Use the following selected 2019 balance sheet and income statement information for Homer Glen Supply Co. (in millions) to compute the gross profit percentage to the nearest hundredthof a percent.Net income$104,940Select one:COOOA. 44.26%B. 4.42%C. 8.56%D. 28.76%Gross profiton sales$1,050,600Averagetotal assets$631,050Sales$2,373,882Tax rate onoperatingprofit35%

"The gross profit percentage is a financial metric that reveals the connection between a company's…

Use the following selected 2019 balance sheet and income statement information for Homer Glen Supply Co. (in millions) to compute the gross profit percentage to the nearest hundred of a percent. Net income $104,940 Select one: O O O O A. 44.26% B. 4.42% C. 8.56% D. 28.76% Gross profit on sales $1,050,600 Average total assets $631,050 Sales $2,373,882 Tax rate on operating profit 35%

Use the following selected 2019 balance sheet and income statement information for Homer Glen Supply Co. (in millions) to compute the gross profit percentage to the nearest hundred of a percent. Net income $104,940 Select one: O O O O A. 44.26% B. 4.42% C. 8.56% D. 28.76% Gross profit on sales $1,050,600 Average total assets $631,050 Sales $2,373,882 Tax rate on operating profit 35%

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Similar questions

Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
Fill in thr blanks on the table below and show the formulas used for each value Dayton, Inc. Annual Income Statement (Values in Millions) Common Size 2019 2018 2019 2018 Sales $ 178,909 $ 187,510 100.0% 100.0% Cost of Sales 111,631 59.5% Gross Operating Profit $ 75,879 40.5% Selling, General & Admin. Expense 12,900 6.9% Other Expenses 33,377 17.8% EBITDA $ 29,602 15.8% Depreciation & Amortization 7,944 4.2% EBIT $ 21,658 11.6% Other Income, Net 3,323 1.8% Earnings Before Interest and Taxes $ 24,981 13.3% Interest Expense 293 0.2% Earnings Before Taxes $ 24,688 13.2% Income Taxes 5,184 0.21 tax rate Net Income Available to Common $ 19,504 10.4% Dividends per share $ 1.15 $ 0.91 EPS…
Prepare a vertical analysis of the income statement data for Whispering Winds Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) WHISPERING WINDS CORPORATIONComparative Income StatementsFor the Years Ended December 31 2022 2021 $ Percent $ Percent Net sales $688,000 Enter percentages % $576,000 Enter percentages % Cost of goods sold 445,000 Enter percentages % 417,000 Enter percentages % Gross profit 243,000 Enter percentages % 159,000 Enter percentages % Operating expenses 145,000 Enter percentages % 108,000 Enter percentages % Net income $98,000 Enter percentages % $51,000 Enter percentages %
The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
Shelcal, Inc. provides the following data for the year 2019: Net Sales Revenue, $437,690; Cost of Goods Sold, $255,000. O The gross profit as a percentage of net sales is (Round your answer to two decimal places.) OA) 37.96% OB) 39.80% OC) 60.20% OD) 40.8%
Prepare a horizontal analysis of the following comparative income statement for the Buff Bodies Corporation. Round percentage changes to the nearest one-hundredth percent. Buff Bodies Corporation Comparative Income Statement for the Years Ended December 31, 2020 and 2019 2020 2019 Total revenue $1,450,000 $1,300,000 Expenses: Cost of goods sold $ 1,023,000 $ 930,000 Operating expenses 310,000 275,000 Interest expense 12,000 10,000 Income tax expense 48,300 38,000 Total expenses $1,393,300 $1,253,000 Net income $ 56,700 $ 47,000
From the following information, calculate Operating ratios and operating profit ratio and net profit ratio of "E" company for two years: Particulars 2019 2020 Sales 15.00.000 20.00.000 Cost of Goods Sold 7.50.000 9.00.000 Administrative Expenses 1.00.000 1.50,000 Šales Expense 2,50.000 3.00,000 Depreciation 1.00,000 1,00,000 Financial Expenses 1.00,000 1,00.000 Income of Interest-Dividend 2.00.000 2,00.000 Other expense (Non-Operating) 50,000 50.000
Refer to the following financial statements of Delima Corporation for 2019 and 2020: Delima Corporation Income Statements For the year ended 31 December (in millions) 2020 2019 $13,198 $ 7,750 $ 5,448 $3,472 $ 1,976 233 $ 12,397 $ 7,108 $ 5,289 $ 3,299 $ 1,990 $ $4 $ 1,742 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Other (income) expense, net $ 248 11 Income before income taxes $ 1,732 Income tax expense 503 502 Net income $ 1,229 $ 1,240 Delima Corporation Balance sheet For the year ended 31 December (in millions) Assets 2020 2019 Current assets Cash 444 $ $ 1,188 $ 1,132 460 $ 1,190 $ 1,056 Accounts receivables (net) Inventories Other current assets 247 225 $ 3,027 $ 3,281 $ 5,593 $ 2,915 $ 3,128 $ 5,804 $ 11,847 Total current assets Property (net) Other assets Total assets $11,901 Liabilities and Stockholders' Equity $ 3,313 $ 6,826 $ 1,762 $11,901 $ 3,184 $ 6,509 $ 2,154 $ 11,847 Current liabilities…
Surmani Company has a condensed income statement as shown. Use the following statement to answer question 19: 2020 2019 Sales $ 185,000 $ 207,000 Total Operating Expenses 133,000 147,500 Net Income 52,000 59,500 Using horizontal analysis, calculate the amount and percent change for Sales. Round to one decimal place.             ($22,000), (10.62%) ($22,000), (11.89%) ($ 7,500), (12.6%) ($14,500), (9.8%)
The following information was taken from the financial statements of Sunland Company: 2021 2020 Gross profit on sales $678,600   $760,000   Income before income taxes 205,400   225,000   Net income 260,000   225,000   Net income as a percentage of net sales 10% 9% Please show steps to finding answer Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%) 2021 2020 Cost of goods sold in dollars $enter a dollar amount $enter a dollar amount Cost of goods sold as a percentage of net sales nter percentages rounded to 1 decimal place % nter percentages rounded to 1 decimal place %
The comparative statements of Blossom Company are presented here: Blossom CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,899,640 $1,759,600 Cost of goods sold 1,067,640 1,015,100 Gross profit 832,000 744,500 Selling and administrative expenses 509,100 488,100 Income from operations 322,900 256,400 Other expenses and losses    Interest expense 23,500 21,500 Income before income taxes 299,400 234,900 Income tax expense 93,500 74,500 Net income $205,900 $160,400 Blossom CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets    Cash $60,100 $64,200    Debt investments (short-term) 74,000 50,000    Accounts receivable 126,900 111,900    Inventory 127,500 117,000      Total current assets 388,500 343,100 Plant assets…