Question
In: Accounting
The parts of the comparative I/S of a firm for the years of 2016 and 2017...
The parts of the comparative I/S of a firm for the years of 2016 and 2017 looks as follows:
2016 2017
Sales $100,000 $105,000
COGS $40,000 $52,500
SG&A $10,000 $21,000
Based on the above information, forecast 2018 COGS. Put the nearest dollar amount without comma or dollar sign
Solutions
Expert Solution
| 2016 | 2017 | ||||||||||
| Sales | 100,000.00 | 105,000.00 | |||||||||
| Less:COGS | 40,000.00 | 52,500.00 | |||||||||
| Gross Profit | 60,000.00 | 52,500.00 | |||||||||
| Gross Profit % | 60.00 | 50.00 | |||||||||
| When sales increased by 5% the gross pofit decreased by 10%. | |||||||||||
| then Assumed in 2018 that when sales is increased by 5%,the gross profit decreased by 10% further that is gross profit will be 40% | |||||||||||
| 2018 | |||||||||||
| Sales | 110,250.00 | ||||||||||
| Gross Profit | 44,100.00 | ||||||||||
| COGS=Sales-Gross Profit | 66,150.00 | ||||||||||
ekkarill92 answered 1 year agoRelated Solutions
The parts of the comparative I/S of a firm for the years of 2016 and 2017...
The parts of the
comparative I/S of a firm for the years of 2016 and 2017 looks as
follows:
2016 2017
Sales $100,000
$105,000
COGS $40,000
$52,500
SG&A $10,000
$21,000
and the B/S shows the
Accounts Receivables balances for 2016 and 2017 as 10,000 and
15,000 respectively.
Based on the above
information, forecast 2018 Accounts Receivables balance. Put the
nearest dollar amount without comma or dollar sign
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016...
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017, 2016, and 2015
2017
2016
2015
Sales
$
397,455
$
304,483
$
211,300
Cost of goods sold
239,268
192,738
135,232
Gross profit
158,187
111,745
76,068
Selling expenses
56,439
42,019
27,892
Administrative expenses
35,771
26,795
17,538
Total expenses
92,210
68,814
45,430
Income before taxes
65,977
42,931
30,638
Income taxes
12,272
8,801
6,220
Net income
$
53,705
$
34,130
$
24,418
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2017, 2016, and...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017...
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2018, 2017, and 2016
2018
2017
2016
Sales
$
382,784
$
293,244
$
203,500
Cost of goods sold
230,436
186,210
130,240
Gross profit
152,348
107,034
73,260
Selling expenses
54,355
40,468
26,862
Administrative expenses
34,451
25,805
16,891
Total expenses
88,806
66,273
43,753
Income before taxes
63,542
40,761
29,507
Income tax expense
11,819
8,356
5,990
Net income
$
51,723
$
32,405
$
23,517
Complete the below table to calculate income statement data...
The following are Sheridan Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with...
The following are Sheridan Corp.’s comparative balance sheet
accounts at December 31, 2017 and 2016, with a column showing the
increase (decrease) from 2016 to 2017.
COMPARATIVE BALANCE SHEETS
2017
2016
Increase
(Decrease)
Cash
$814,600
$706,000
$108,600
Accounts receivable
1,129,100
1,176,600
(47,500
)
Inventory
1,861,900
1,719,500
142,400
Property, plant, and equipment
3,335,800
2,940,300
395,500
Accumulated depreciation
(1,159,600
)
(1,046,100
)
(113,500
)
Investment in Myers Co.
313,100
277,300
35,800
Loan receivable
249,200
—
249,200
Total assets
$6,544,100
$5,773,600
$770,500
Accounts...
The following are Ayayai Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with...
The following are Ayayai Corp.’s comparative balance sheet
accounts at December 31, 2017 and 2016, with a column showing the
increase (decrease) from 2016 to 2017.
COMPARATIVE BALANCE SHEETS
2017
2016
Increase
(Decrease)
Cash
$821,300
$694,000
$127,300
Accounts receivable
1,124,400
1,158,200
(33,800
)
Inventory
1,852,600
1,702,600
150,000
Property, plant, and equipment
3,300,400
2,951,400
349,000
Accumulated depreciation
(1,174,500
)
(1,048,100
)
(126,400
)
Investment in Myers Co.
312,300
273,800
38,500
Loan receivable
250,100
—
250,100
Total assets
$6,486,600
$5,731,900
$754,700
Accounts...
The following are Wildhorse Corp.’s comparative balance sheet accounts at December 31, 2017 and 2016, with...
The following are Wildhorse Corp.’s comparative balance sheet
accounts at December 31, 2017 and 2016, with a column showing the
increase (decrease) from 2016 to 2017.
COMPARATIVE BALANCE SHEETS
2017
2016
Increase
(Decrease)
Cash
$811,100
$702,700
$108,400
Accounts receivable
1,139,100
1,176,000
(36,900
)
Inventory
1,847,000
1,704,500
142,500
Property, plant, and equipment
3,317,700
2,945,400
372,300
Accumulated depreciation
(1,158,000
)
(1,048,400
)
(109,600
)
Investment in Myers Co.
312,200
274,000
38,200
Loan receivable
250,000
—
250,000
Total assets
$6,519,100
$5,754,200
$764,900
Accounts...
Calculate Tesla INC.'s WACC for fiscal years 2017, 2016, 2015.
Calculate Tesla INC.'s WACC for fiscal years 2017, 2016,
2015.
Union Brake Inc.’s comparative balance sheet information at December 31, 2017 and 2016, and its income...
Union Brake Inc.’s comparative balance sheet information at
December 31, 2017 and 2016, and its income statement for the year
ended December 31, 2017, are as follows:
Union Brake Inc.
Income Statement
For Year Ended December 31, 2017
Sales
$
889,000
Cost of goods
sold
566,000
Gross profit
$
323,000
Operating
expenses
$
132,620
Depreciation
expense
41,180
173,800
Operating
Profit
149,200
Loss on sale of
equipment
14,940
Investment
income
21,520
Profit before
taxes
155,780
Income taxes
22,000
Profit
133,780
Union...
IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 92,500...
IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
92,500
$
69,000
Accounts receivable, net
102,500
76,000
Inventory
88,800
124,000
Prepaid expenses
6,900
10,400
Total current assets
290,700
279,400
Equipment
149,000
140,000
Accum.
depreciation—Equipment
(39,500
)
(21,500
)
Total assets
$
400,200
$
397,900
Liabilities and Equity
Accounts payable
$
50,000
$
67,500
Wages payable
8,500
20,000
Income taxes payable
5,900
8,800
Total current liabilities
64,400
96,300
Notes payable (long term)
55,000
85,000
Total...
IKIBAN INC. Comparative Balance Sheets June 30, 2017 and 2016 2017 2016 Assets Cash $ 92,500...
IKIBAN INC.
Comparative Balance Sheets
June 30, 2017 and 2016
2017
2016
Assets
Cash
$
92,500
$
69,000
Accounts receivable, net
102,500
76,000
Inventory
88,800
124,000
Prepaid expenses
6,900
10,400
Total current assets
290,700
279,400
Equipment
149,000
140,000
Accum.
depreciation—Equipment
(39,500
)
(21,500
)
Total assets
$
400,200
$
397,900
Liabilities and Equity
Accounts payable
$
50,000
$
67,500
Wages payable
8,500
20,000
Income taxes payable
5,900
8,800
Total current liabilities
64,400
96,300
Notes payable (long term)
55,000
85,000
Total...
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