to those costs that change in proportion, with the change in t...

question_answer

Q: E15-9

A: (a) If preferred stocks are cumulative and dividends are unpaid for the year 2015 to 2017. Thus, the...

question_answer

Q: how to identify which account is which

A: Purchases journal is used to record all credit purchases which may include purchase of goods for res...

question_answer

Q: Foot Locker, Inc. is a retailer of athletic footwear and apparel. During a recent fiscal year, Foot ...

A: Accounts payable: Accounts payable is a liability of the firm, which refers to the accounts which th...

question_answer

Q: Use the information provided in the exhibits to calculate the inventory amounts as they should be re...

A: 1.Inventories Particulars

question_answer

Q: In each of the following transactions (a) through (c) for Catena's Marketing Company, indicate the a...

A: Accounting equation: The accounting equation is an accounting tool which is expressed in the form of...

question_answer

Q: Please answer E4.12 #1-3. Where it says instructions and then instructions for parts a and b. Only p...

A: In recording and maintaining accounting transactions, sometimes incorrect entries or amounts are pos...

question_answer

Q: I have been stuck on this problem for a few days.  Paloma Co.Has four emplyees.FICA Social Security ...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

question_answer

Q: Please Help

A: Record the necessary cash adjustments as shown below:

Sorry about that. What wasn’t helpful?