The comparative financial statements of Seward, Inc. include the following data: Current YearPrior YearIncome Statement Net Sales Revenue$234,000 $180,000 Cost of Goods Sold 99,000 84,600 Operating Expenses 70,200 57,600 Interest Expense 6,300 6,300 Income Tax Expense 9,000 7,200 Net Income 49,500 24,300 Balance Sheet Current Assets 207,000 171,000 Plant, Property and Equipment, Net 176,400 189,000 Current Liabilities 81,000 68,400 Long-Term Liabilities 77,400 77,400 Stockholders' Equity 225,000 214,200 Total Liabilities & Stockholders' Equity 383,400 360,000 ?The gross profit percentage for the current year is closest to:
A. 13.5%.
B. 21.15%.
C. 42%.
D. 57.7%.
Answer: D
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A zero balance in Work in Process Inventory at the start of the period means all previously completed products have been shipped
Indicate whether the statement is true or false
The following errors were made in preparing a trial balance: the $1,350 balance of Inventory was omitted; the $450 balance of Prepaid Insurance was listed as a credit; and the $300 balance of Salaries Expense was listed as Utilities Expense. The debit and credit totals of the trial balance would differ by
a. $1,350. b. $1,800. c. $2,100. d. $2,250.
The objectives section in a marketing plan ________
A) covers the goals of the marketing plan project B) provides a sketch of the market in which the plan is to be implemented C) examines the separate groups that make up the market D) surveys the organization's competition
A company's Inventory balance at the end of the year was $188,000 and $200,000 at the beginning of the year. Its Accounts Payable balance at the end of the year was $84,000 and $80,000 at the beginning of the year, and its cost of goods sold for the year was $720,000. The company's total amount of cash payments for merchandise during the year equals:
A. $712,000. B. $704,000. C. $720,000. D. $728,000. E. $736,000.