I need help with the two I got wrong which are highlighted in red.
Prepare a vertical analysis of the 2017 income statement data for Crane Company and Sheridan Company. (Round all ratios to 1 decimal place, e.g. 2.5%.) Condensed Income Statement For the Year Ended December 31, 2017 Sheridan Company Crane Company Dollars Dollars Percent Percent $1,855,000 $596,000 Net Sales 100 % 100 % 1,063,000 291,000 57.3 % 48.8 % Cost of Goods Sold 792,000 305,000 Gross Profit 42.7 % 51.2 % 265,000 89,000 14.3 % 14.9 % Operating Expenses 527,000 216,000 Income From Operations 28.4% 36.2 % Other Expenses and Losses 8,600 3,200 Interest Expense 0.5 % 0.5 % X 518,400 212,800 28.9% 35.7 % Income Before Income Taxes 74,900 35,000 Income Tax Expense 4.0 % 5.9 % X $443,500 $177,800 24.8 % 29.8 % Net Income / (Loss)
Q: What is a bank account?
A: The bank account means a financial account which is maintained by a bank on behalf of its customers...
Q: Hagen Company’s budgeted sales and direct materials purchase are as follows. Budgeted Sales ...
A: We can anser this question by creating the following schedule of expected payments :
Q: Nova Company's total overhead cost at various levels of activity are presented below Total Overhead ...
A: Variable cost vary with each unit of production. Fixed cost remain same irrespective of the level of...
Q: A portion of the stockholders’ equity section from the balance cheet of WC appears as below. Stockho...
A: Cash dividends A profitable organization can distribute a part of their profit to the shareholders a...
Q: Cost flow assumptions-FIFO AND LIFO using a periodic system the beginning inventory was 600 units a...
A: FIFO or the First In First Out is the inventory valuation method in which the oldest inventory is di...
Q: Northwood Company manufactures basketballs. The company has a ball that sells for $35. At present, t...
A: 1.a. Compute the last year's CM ratio.
Q: I had previously asked this question and there was no solution attached to it. I should be credited ...
A: Break-even sales: Break-even sales is that level of sales at which the firm is just covering its exp...
Q: Most Company has an opportunity to invest in one of two new projects. Project Y requires a $320,000 ...
A: We can calculate the net present value as follows :
Q: On January 1, 2018, the Mason Manufacturing Company began construction of a building to be used as i...
A: First of all we will start by calculating the rate or capitalization.For specific borrowings we will...