QUESTION A sporting goods store with sales for the year of $400,000 and other income of $32,000 has operating expenses of $123,000. Its cost of goods sold is $207,000. What are its gross margins, operating profits, and net profits in dollars?Please show details Income statement will look as below :- Sales 400,000 Less COGS 207000 […]
QUESTION The following balance sheet is submitted to you for inspection and review.Appalachian Freight CompanyBalance SheetDecember 31, 2011AssetsCash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . […]
QUESTION The Green Motorcar company is producing a new car. It is a flex-fuel plug-in hybrid. A flex-fuel vehicle has an engine that runs on various combinations of ethanol, methanol, and gasoline. The engine drives a generator that charges the battery, which then drives the car. Its also possible to ¦ For the purpose of […]
QUESTION The following 2007 information is available concerning the Drake Company, which adjusts and closes its accounts every December 31:1. Salaries accrued but unpaid total $2,840 on December 31, 2007.2. The $247 December utility bill arrived on December 31, 2007 and has not been paid or recorded.3. Buildings with a cost of $78,000, 25-year life, […]
QUESTION The comparative condensed balance sheets of Conard Corporation are presented below.Instructions(a) Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2010 as a base.(b) Prepare a vertical analysis of the balance sheet data for Conard Corporation in columnar form for2011. Answer A Horizontal Analysis 2011 2010 Variance Assets Current Assets […]
QUESTION The balance sheet of Walgreens a leading chain drugstore, as of August 31, 2009, appear as follows (dollars in million):REQUIRED: Assume that the following eight transactions occurred that next year (dollars in millions). Indicate the effect of each transaction on net income (revenues minus expenses), the current ratio (current assets divided by current liabilities), […]
QUESTION Tarech Company engaged in activities during the first year of its operations that resulted in the following: service revenue, $4,800; expenses, $2,450; and withdrawals, $410. In addition, the year-end balances of selected accounts were as follows: Cash, $1,890; Other Assets, $1,000; Accounts Payable $450; and Owners Capital, $500. In proper format, prepare the income […]
QUESTION Selected financial data of Target and Wal-Mart for a recent year are presented here (in millions).Instructions(a) For each company, compute the following ratios.(1) Current. (2) Receivables turnover.(3) Average collection period. (4) Inventory turnover.(5) Days in inventory. (6) Profit margin.(7) Asset turnover.(8) Return on assets.(9) Return on common stockholders equity.(10) Debt to total assets.(11) Times […]
QUESTION Revenue and expense data for the current calendar year for Sorenson Electronics Company and for the electronics industry are as follows. The Sorenson Electronics Company data are expressed in dollars. The electronics industry averages are expressed in percentages.(a) Prepare a common-sized income statement comparing the results of operations for Hrothgar Electronics Company with the […]
QUESTION Perez County entered into a number of transactions for the current fiscal year. Identify the fund or funds affected by each transaction and determine how each transaction will affect the accounting equation of the particular fund.1. Perez County issued $10 million of general obligation bonds at par to finance construction of a new county […]
