Russell Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Russell Industry Average Net sales revenue $780,000 100.0 % Cost of goods sold 524,940 65.8 Gross Profit 255,060 34.2 Operating Expenses 162,240 19.7 Operating Income 92,820 14.5 Other Expenses 7,800 0.4 Net Income 85,020 14.1 % MORE INFO: Russell/industry average Total Assets $480,000 100.0 % total Liabilities 327,360 64.7 total Liabilities and Stockholders' Equity $480,000 100.0 % SOLVE for % of total (round total to one decimal place x.x%) Amount Percent of total Net Sales Revenue 780,000 Cost of goods sold 524,940 gross profit 255,060 operating expenses 162240 operating income 92820 other expenses 7800
Russell Department Stores, Inc. Income Statement Compared with Industry Average Year Ended December 31, 2018 Russell Industry Average Net sales revenue $780,000 100.0 % Cost of goods sold 524,940 65.8 Gross Profit 255,060 34.2 Operating Expenses 162,240 19.7 Operating Income 92,820 14.5 Other Expenses 7,800 0.4 Net Income 85,020 14.1 % MORE INFO: Russell/industry average Total Assets $480,000 100.0 % total Liabilities 327,360 64.7 total Liabilities and Stockholders' Equity $480,000 100.0 % SOLVE for % of total (round total to one decimal place x.x%) Amount Percent of total Net Sales Revenue 780,000 Cost of goods sold 524,940 gross profit 255,060 operating expenses 162240 operating income 92820 other expenses 7800
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.9E: Working Backward: Gross Profit Ratio Acmes gross profit ratio increased by 20% over the prior year....
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Question
|
Russell Department Stores, Inc.
Income Statement Compared with Industry Average
Year Ended December 31, 2018
|
|
Russell
|
Industry Average | |
| Net sales revenue |
$780,000
|
100.0 % |
| Cost of goods sold |
524,940
|
65.8 |
| Gross Profit |
255,060
|
34.2 |
| Operating Expenses | 162,240 | 19.7 |
| Operating Income |
92,820
|
14.5 |
| Other Expenses |
7,800
|
0.4 |
| Net Income |
85,020
|
14.1 % |
MORE INFO: Russell/industry average
|
Total Assets
|
$480,000
|
100.0 %
|
|
total Liabilities
|
327,360
|
64.7
|
total Liabilities and Stockholders' Equity $480,000 100.0 %
SOLVE for % of total (round total to one decimal place x.x%)
| Amount | Percent of total | |
| Net Sales Revenue | 780,000 | |
| Cost of goods sold |
524,940
|
|
| gross profit | 255,060 | |
| operating expenses | 162240 | |
| operating income |
92820
|
|
| other expenses | 7800 | |
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