The following information was taken from the financial statements of Bjorg Company: 2017 Gross profit on...
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The following information was taken from the financial statements of Bjorg Company: 2017 Gross profit on sales Income before income taxes Net income Net income as a percentage of net sales Instructions (a) (b) (c) $600,000 230,000 180,000 10% 2016 $680,000 221,000 153,000 9% Compute the net sales for each year. Compute the cost of goods sold in dollars and as a percentage of net sales for each year. Compute operating expenses in dollars and as a percentage of net sales for each year. (Income taxes are not operating expenses). The following information was taken from the financial statements of Bjorg Company: 2017 Gross profit on sales Income before income taxes Net income Net income as a percentage of net sales Instructions (a) (b) (c) $600,000 230,000 180,000 10% 2016 $680,000 221,000 153,000 9% Compute the net sales for each year. Compute the cost of goods sold in dollars and as a percentage of net sales for each year. Compute operating expenses in dollars and as a percentage of net sales for each year. (Income taxes are not operating expenses).
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Answer rating: 100% (QA)
Net Sales for 2016 Net income of net sales 153000 9 1700000 Net sales for 2017 180000 10 1800000 ... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
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