Question : 152.The following selected amounts were extracted from the financial statements : 1244259

 

152.The following selected amounts were extracted from the financial statements of Flamingo Corporation.

 

 

   Year 4

   Year 3

   Year 2

   Year 1

 

 

 

 

 

Net sales

$175,000 

$170,000 

$165,000 

$150,000 

Cost of goods sold

109,000 

104,500 

100,500 

93,000 

Gross margin

66,000 

65,500 

64,500 

57,000 

 

Prepare a trend analysis for net sales, cost of goods sold, and gross margin. (Round answers to the nearest tenth of 1 percent.) Use Year 1 as the base year.

 

 

   Year 4 

Year 3 

Year 2 

Year 1 

(In percentages)

 

 

 

 

Net sales

 

 

 

 

Cost of goods sold

 

 

 

 

Gross margin

 

 

 

 

 

 

 

153.The following selected amounts were extracted from the financial statements of Ventura Corporation.

 

 

     Year 4

     Year 3

     Year 2

     Year 1

 

 

 

 

 

Net sales

$171,000

$160,000

$154,000

$144,000

Cost of goods sold

103,000

100,000

97,000

88,000

Gross margin

69,000

59,000

66,000

62,000

 

Prepare a trend analysis for net sales, cost of goods sold, and gross margin. (Round answers to the nearest tenth of 1 percent.) Use Year 1 as the base year.

 

 

   Year 4 

Year 3 

Year 2 

Year 1 

(In percentages)

 

 

 

 

Net sales

 

 

 

 

Cost of goods sold

 

 

 

 

Gross margin

 

 

 

 

 

 

 

154.The following selected amounts were extracted from the financial statements of H225 Corporation.

 

 

       Year 4

       Year 3

       Year 2

       Year 1

 

 

 

 

 

Net sales

$350,000

$340,000

$330,000

$300,000

Cost of goods sold

218,000

209,000

201,000

186,000

Gross margin

132,000

131,000

129,000

114,000

 

Compute the following for net sales, cost of goods sold, and gross margin. (Round answers to the nearest tenth of 1 percent.)

 

a. The percentage change from Year 1 to Year 2

b. The percentage change from Year 2 to Year 3

c. The percentage change from Year 3 to Year 4

 

 

155. Using the income statement below, develop a common-size statement by filling in the blanks provided. Show your work. Round to one decimal place.

 

 

           20×7

        20×7

 

 

 

Net sales

$200,000

_________

Cost of goods sold

  116,000

_________

Gross margin

$  84,000

_________

Operating expenses

    46,000

_________

Income before income taxes

$  38,000

_________

Income taxes expense

    15,200

_________

Net income

$  22,800

_________

 

 

 

 

 

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