Which product line has the highest gross profit %? Which product line has the highest net income %?
Q: Over the life of a project, a project’s accounting earnings equal to its net cash flows Group of…
A: Project's accounting earnings can differ from its net cash flows during the life of the project…
Q: What were Ant's total liabilities in 2019? Write out your answer completely. For example, 25 million…
A: Liabilities refers to the obligation on any individual or a company to pay the amount borrowed from…
Q: Zigwell Manufacturing spent an average of $18 per order to issue 30,000 purchase orders last year.…
A: The estimated cost is based on the estimates. The total estimated cost for purchasing is the cost of…
Q: Name the error which was made under the following circumstances:
A: The error of omission is a type of error that takes the account of results caused due inactions or…
Q: A. Bina Ria Sdn Bhd (BRSB) is a local resident company incorporated in 2011 for the manufacture of…
A: An expenditure incurred as a cost of construction or the purchase price of the building and the…
Q: The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes…
A: Total unemployment taxes = FUTA unemployment taxes + SUTA unemployment taxes where, FUTA…
Q: Roberts Company produces two weed eaters: basic and advanced. The company has four activi- ties:…
A: Activity-based costing (ABC) is a way of allocating overhead expenses more precisely by attributing…
Q: On Jan 1, 20X1 ABC received a P1,200,000 3-year 10% note. Interest and principal is collectible on…
A: Maturity value of the Note = Face value of the Note + Interest on note where, Interest on note =…
Q: Tanner-UNF Corporation acquired as an investment $300 million of 6% bonds, dated July 1, on July 1,…
A: Solution 1-3: Journal Entries - Tanner - UNF Corporation Event Date Particulars Debit…
Q: At the end of the month, the schedule of accounts payable (a list of ending amounts owed to…
A: A control account seems to be a general ledger account that simply contains summarized amounts.…
Q: Happy Selling's had the following accounts atyear end: Cash-250,000, Accounts Payable-70,000,…
A: Introduction: Current Assets: The assets which can be easily converted in to cash with in 12 months…
Q: Piedmont Company sells one cell phone for $500. The contribution margin is $300. What is the…
A: Lets understand the basics. Contribution margin ratio indicates contribution generated compare to…
Q: Presenting EPS in Financial Statements Lee Corp. had 120,000 weighted-average common shares…
A: GIVEN Presenting EPS in Financial Statements Lee Corp. had 120,000 weighted average common shares…
Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P300,000 on Sep 29, 2021.…
A: A cash discount is a reduction in the price paid for a product or service if you pay with cash…
Q: Please prepare a cost by nature/expense by nature income statement for the following points. In…
A: Solution: Income Statement Particulars Amount Revenue 12000 Total A 12000…
Q: Feinan Sports, Inc., manufactures sporting equipment, including weight-lifting gloves. A national…
A: Materials are the actual goods utilized to make a product. Direct materials for a baker, for…
Q: Does the if-converted assumption apply only to diluted earnings per share? O A. The if-converted…
A: If-converted assumption is used to calculate value of converted debenture or preference share,if…
Q: Name the error which was made under the following circumstances: the business sold goods on credit…
A: The accounting is a process to record the transactions on the regular basis in the four column…
Q: half yearly payments of £74,000 in advance -Note the Interest rate inherent in the lease is 3%…
A: Lease Accounting Financial lease Accounting, recording transaction in the books of leasee
Q: Face value X PV of 1 at effective rate for 3 periods Face Value X PV of ordinary annuity of 1 at ER…
A:
Q: could someone please explain how after controlling the natural log of total assets, current ROA can…
A: Return on investment (ROI) is essential in an organization used to assess the efficiency or…
Q: Vati-Vati CC produces and sells only one product. The following data is available: nventory levels…
A: Finished Goods Inventory refers to when Goods Are completed and Stored before sale is known as…
Q: This rate is included in the face of the note: stated rate market rate effective interest yield…
A: Rate of the note determine the payment amount in form of interest to the holder. Interest payment is…
Q: each of the following, give two examples of physical control that the client can use to protect the…
A: In a company physical controls are made to protect the integrity of it's assets and financial and…
Q: Jaffers Corporation has a current ratio (defined as current assets dividend by current liabilities)…
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: 15. The HKD interbank rates may not necessarily rise with the USD interest rates immediately because…
A: The interbank rate in the context of current question denotes interest rate charged when a bank…
Q: How does the inventory accounting choice (LIFO/FIFO) impact a firm's valuation? a)Deferring tax…
A: FIFO - First in First out method of inventory valuation is based on the concept that oldest units…
Q: Identified steps for proving and ruling a journal page. Be specific. Explain
A: Answer:- Journal meaning:- A journal is a detailed record that documents all of a company's…
Q: On Jan 1, 20X1 ABC received a P1,200,000 3-year non interest note. Interest and principal is…
A: Maturity value is the obligation amount due or payable to the holder of the note on the due date of…
Q: 1. Sales on account were $548,000. The beginning receivables balance was $128,000 and the ending…
A: The question is based on the concept of Cash flow statement. Cash flow statement is the statement…
Q: Problem 16-18 (IAA) Emerald Company reported net income for 2021 at P1,550,000 hefore any…
A: Adjusted Net Income: The Net Income balance to be shown in the Financial Statements should be…
Q: The ABD Company began operations several years ago. The company purchased a building and, since only…
A:
Q: A motorcycle can be purchased for $8700 or leased for a down payment of $600 and $280 per month.…
A: Solution:- Given, A motorcycle can be purchased = $87,700 or, Leased for a down payment = $600 and…
Q: On January 1, Year 2 Boothe Company paid $12,000 cash to extend the useful life of a machine. Which…
A: Capitalization of expenses in connection with the fixed assets should be done if they increase their…
Q: On Jan 1, 20X1, ABC Corp received a P450,000 3-year note from a customer. The principal and interest…
A: Note receivable is one of the current asset of the business. It means note for which amount of cash…
Q: Solve In 10m
A: Formula to calculate IRR NPV = Today's value of the expected future cash flows - Today's value…
Q: A company recorded the $20,000 adjusting entry for accrued interest expense on monies borrowed by…
A: Solution: Adjusting entries are those entries which are made to adjust the accounts for matching…
Q: 1. Budgeted Income Statement Coral Seas Jewelry Company makes and sells costume jewelry. For the…
A: Budgeted Income Statement is the Statement that helps estimates and evaluate Revenue and expenses…
Q: On August 1, 20X1 ABC Corp received an interest bearing note due July 31, 20X4. Maturity value is…
A: Note receivable is one of the current asset being held by the business. On this note receivable,…
Q: Henredon purchased a high precision programmable router for shaping furniture components for $85000.…
A:
Q: 5.) True or False The correct formula is. Clean Price- Accrued Interest = Dirty Price True False
A: Since you have posted question two questions, we will do the first one for you. Please re-post the…
Q: Virtual banks are subject to the same set of supervisory requirements applicable to conventional…
A: Virtual banking is the act of gaining online access to banking organizations and their services…
Q: 9.) Who pays the accrued interest in a bond trade?
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: Required: Prepare Income Statement. Reflect in the income statement the net sales, net purchases,…
A: Income statement is one of the financial statement being prepared for measuring profitability of the…
Q: Question 1 What is the accounting treatment of the direct issue costs of shares of stocks? O Debit…
A: Ques 1 Direct issuance cost of shares of stock should be recorded as expense in the income…
Q: Triple J business has installed prepaid electricity unit equipment. At the end of the accounting…
A: Lets understanding the basics. Adjusting entry is passed at the year end to record correct amount of…
Q: A new drill press is being considered to purchased. The estimated first cost is Php 200,000. The net…
A:
Q: ACCOUNT Revenue Cost of Good Sold 300,000 Wage Expense Rent Expense Supplies Expense 20,000 AMOUNT…
A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…
Q: If Salman Company issues 16,000 shares of 10 par value common stock for 560,000 Paid-In Capital in…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
Q: Follow Accrual method Cost of Goods Sold $164,000 Income Tax Expense 17,470 Merchandise Sales (gross…
A: Introduction: Gross profit: Deduction of cost of goods sold from net sales revenue derives the Gross…
PLEASE SHOW THE FORMULARS
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Sports Emporium has two operating segments: sporting goods and sports apparel. The income statement for each operating segment is presented below. SPORTS EMPORIUMIncome StatementFor the year ended December 31, 2021 Sporting Goods Sports Apparel Amount % Amount % Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income $ 1,800,000 1,040,000 760,000 450,000 310,000 20,000 330,000 80,000 $ 250,000 $ 970,000 440,000 530,000 340,000 190,000 (15,000) 175,000 70,000 $ 105,000 Required:1. Complete the “%” columns to be used in a vertical analysis of Sports Emporium’s two operating segments. Express each amount as a percentage of sales.2. Use vertical analysis to compare the profitability of the two operating segments. Which segment is more profitable?Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…
- Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…
- Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…salamagundi, inc. has the following income statement: For the year ended December 31, 2021 net sales: $160 Cost of goods sold: $100 gross profit: $60 Operating expenses: $40 Net income: $20 Using vertical analysis, what percentage is assigned to operating expenses? a. 25% b. 40% c. 66.7% d. 200%
- Lamar Swimwear Income Statement 20X1 20X2 20X3 Sales (all on credit) $ 1,200,000 $ 1,500,000 $ 1,875,000 Cost of goods sold 800,000 1,040,000 1,310,000 Gross profit 400,000 460,000 565,000 Selling and admin. Expense 239,900 274,000 304,700 Operating profit (EBIT) 160,100 186,000 260,300 Interest expense 35,000 45,000 85,000 Net income before taxes 125,100 141,000 175,300 Taxes 36,900 49,200 55,600 Net income (EAT) $ 88,200 $ 91,800 $ 119,700 Shares of common stock outstanding 30,000 30,000…Assume the following information for Fruitful Proprietary Limited. for the year ended December 31, 2011: Sales R5,160 Cost of goods manufactured for the year R1,800 Beginning finished goods inventory R834 Ending finished goods inventory R593 Selling and administrative expenses R424 What is the cost of goods sold for the year ended 31 December 2011?Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating segment is presented below. GAME-ON SPORTSIncome StatementFor the year ended December 31, 2021 Athletic Equipment Accessories Amount % Amount % Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income $ 3,050,000 1,350,000 1,700,000 750,000 950,000 80,000 1,030,000 235,000 $ 795,000 $ 3,500,000 1,670,000 1,830,000 800,000 1,030,000 (15,000) 1,015,000 210,000 $ 805,000 Required: 1. Complete the “%” columns to be used in a vertical analysis of Game-On Sports’ two operating segments. Express each amount as a percentage of sales. 2. Use vertical analysis to compare the profitability of the two operating segments. Which segment is more profitable?