In millions, except per share data Years ended December 31, 2019 2018 2017 REVENUES Sales by Company-operated restaurants Revenues from franchised restaurants $ 9,420.8 $ 10,012.7 $ 12,718.9 11,655.7 11,012.5 10,101.5 Total revenưes ...... .. 21,076.5 21,025.2 22,820.4 ..... ............. ... .................. OPERATING COSTS'AND EXPENSES Company-operated restaurant expenses Food & paper 2,980.3 3,153.8 4,033.5 Payroll & employee benefits Occupancy & other operating expenses ranchised restaurants-occupancy expenses 2,704.4 2,937.9 3,528.5 2,075.9 2,174.2 2,847.6 2,200.6 1,973.3 1,790.0 elling, general & administrative expenses ther operating (income) expense, net Total operating costs and expenses perating income erest expense-net of capitalized interest of $7.4, $5.6 and $5.3 2,229.4 2,200.2 2,231.3 (183.9) (236.8) (1,163.2) 12,006.7 12,202.6 13,267.7 8,822.6 981.2 9,069.8 9,552.7 1,121.9 921.3 ד

In millions, except per share data Years ended December 31, 2019 2018 2017 REVENUES Sales by Company-operated restaurants Revenues from franchised restaurants $ 9,420.8 $ 10,012.7 $ 12,718.9 11,655.7 11,012.5 10,101.5 Total revenưes ...... .. 21,076.5 21,025.2 22,820.4 ..... ............. ... .................. OPERATING COSTS'AND EXPENSES Company-operated restaurant expenses Food & paper 2,980.3 3,153.8 4,033.5 Payroll & employee benefits Occupancy & other operating expenses ranchised restaurants-occupancy expenses 2,704.4 2,937.9 3,528.5 2,075.9 2,174.2 2,847.6 2,200.6 1,973.3 1,790.0 elling, general & administrative expenses ther operating (income) expense, net Total operating costs and expenses perating income erest expense-net of capitalized interest of $7.4, $5.6 and $5.3 2,229.4 2,200.2 2,231.3 (183.9) (236.8) (1,163.2) 12,006.7 12,202.6 13,267.7 8,822.6 981.2 9,069.8 9,552.7 1,121.9 921.3 ד

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter3: The Adjusting Process

Section: Chapter Questions

Problem 3.1ADM

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Profitability ratios The following selected data were taken from the financial statements of Robinson Inc. for December 31, 2016, 2015 and 2014: December31 2016 2015 2014 Total assets......................................... 4,800,000 4,400,000 4,000,000 Notes payable (8% interest)........................... 2,250,000 2,250,000 2,250,000 Common stock...................................... 250,000 250,000 250,000 Preferred 4% stock, 100 par (no change during year)........................... 500,000 500,000 500,000 Retained earnings................................... 1,574,000 1,222,000 750,000 The 2016 net income was 372,000, and the 2015 net income was 492,000. No dividends on common stock were declared between 2014 and 2016. a. Determine the rate earned on total assets, the rate earned on stockholders equity, and the rate earned on common Stockholders equity for the years 2015 and 2016. Round to one decimal place. b. What conclusions can be drawn from these data as to the companys profitability?
Steele Inc. Consolidated Statements of Income (in thousands except per share amounts) 2023 2022 2021 Net sales $7,245,088 $6,944,296 $6,149,218 Cost of goods sold (5,286,253) (4,953,556) (4,355,675) Gross margin $1,958,835 $1,990,740 $1,793,543 General and administrative expenses (1,259,896) (1,202,042) (1,080,843) Special and nonrecurring items 2,617 0 0 Operating income $701,556 $788,698 $712,700 Interest expense (63,685) (62,398) (63,927) Other income 7,308 10,080 11,529 Gain on sale of investments 0 9,117 0 Income before income taxes $645,179 $745,497 $660,302 Provision for income taxes 254,000 290,000 257,000 Net income $391,179 $455,497 $403,302 Steele Inc. Consolidated Balance Sheets (in thousands) ASSETS Dec. 31, 2023 Dec. 31, 2022 Current assets: Cash and equivalents $320,558 $41,235 Accounts receivable 1,056,911 837,377 Inventories 733,700…
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Profitability Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated Statements of Income (in thousands except per share amounts) 2023 2022 2021 Net sales $7,245,088 $6,944,296 $6,149,218 Cost of goods sold (5,286,253) (4,953,556) (4,355,675) Gross margin $1,958,835 $1,990,740 $1,793,543 General and administrative expenses (1,259,896) (1,202,042) (1,080,843) Special and nonrecurring items 2,617 0 0 Operating income $701,556 $788,698 $712,700 Interest expense (63,685) (62,398) (63,927) Other income 7,308 10,080 11,529 Gain on sale of investments 0 9,117 0 Income before income taxes $645,179 $745,497 $660,302 Provision for income taxes 254,000 290,000 257,000 Net income $391,179 $455,497 $403,302 Steele Inc. Consolidated Balance Sheets (in thousands) ASSETS Dec. 31, 2023 Dec. 31, 2022 Current assets: Cash and equivalents $320,558 $41,235 Accounts…
Profitability Ratios Financial statements for Steele Inc. follow. Steele Inc. Consolidated Income Statements (in thousands except per share amounts) 2023 2022 2021 Net sales $7,245,088 $6,944,296 $6,149,218 Cost of goods sold (5,286,253) (4,953,556) (4,355,675) Gross margin $1,958,835 $1,990,740 $1,793,543 General and administrative expenses (1,259,896) (1,202,042) (1,080,843) Special and nonrecurring items 2,617 0 0 Operating income $701,556 $788,698 $712,700 Interest expense (63,685) (62,398) (63,927) Other income 7,308 10,080 11,529 Gain on sale of investments 0 9,117 0 Income before income taxes $645,179 $745,497 $660,302 Provision for income taxes (254,000) (290,000) (257,000) Net income $391,179 $455,497 $403,302 Steele Inc. Consolidated Balance Sheets (in thousands) ASSETS Dec. 31, 2023 Dec. 31, 2022 Current assets: Cash and equivalents $320,558 $41,235…
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