Example Exercise 5-5 Back Country Life, Inc., does business in two product segments,Camping and Fishing. The following annual revenue information was determined from theaccounting system's invoice information:20Υ320Y2$240,000CampingFishing$280,000140,000160,000Total revenues$420,000$400,000Prepare horizontal and vertical analyses of the segments. Round to one decimal place.

Example Exercise 5-5 Back Country Life, Inc., does business in two product segments, Camping and Fishing. The following annual revenue information was determined from the accounting system's invoice information: 20Y3 20Υ2 Camping Fishing $280,000 $240,000 160,000 $400,000 140,000 Total revenues $420,000 Prepare horizontal and vertical analyses of the segments. Round to one decimal place.

Example Exercise 5-5 Back Country Life, Inc., does business in two product segments, Camping and Fishing. The following annual revenue information was determined from the accounting system's invoice information: 20Y3 20Υ2 Camping Fishing $280,000 $240,000 160,000 $400,000 140,000 Total revenues $420,000 Prepare horizontal and vertical analyses of the segments. Round to one decimal place.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter4: Accounting For Retail Operations

Section: Chapter Questions

Problem 4.8.2MBA: Gross profit percent and markup percent Caterpillar Inc. (CAT) produces and sells various types of...

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Gross profit percent and markup percent Caterpillar Inc. (CAT) produces and sells various types of equipment, including tractors, loaders, and mining equipment. The following data (in millions) were adapted from recent financial statements of Caterpillar. Compare the results in parts (1) and (2) for Years 1 and 2. Comment on your comparison.
Gross profit percent and markup percent Deere & Company (DE) produces and sells tractors, loaders, combines, lawnmowers, and a variety of other equipment. The following data (in millions) were adapted from recent financial statements of Deere. Compare the results in parts (1) and (2) for ‘tears 1 and 2. Comment on your comparison.
Gross profit percent and markup percent Caterpillar Inc. (CAT) produces and sells various types of equipment. including tractors, loaders, and mining equipment. The following data (in millions) were adapted from recent financial statements of Caterpillar. Compute the average markup percent for Years 1 and 2. Round to one decimal place.
Gross profit percent and markup percent Caterpillar Inc. (CAT) produces and sells various types of equipment. including tractors, loaders, and mining equipment. The following data (in millions) were adapted from recent financial statements of Caterpillar. Compute the gross profit percent for Years 1 and 2. Round to one decimal place.
Exercise 3-47 Revenue Adjustments Sentry Transport Inc. of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during the current year: Sentry received $5,000 cash in advance from Richs Department Store for an estimated 250 deliveries during December 2019 and January and February of 2020. The entire amount was recorded as unearned revenue when received. During December 2019, 110 deliveries were made for Richs. Sentry operates several small buses that take commuters from suburban communities to the central downtown area of Atlanta. The commuters purchase, in advance, tickets for 50 one-way rides. Each So-ride ticket costs S500. At the time of purchase, Sentry credits the cash received to unearned revenue. At year end, Sentry determines that 10,160 one-way rides have been taken. Sentry operates buses that provide transportation for the clients of a social agency in Atlanta. Sentry bills the agency quarterly at the end of January, April, July, and October for the that quarter. The contract price is S7,500 per quarter. Sentry follows the practice of recognizing revenue from this contract in the in which the service is On December 23, Delta Airlines chartered a bus to transport its marketing group to a meeting at a resort in southern Georgia. The meeting will be held during the last week in January 2020, and Delta agrees to pay for the entire trip on the day the bus departs. At year end, none Of these arrangements have been recorded by Sentry. Required: Prepare adjusting entries at December 31 for these four activities. CONCEPTUAL CONNECTION What would be the effect on revenue if the adjusting entries were not made?
Chipotle: Vertical analysis Chipotle Mexican Grill, Inc. is a quick-service restaurant providing a focused menu of burritos, tacos, and salads. Chipotles balance sheets for the end of two recent years are as follows (in thousands): Chipotle Mexican Grill, Inc Balance Sheets December 31 (in thousands) Year 2 Year 1 Assets Current assets Cash 419,465 323,203 Accounts receivable, net 34,839 24,016 Inventory 15,332 13,044 Other current assets 70,251 51,073 Investments 338592 254971 Total current assets 878,479 666,307 Property, plant, and equipment 1,106,984 963,238 Long-term investments 496,106 313,863 Other assets 64716 65872 Total assets 2,546,285 2,009,280 Liabilities and Stockholders Equity Current liabilities Accounts payable 69,613 59,022 Other current liabilities 176,097 140,206 Total current liabilities 245,710 199,228 Long-term liabilities 288,206 271,764 Total liabilities 533,916 470,992 Stockholders Equity Common stock 354 352 Additional paid-in capital 1,038,932 919,840 Retained earnings 1,722,271 1,276,897 Treasury stock (748,759) (660,421) Other adjustments (429) 1,620 Total stockholders equity 2,012,369 1,538,288 Total liabilities and stockholders equity 2,546,285 2,009,280 A. Prepare a vertical analysis of the two balance sheets. (Round percentages to one decimal place.) B. Interpret the vertical analysis with respect to the change in the percent of asset, liability, and stockholders equity components to total assets. (Treasury stock will be discussed in a later chapter and may be omitted from your analysis.)
a Current fiscal year income from continuing operations, 11,9% of revenues Vertical analysis of income statement The following comparative income statement (in thousands of dollars) for two recent fiscal years was adapted from the annual report of Speedway Motors ports, Inc. (TRK), owner and operator of several major motor speedways, such as the Atlanta, Texas, and Las Vegas Motor Speedways. Current Year Previous Year Revenues: Admissions 90,639 100,694 Event related revenue 136,900 146,980 NASCAR broadcasting revenue 224,227 217,469 Other operating revenue 60,390 31,320 Total revenues 512,156 496,463 Expenses and other: Direct expense of events (102,786) (104,303) NASCAR event management fees (137,727) (133,682) Other direct expenses (43,764) (19,541) General and administrative (166,663) (288,166) Total expenses and other (450,960) (542392) Income from continuing operations 61,196 (46,229) a. Prepare a comparative income statement for these two years in vertical form, stating each item as a percent of revenues. Round percentages to one decimal place. b. Comment on the significant changes
Quick ratio American Eagle Outfitters Inc. (AEO) operates specialty retail stores, selling clothing such as denim, sweaters, t-shins, and fleece outerwear that targets 15 to 25 year old men and women, that targets 15 to 25 year old men and women. The following asset and liability data (in millions) were adapted from recent financial statements. Compute the quick ratio for Years 2 and 1. Round to two decimal places.
Problem 1: On Febuary 14, 2018, Floating Restaurant Company established a sales agency in Loboc. Upon establishment of the sales agency, the home office sent samples costing ₱8,000 and a working fund of ₱8,000 to be maintained on the imprest baisis. During the six months period, the sales agency reported to the home office sales orders. These were billed at ₱70,000 of which of ₱40,000 was collected) the sales agency paid expenses of ₱5,800 but was reimbursed by the home office. On August 15, 2018, the sales agency samples was valued at ₱2,000. It was estimated that the gross profit on goods shipped to fill sales order averaged 40% of cost. Required: Show the solution. 1.) The cost of sales of the sales agency for the six months period is 2.) The net income of the sales agency for the six months period is Problem 2: JCO KREMES Company had an agency in SM Cebu and a working fund for ₱20,000 is established on the imprest basis. The first payment from the fund is ₱3,000 for rent. This…
FE16 From the following transactions as well as additional data, please complete the entire accountingcycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing201X Jan1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbingcompany.1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.4 Purchased office equipment on account from Daisy Corp., $42,610. 6 Purchased supplies for $12,455 cash.8 Collected $39,000 from plumbing local shopping centers.12 Chris withdrew $23,050 from the business for his own personal use.20 Repaired Alton Co. parking lots, payment not to be received until March, $9,200.26 Paid salaries to employees, $10,285.28 Paid Daisy Corp. one-half amount owed for office equipment.29 Advertising bill received from bigtime Co. but will not be paid until May, $3,740.30 Paid telephone bill, $1,030Adjustment Dataa. Supplies on hand, $1,310.b. Rent expired, $3,250.c. Depreciation on office…
FE16 From the following transactions as well as additional data, please complete the entire accountingcycle (including of preparing a post-closing trial balance) for Carryon’s Plumbing201X Jan1 Carryon invested $104,900 cash and $82,000 worth of plumbing equipment into the plumbingcompany.1 Paid rent for eight months in advance for garage space. Rent per month is $3,250.4 Purchased office equipment on account from Daisy Corp., $42,610.
(Algorithmic) Journalizing Transactions Kaual Adventures rents and sells surfboards and snorkeling and scuba equipment. During March, Kauai engaged in the following transactions: March 2 Received $50,100 cash from customers for rental 3 Purchased on credit five new surfboards (which Kaual classifies as inventory) for $210 each 6 Paid wages to employees in the amount of $8,200 9 Paid office rent for the month in the amount of $700 12 Purchased a new Ford truck for $15,900; paid $1,000 down in cash and secured a loan from Princeville Bank for the $14,900 balance 13 Collected a $950 account receivable 16 Paid an account payable in the amount of $870 23 Borrowed $15,000 on a six-month, & percent note payable 27 Paid the monthly telephone bill of $145 30 Paid a monthly advertising bill of $1,260