Question: Prepare an income statement and a common-sized income statement from the following information: Sales $645,000 Cost of goods sold $150,000 General and administrative expenses $79,000

Prepare an income statement and a common-sized income statement from the following information: Sales $645,000 Cost of goods sold $150,000 General and administrative expenses $79,000 Depreciation expenses $15,000 Interest expense $18,500 Income taxes $96,500 What percentage was net income of sales (i.e. what was the net profit margin)? Answer as a percentage with 2 decimals (ex. 12.46%).

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Timpanogos Inc. is an accrual-method calendar-year corporation. For 2016, it reported financial statement income after taxes of $1,149,000. Timpanogos provided the following information relating to...

I need help step by steps how to resolve this problems. thank you I appreciated 1) If the real risk-free rate of interest is 4.9% and the rate of inflation is expected to be constant at a level of...

15) (16 Points - Chapter 3) Prepare an income statement and a common-sized income statement below with the given information: Sales $525,000, Cost of goods sold $200,000, general and administrative...

The Warf Mini Case requires you to complete 2 Cash Flows. The Financial Cash Flow from the 3 sources, OCF, Cap Ex, and change in WC, is $876 which goes to Debt or Equity holders. The Accounting Cash...

Question - 5) Prepare the Statement of Cash Flows for the year 2020 by using DIRECT METHOD. North Star Company Comparative Balance Sheets Dec.31.2019 Dec.31.2020 Assets: Cash Accounts Receivable...

Assignment requirement: 1) Use historical sales data to calculate sales growth rate for pro forma use. Use regression approach or excel slope/intercept function to estimate the relation between COGS...

Prepare an income statement and a common-sized income statement from the following information. Income Statement and Common-Sized Income Statement: Sales Cost of goods sold Gross profits General &...

Abrahams Manufacturing Company Balance Sheet for 1231/2014 and 12/31/2015 2014 2015 Cash 5 89,000 84,000 112,000 10,000 $ 275,000 238,000 40,000) 5 473,000 5 85,000 88,000 5 153,000 70,000 5 100,000...

I still don't understand why an increase in A/P should be deducted? Question 8 (AICPA.921110FAR-P1-FA) Flax Corp. uses the direct method to prepare its Statement of Cash Flows. Flax's trial balances...

Prepare an income statement and a common-sized income statement from the following information about the accounts of the Uzbekistan Timber Corporation (in Uzbekistani som). Sales Cost of goods sold...

1.At the beginning of the year, Peters Corporation's assets were $150,000 and its stockholders' equity was $100,000. During the year, assets decreased $30,000 and liabilities increased $15,000. What...

The law of one price O implies that a given good should sell for the same amount of currency, no matter where it's sold O is more likely to hold when arbitrage is relatively cheap and easy O holds...

On July 1, 2015, Witherspoon Satellites issued $4,500,000, 9%, 10-year bonds at $4,219,600. This price resulted in an effective-interest rate of 10% on the bonds. Witherspoon uses the...

Assess the below account statement for borrowing possibilities. Month Total Deposits ($) Total Withdrawals ($) High Balance Low Balance Average Balance Jun-24 $ 27,834,497.10 $ 26,609,507.69 $...

Select the key term that relate to analysis of government financial performance from the list that best matches with the following definition. A. Benchmarking B. Budgetary solvency C. Cash solvency...

During the fiscal year ended September 30, 2017, the following transactions (summarized) occurred in the Town of Berthas Information Technology Internal Service Fund: 1. Employees were paid $290,000...

Sea & Snow Sports, Inc. Ms. Suzanne Montague had just delivered on unsettling news to Mr. Jason Wu, president and owner of the Sea & Snow Sports, Inc. (S&SS). Ms. Montague, the company's accountant...

Solve using simple-fixed point iteration until 15th iteration: 2x^4+13x^3+29x^2+27x+9=0

The rational decision-making process assumes we objectively gather information. But we dont. We selectively gather it. True False __________________ tries to explain the ways in which we judge...

3.29 A company has 50 sales representatives. It decides that the most successful representative during the previous year will be awarded a January vacation in Hawaii, while the second most successful...

3.25 The probability of A is 0.30, the probability of B is 0.40 and the probability of both is 0.30. What is the conditional probability of A given B? Are A and B independent in a probability sense?

3.26 The probability of A is 0.70, the probability of B is 0.80, and the probability of both is 0.50. What is the conditional probability of A, given B? Are A and B independent in a probability sense?