Question

In: Finance

1. Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200...

1.

Category

Prior year

Current year

Accounts payable

41,400

45,000

Accounts receivable

115,200

122,400

Accruals

16,200

13,500

Additional paid in capital

200,000

216,660

Cash

???

???

Common Stock @ par value

37,600

42,000

COGS

131,400

178,223.00

Depreciation expense

21,600

23,852.00

Interest expense

16,200

16,649.00

Inventories

111,600

115,200

Long-term debt

135,000

138,605.00

Net fixed assets

379,258.00

399,600

Notes payable

59,400

64,800

Operating expenses (excl. depr.)

50,400

65,799.00

Retained earnings

122,400

136,800

Sales

255,600

337,010.00

Taxes

9,900

19,119.00

What is the entry for the current year's cost of goods sold on a common-sized income statement?

Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))

Solutions

Expert Solution

Cost of goods sold(COGS) on a common-sized income statement = (COGS/Net sales)*100

Current Year's COGS on a common-sized income statement = ($178,223.00/$337,010.00)*100

= 52.88%

So, the entry for the current year's cost of goods sold on a common-sized income statement is 52.88%

jeff jeffy answered 2 years ago
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