CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In millions, except share and per share amounts) 2021 Fiscal Years Ended December 31, 2020 2019 $ Change 5,750 $ 4,200 $ 6,095 3,840 2,970 3,840 Net sales $ Cost of Goods Sold GROSS PROFIT Stores and Distribution Expense 1,150 735 1,035 Selling, General and Administrative Expense 460 315 575 Other Operating Expense (Income), Net 12 21 35 OPERATING INCOME Interest Income (Expense) (1) (4) (2) OPERATING INCOME BEFORE TAXES Income Tax Expense 115 74 230 NET INCOME EARNINGS PER SHARE . $ 2021 2020 Calculate the following for: Gross Profit Margin (percentage) Formulas/Links: n/a Net Profit Margin (percentage) n/a Select the possible explanations for the change in the Gross Profit Margin from 2020 to 2021: Sales prices increased and unit costs of inventory decreased Sales prices decreased and unit costs of inventory increased Sales quantity increased and goods sold decreased Sales quantity decreased and goods sold increased Two of more of these are possible explanations None of these are possible explanations $ n/a n/a 2020-2021 Trend Analysis % Change 2019-2020 $ Change % Change Common-Size Analysis 2021 2020 (Percent of Net Sales) Formulas/Links: $ Change n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2020-2021 Trend Analysis % Change n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2019-2020 $ Change n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a % Change n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Common-S 2021 (Percent of n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In millions, except share and per share amounts) 2021 Fiscal Years Ended December 31, 2020 2019 $ Change 5,750 $ 4,200 $ 6,095 3,840 2,970 3,840 Net sales $ Cost of Goods Sold GROSS PROFIT Stores and Distribution Expense 1,150 735 1,035 Selling, General and Administrative Expense 460 315 575 Other Operating Expense (Income), Net 12 21 35 OPERATING INCOME Interest Income (Expense) (1) (4) (2) OPERATING INCOME BEFORE TAXES Income Tax Expense 115 74 230 NET INCOME EARNINGS PER SHARE . $ 2021 2020 Calculate the following for: Gross Profit Margin (percentage) Formulas/Links: n/a Net Profit Margin (percentage) n/a Select the possible explanations for the change in the Gross Profit Margin from 2020 to 2021: Sales prices increased and unit costs of inventory decreased Sales prices decreased and unit costs of inventory increased Sales quantity increased and goods sold decreased Sales quantity decreased and goods sold increased Two of more of these are possible explanations None of these are possible explanations $ n/a n/a 2020-2021 Trend Analysis % Change 2019-2020 $ Change % Change Common-Size Analysis 2021 2020 (Percent of Net Sales) Formulas/Links: $ Change n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2020-2021 Trend Analysis % Change n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2019-2020 $ Change n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a % Change n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Common-S 2021 (Percent of n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a
Accounting
27th Edition
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Chapter15: Investments And Fair Value Accounting
Section: Chapter Questions
Problem 15.2CP
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In millions, except share and per share amounts)
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2020
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3,840
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Stores and Distribution Expense
1,150
735
1,035
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460
315
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OPERATING INCOME
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Interest Income (Expense)
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(4)
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OPERATING INCOME BEFORE TAXES
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Income Tax Expense
115
74
230
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NET INCOME
22 EARNINGS PER SHARE
$
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2021
2020
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Gross Profit Margin (percentage)
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Select the possible explanations for the change in the Gross Profit Margin from 2020 to 2021:
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Sales prices increased and unit costs of inventory decreased
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Sales prices decreased and unit costs of inventory increased
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Sales quantity increased and goods sold decreased
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Sales quantity decreased and goods sold increased
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Two of more of these are possible explanations
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None of these are possible explanations
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