2020 2019 Net sales $4,800 $5,600 Cost of goods sold $3,888 $3,637 Net income $77 $147 Accounts receivable $88 $109
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- 2021 2020 $ 88,000 $ 70,000 93,000 76,000 Accounts receivable Inventory Net sales (all credit) Cost of goods sold 510,000 380,000 257,000 s05,000 223,000 760, e00 Total assets Total stockholders' equity 510,000 77,000 445,000 56,e00 Net income IPX Company's 2021 receivables turnover ratio is: (Round your answer to 1 decimal place.)2021 2020 2019 2018 2017 Sales $ 489,967 $ 322,347 $ 256,850 $ 180,880 $ 136,000 Cost of goods sold 252,383 166,097 134,444 94,199 69,360 Accounts receivable 23,763 18,857 17,594 10,600 9,302 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable.2021 2020 2019 2018 2017 $ 394,032 199,466 19,071 $ 262,688 132,894 15,394 $ 205,225 $ 150,348 76,774 8,780 $ 112,200 56,100 Sales Cost of goods sold Accounts receivable 106,013 14,058 7,708 Compute trend percents for the above accounts, using 2017 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favorable or unfavorable. Trend Percent for Net Sales: Numerator: Denominator: Trend percent 2021: % 2020: % 2019: % %3D 2018: % = 2017: % Is the trend percent for Net Sales favorable or unfavorable? Trend Percent for Cost of Goods Sold: Numerator: Denominator: Trend percent %3D 2021: % 2020: % 2019: % %3D 2018: % = 2017: %3D Is the trend percent for Cost of Goods Sold favorable or unfavorable? Trend Percent for Accounts Receivable: Numerator: Denominator: Trend percent %3D 2021: % 2020: % %3D 2019: % = 2018: % 2017: % %3D Is the trend percent for Accounts Receivable favorable or unfavorable? II II IL || II
- Assume the following sales data for a company: 2023 $966000 2022 871000 2021 696800 If 2021 is the base year, what is the percentage increase in sales from 2021 to 2022? А. 25% В. 139% С. 125% D. 39%Income Statement for the years ending 31 August: 2020 2019 £ £Revenue 950,000 975,000Cost of sales 455,000 460,000Gross profit 495,000 515,000Total expenses 320,000 310,000Net profit 175,000 205,000 Statement of financial position as at 31 August: 2020 2019£ £Non-current assets 70,000 65,000Current assetsCash at bank…Income Statement for the years ending 31 August: 2020 2019 £ £Revenue 950,000 975,000Cost of sales 455,000 460,000Gross profit 495,000 515,000Total expenses 320,000 310,000Net profit 175,000 205,000 Statement of financial position as at 31 August:- 2020 2019£ £Non-current assets 70,000 65,000Current assetsCash at bank…
- Feeney, Inc., reported the following sales and net income amounts (Click on the icon to view the data.) Show Feeney's trend percentages for sales and net income. Use 2018 as the base year. (Do not enter the % sign if any of the input fields.) Sales Net income 2021 % % 2020 1% % 2019 % 28 29 % 2018 % %2020 2019 Net sales.. P2,200,000 P2,000,000 Total Expenses. 1,998,000 1,800,000 Required: a. Compute the percentage change in 2020 for the amounts of (1) net sales and (2) total expensesStatements of Financial Position 2020 2019 Cash $ 125 $ 80 Accounts receivable 68 48 Merchandise inventory 49 56 Long-term investments - 42 Property, plant, and equipment 215 178 Accumulated depreciation (57 ) (72 ) Total assets $ 400 $ 332 Accounts payable $ 48 62 Income taxes payable 5 6 Long-term borrowings 111 61 Contributed capital 180 160 Retained earnings 56 43 Total liabilities and shareholders’ equity $ 400 $ 332 Statement of Earnings Sales $ 200 Cost of sales (120 ) Gross profit 80 Depreciation expense (10 ) Other operating expenses (51 ) Earnings from operations 19 Gain on sale of investments 6 Loss on sale of equipment (2 ) Earnings before income tax 23 Income tax expense 6 Net earnings $ 17…
- The financial information on Lazy Day, Inc. is as follows: 2019 2020 Cash $ 138 $ 97 Sales 10,204 11,317 Inventory 5,209 5,138 Depreciation 956 948 Cost of goods sold 4,207 4,618 Accounts payable 3,338 3,209 Long-term debt 4,200 3,800 Shareholders’ equity 9,229 9,906 Accounts receivable 2,780 2,960 Net fixed assets 8,640 8,720 Interest expense 350 320 Selling and administrative expenses 1,015 984 Taxes 1,250 1,512 What is the cash flow to creditors for 2020?Statements of Financial Position 2020 2019 Cash $ 125 $ 80 Accounts receivable 68 48 Merchandise inventory 49 56 Long-term investments - 42 Property, plant, and equipment 215 178 Accumulated depreciation (57 ) (72 ) Total assets $ 400 $ 332 Accounts payable $ 48 62 Income taxes payable 5 6 Long-term borrowings 111 61 Contributed capital 180 160 Retained earnings 56 43 Total liabilities and shareholders’ equity $ 400 $ 332 Statement of Earnings Sales $ 200 Cost of sales (120 ) Gross profit 80 Depreciation expense (10 ) Other operating expenses (51 ) Earnings from operations 19 Gain on sale of investments 6 Loss on sale of equipment (2 ) Earnings before income tax 23 Income tax expense 6 Net earnings $ 17…Statements of Financial Position 2020 2019 Cash $ 125 $ 80 Accounts receivable 68 48 Merchandise inventory 49 56 Long-term investments - 42 Property, plant, and equipment 215 178 Accumulated depreciation (57 ) (72 ) Total assets $ 400 $ 332 Accounts payable $ 48 62 Income taxes payable 5 6 Long-term borrowings 111 61 Contributed capital 180 160 Retained earnings 56 43 Total liabilities and shareholders’ equity $ 400 $ 332 Statement of Earnings Sales $ 200 Cost of sales (120 ) Gross profit 80 Depreciation expense (10 ) Other operating expenses (51 ) Earnings from operations 19 Gain on sale of investments 6 Loss on sale of equipment (2 ) Earnings before income tax 23 Income tax expense 6 Net earnings $ 17…
