The following condensed information is available for Brick Brewing Company Ltd.: Brick Brewing Co. Limited Statement...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following condensed information is available for Brick Brewing Company Ltd.: Brick Brewing Co. Limited Statement of Financial Position January 31 (in thousands) 2019 2018 2017 Assets Cash $2,832 Accounts receivable 4,852 6,999 7,036 Inventory 10,317 7,891 5,619 Prepaids 562 614 593 Current assets 15,731 15,504 16,080 Non-current assets 46,034 42,824 39,671 Total assets $61,765 $58,328 $55,751 Liabilities and Shareholders' Equity Liabilities Current liabilities $11,850 $9,406 $11,141 Non-current liabilities 12,858 10,696 6,774 Total liabilities 24,708 20,102 17,915 Shareholders' equity 37,057 38,226 37,836 Total liabilities and shareholders' equity $61,765 $58,328 $55,751 Brick Brewing Co. Limited Statement of Income Year Ended January 31 (in thousands) 2019 2018 2017 Net sales $50,085 $49,790 $45,176 Cost of goods sold 37,109 35,510 29,465 Gross profit 12,976 14,280 15,711 Operating expenses 10,635 10,088 9,891 Income from operations 2,341 4,192 5,820 Interest expense 507 546 478 Income before income tax 1,834 3,646 5,342 Income tax expense 545 1,044 1,345 Net income $1,289 $2,602 $3,997 (a) Using vertical analysis, calculate the percentage of the base amount for the statement of financial position and Statement of Income for each year. (Round answer to 1 decimal place, e.g. 5.2. Enter negative amounts using either a negative sign preceding the number e.g. -45.1 or parenthesis e.g. (45.1). If an answer is zero, please enter O. Do not leave any fields blank.) Assets Cash Accounts receivable 4,852 Inventory 10,317 Prepaids Current assets Non-current assets BRICK BREWERY COMPANY LTD. Vertical Analysis of Statement of Financial Position January 31 (in thousands) 2019 2018 % $ % $ 6,999 2,8 7,0 7,891 5,6 562 614 5 15,731 15,504 16,0 46,034 42,824 39,6 Total assets 61,765 58,328 55,7 Liabilities and Shareholders' Equity Current liabilities 11,850 9,406 11,1 Non-current liabilities 12,858 10,696 6,7 Total liabilities 24,708 20,102 17,9 Shareholders' equity 37,057 38,226 37,8 Total liabilities and shareholders' equity 61,765 58,328 55,7 BRICK BREWERY COMPANY LTD. Vertical Analysis of Statement of Financial Position January 31 (in thousands) 2019 2018 +A $ % $ % 4,852 10,317 562 6,999 2,832 7,036 7,891 5,619 614 593 15,731 15,504 16,080 46,034 42,824 39,671 61,765 58,328 55,751 11,850 9,406 11,141 12,858 10,696 6,774 24,708 20,102 17,915 37,057 38,226 37,836 61,765 58,328 55,751 2017 % 2019 BRICK BREWERY COMPANY LTD. Vertical Analysis of Statement of Income Year Ended January 31 (in thousands) % $ 2018 % Net sales 50,085 49.790 45,176 Cost of sales 37,109 35,510 29,465 Gross profit 12,976 14,280 15,711 Operating expenses 10,635 10,088 9,891 Income from operations 2,341 4,192 5,820 Interest expense 507 546 478 Income before income tax 1,834 3,646 5,342 Income tax expense 545 1,044 1,345 Net income 1,289 2,602 3,997 2017 The following condensed information is available for Brick Brewing Company Ltd.: Brick Brewing Co. Limited Statement of Financial Position January 31 (in thousands) 2019 2018 2017 Assets Cash $2,832 Accounts receivable 4,852 6,999 7,036 Inventory 10,317 7,891 5,619 Prepaids 562 614 593 Current assets 15,731 15,504 16,080 Non-current assets 46,034 42,824 39,671 Total assets $61,765 $58,328 $55,751 Liabilities and Shareholders' Equity Liabilities Current liabilities $11,850 $9,406 $11,141 Non-current liabilities 12,858 10,696 6,774 Total liabilities 24,708 20,102 17,915 Shareholders' equity 37,057 38,226 37,836 Total liabilities and shareholders' equity $61,765 $58,328 $55,751 Brick Brewing Co. Limited Statement of Income Year Ended January 31 (in thousands) 2019 2018 2017 Net sales $50,085 $49,790 $45,176 Cost of goods sold 37,109 35,510 29,465 Gross profit 12,976 14,280 15,711 Operating expenses 10,635 10,088 9,891 Income from operations 2,341 4,192 5,820 Interest expense 507 546 478 Income before income tax 1,834 3,646 5,342 Income tax expense 545 1,044 1,345 Net income $1,289 $2,602 $3,997 (a) Using vertical analysis, calculate the percentage of the base amount for the statement of financial position and Statement of Income for each year. (Round answer to 1 decimal place, e.g. 5.2. Enter negative amounts using either a negative sign preceding the number e.g. -45.1 or parenthesis e.g. (45.1). If an answer is zero, please enter O. Do not leave any fields blank.) Assets Cash Accounts receivable 4,852 Inventory 10,317 Prepaids Current assets Non-current assets BRICK BREWERY COMPANY LTD. Vertical Analysis of Statement of Financial Position January 31 (in thousands) 2019 2018 % $ % $ 6,999 2,8 7,0 7,891 5,6 562 614 5 15,731 15,504 16,0 46,034 42,824 39,6 Total assets 61,765 58,328 55,7 Liabilities and Shareholders' Equity Current liabilities 11,850 9,406 11,1 Non-current liabilities 12,858 10,696 6,7 Total liabilities 24,708 20,102 17,9 Shareholders' equity 37,057 38,226 37,8 Total liabilities and shareholders' equity 61,765 58,328 55,7 BRICK BREWERY COMPANY LTD. Vertical Analysis of Statement of Financial Position January 31 (in thousands) 2019 2018 +A $ % $ % 4,852 10,317 562 6,999 2,832 7,036 7,891 5,619 614 593 15,731 15,504 16,080 46,034 42,824 39,671 61,765 58,328 55,751 11,850 9,406 11,141 12,858 10,696 6,774 24,708 20,102 17,915 37,057 38,226 37,836 61,765 58,328 55,751 2017 % 2019 BRICK BREWERY COMPANY LTD. Vertical Analysis of Statement of Income Year Ended January 31 (in thousands) % $ 2018 % Net sales 50,085 49.790 45,176 Cost of sales 37,109 35,510 29,465 Gross profit 12,976 14,280 15,711 Operating expenses 10,635 10,088 9,891 Income from operations 2,341 4,192 5,820 Interest expense 507 546 478 Income before income tax 1,834 3,646 5,342 Income tax expense 545 1,044 1,345 Net income 1,289 2,602 3,997 2017
Expert Answer:
Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119368458
7th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
Posted Date:
Students also viewed these accounting questions
-
The following condensed information is available for Brick Brewing Company Ltd.: Instructions (a) Using vertical analysis, calculate the percentage of the base amount for the statement of financial...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Are the statements in (a) and (b) below saying the same thing? (Hint: think about the tradeoffs between concerns of intra- and intergenerational equity.) (a) Sustainability is principally about...
-
During 2016, Nicholson Network, Inc., which designs network servers, earned revenues of $800 million. Expenses totaled $570 million. Nicholson collected all but $21 million of the revenues and paid...
-
The information below refers to the selling prices ($000) of homes sold in Warren, Pennsylvania, during 2016. Selling Price ($000) Frequency 120.0 up to 150.0 . . . . . . . . . . . . . . . . . . . ....
-
What do you like best about working at this company?
-
Atwood Company has an opportunity to produce and sell a revolutionary new smoke detector for homes. To determine whether this would be a profitable venture, the company has gathered the following...
-
Find all the complex numbers z such that z += 0. Is the set open or closed? {zC: z*+i=0}
-
On January 1, 2020, Korvette Ltd signs a $10,000 three-year note payable bearing 7% annual interest. The original principal and all interest are paid on December 31, 2022. Interest is compounded...
-
What are the broad types of involuntary conversions?
-
In some cases, a disproportionate distribution in liquidation of a partner's interest in the partnership can result in the partner recognizing both ordinary income and a capital loss. Explain how...
-
Which corporations are specifically excluded from S corporation status?
-
What is the basis of an asset acquired from a decedent?
-
Describe the two tests that are often utilized to determine whether income is business income.
-
In this scenario, hackers launch cyber attacks that affect several parts of the nations financial infrastructure over the course of several weeks. Specifically, sensitive credit card processing...
-
Prove the result that the R 2 associated with a restricted least squares estimator is never larger than that associated with the unrestricted least squares estimator. Conclude that imposing...
-
Pamper Me Salon Inc.'s general ledger at April 30, 2018, showed Cash $5,000; Supplies $500; Equipment $24,000; Accounts Payable $2,100; Bank Loan Payable $10,000; Unearned Revenue (from gift...
-
In what way does goodwill differ from an intangible asset? In what way are they similar? Why is goodwill not amortized?
-
In P4.6B, cash receipts and payments were given for The Sharp Edge Ltd. and converted to an accrual basis. Instructions (a) Calculate total revenue, total expense, and net income that would be...
-
Use the Internet to access Home Depot's most recent annual report. a. What evidence did you find that Home Depot continues to rely on present worth analysis in its corporate decision making? b. Does...
-
Use an Internet search engine to identify three companies or agencies that use present worth analysis to make business decisions as evidenced in their annual reports.
-
Use the Internet to access ConocoPhillips's most recent annual report. a. What evidence do you find that ConocoPhillips continues to rely on present worth analysis in its corporate decision making?...
Study smarter with the SolutionInn App