Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating
Question:
Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating segment is presented below.
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?
Transcribed Image Text:
GAME-ON SPORTS Income Statement For the year ended December 31, 2024 Athletic Equipment 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 % Accessories Amount $3,500,000 1,670,000 1,830,000 800,000 1,030,000 (15,000) 1,015,000 210,000 $ 805,000 %
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (5 reviews)
GAMEON SPORTS Income Statement For the year ended December 31 2024 Athletic Equipment Accessories To...View the full answer
Answered By
Aketch Cindy Sunday
I am a certified tutor with over two years of experience tutoring . I have a passion for helping students learn and grow, and I firmly believe that every student has the potential to be successful. I have a wide range of experience working with students of all ages and abilities, and I am confident that I can help students succeed in school.
I have experience working with students who have a wide range of abilities. I have also worked with gifted and talented students, and I am familiar with a variety of enrichment and acceleration strategies.
I am a patient and supportive tutor who is dedicated to helping my students reach their full potential. Thank you for your time and consideration.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Sports Emporium has two operating segments: sporting goods and sports apparel. The income statement for each operating segment is presented below. Required: 1. Complete the % columns to be used in a...
-
Sports Emporium has two operating segments: sporting goods and sports apparel. The income statement for each operating segment is presented below. Required: 1. Complete the "%" columns to be used in...
-
Sports Emporium has two operating segments: sporting goods and sports apparel. The income statement for each operating segment is presented below. Required: 1. Complete the % columns to be used in a...
-
Bank A has increased its leverage from 2016 to 2017 as shown below. Assume the bank invests in plain loans which yield an annual interest of 5% in both years. The annual interest paid on liabilities...
-
Most of us have watched pizzas being made while waiting in a pizzeria. What level of job specialization do you usually notice in these operations? Why does this high or low level of specialization...
-
What is a first article system? Is there only one instance of a first article system?
-
The following transactions occurred during April 2010, for Angelos Garden Center, Inc.: Requirement 1. Journalize the April transactions for Angelos Garden Center, Inc. Omit explanations. Apr 3...
-
Assume the same facts as in Problem 2-55. In problem 2-55 On June 3 of the current year, Eric, Florence, and George form Wildcat Corporation and transfer the following items: Item Transferred Eric...
-
The bank advertises a mortgage amortized over 30 years for 5% compounded quarterly. I decide to go for the quarterly payment option. What will my quarterly payment be for each dollar borrowed?
-
An ISP is granted the block 80.70.56.0/21. The ISP needs to allocate addresses for two organizations each with 500 addresses, two organizations each with 250 addresses, and three organizations each...
-
Sports Emporium has two operating segments: sporting goods and sports apparel. The income statement for each operating segment is presented below. Required: 1. Complete the % columns to be used in a...
-
Mega Screens, Inc., reports net sales of $3,200,000, cost of goods sold of $2,000,000, and income tax expense of $150,000 for the year ended December 31, 2024. Selected balance sheet accounts are as...
-
Convert 7.50 ft 3 /s to gal/min.
-
An inquisitive physics student and mountain climber climbs a 54.0-m-high cliff that overhangs a calm pool of water. He throws two stones vertically downward, 1.00 s apart, and observes that they...
-
A certain tuning fork vibrates at a frequency of 2 0 8 Hz while each tip of its two prongs has an amplitude of 0.750 mm . ( a ) What is the period of this motion? ( b ) Find the wavelength of the...
-
When considering whether a planned project "triggers" an environmental impact, what questions will normally be considered?
-
A cement block accidentally falls from rest from the ledge of a 57.1-m-high building. When the block is 11.2 m above the ground, a man, 1.70 m tall, looks up and notices that the block is directly...
-
For this question, you need to design and conduct an experiment. Consider the sellotape roll shown in the figure below. The objective is to determine the critical strain energy release rate, Gc, for...
-
The FASB ASC provides guidance on disclosures specific to the construction industry. Find, cite, and copy the FASB ASC paragraphs that discuss this issue.
-
When the Department of Homeland Security created a color-coded system to prepare government officials and the public against terrorist attacks, what did it do right and what did it do wrong?
-
Many companies sell products allowing their customers the right to return merchandise if they are not satisfied. Because the return of merchandise can retroactively negate the benefits of having made...
-
The birth of the Internet in the 1990s led to the creation of a new industry of online retailers such as Amazon, Overstock.com, and PC Mall, Inc. Many of these companies often act as intermediaries...
-
The birth of the Internet in the 1990s led to the creation of a new industry of online retailers such as Amazon, Overstock.com, and PC Mall, Inc. Many of these companies often act as intermediaries...
-
A small object, which has a charge q = 5.7 C and mass m = 2.1 x 105 kg, is placed in a constant electric field. Starting from rest, the object accelerates to a speed of 3.3 x 103 m/s in a time of 1.1...
-
At Company Y, the ratio of the number of female employees to the number of male employees is 3 to 2. If there are 150 female employees at the company, how many male employees are there at the company?
-
1.9. Consider the following eight pairs of measurements on two variables x and x2: x1 -6 -3 -2 1 2 5 6 8 X2 -2 -3 1 -1 2 1 5 3 (a) Plot the data as a scatter diagram, and compute $11, $22, and 512-...
Study smarter with the SolutionInn App