^ Hobson is the manager/owner of the Sporty Cafe, a low-priced pasta bar in London, England....

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^ Hobson is the manager/owner of the Sporty Cafe, a low-priced pasta bar in London, England. She bought the Sporty Cafe at the beginning of 2018. Fortunately, London was the host of the 2021 Summer Olympic Games, and the cafe was located just next to the Olympic Village. Since pasta is a good carbo-loading food, many of the athletes frequented the Sporty Cafe during the Olympics. The following are the income statements for 2020 and 2021. The fiscal year for the Sporty Cafe is from September 30, 20120 to September 30, 2021 (after the close of the 2021 Summer Olympic Games). For the purposes of this exam, assume the current year is 2021. Calculate cost of sales % and controllable expenses % (both as a percentage of sales) in the blanks provided below (4 points). Income Statement 2020$ 2021$ Revenues Cost of Sales Gross Profit Operating Expenses Depreciation 1,945,800 2,880,000 A 704,000 968,000 1,241,800 1,912,000 641,568 864,000 105,000 222,000 Operating Income 495,232 826,000 Interest Expenses 128,700 84,800 Income Before Income 366,532 741,200 Taxes Taxes (40%) 146,613 296,480 Net Income 219,919 444,720 Dividends Paid 50,000 210,000 Per Share Data: Market Price per Share $20.00 $30.00 Earnings per Share $11.00 $14.83 ^ Hobson is the manager/owner of the Sporty Cafe, a low-priced pasta bar in London, England. She bought the Sporty Cafe at the beginning of 2018. Fortunately, London was the host of the 2021 Summer Olympic Games, and the cafe was located just next to the Olympic Village. Since pasta is a good carbo-loading food, many of the athletes frequented the Sporty Cafe during the Olympics. The following are the income statements for 2020 and 2021. The fiscal year for the Sporty Cafe is from September 30, 20120 to September 30, 2021 (after the close of the 2021 Summer Olympic Games). For the purposes of this exam, assume the current year is 2021. Calculate cost of sales % and controllable expenses % (both as a percentage of sales) in the blanks provided below (4 points). Income Statement 2020$ 2021$ Revenues Cost of Sales Gross Profit Operating Expenses Depreciation 1,945,800 2,880,000 A 704,000 968,000 1,241,800 1,912,000 641,568 864,000 105,000 222,000 Operating Income 495,232 826,000 Interest Expenses 128,700 84,800 Income Before Income 366,532 741,200 Taxes Taxes (40%) 146,613 296,480 Net Income 219,919 444,720 Dividends Paid 50,000 210,000 Per Share Data: Market Price per Share $20.00 $30.00 Earnings per Share $11.00 $14.83

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