Question
In: Finance
The Carla Vista Supply Company reported the following information for 2017. Prepare a common-size income statement...
The Carla Vista Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.)
Carla Vista Supply Company Income Statement for the Fiscal Year Ended June 30, 2017($ thousands)
% of Net Sales
Net sales $2,110,000 %
Cost of goods sold 1,461,000 %
Selling and administrative expenses 312,800 %
Nonrecurring expenses 27,200 %
Earnings before interest, taxes, depreciation, and amortization (EBITDA) $309,000 %
Depreciation 114,000 %
Earnings before interest and taxes (EBIT) 195,000 %
Interest expense 120,500 %
Earnings before taxes (EBT) $74,500 %
Taxes (35%) 26,075 %
Net income $48,425 %
Please find the % of Net Sales for each. Thanks!
Solutions
jeff jeffy answered 1 year agoRelated Solutions
Here are the comparative income statements of Carla Vista Corporation. CARLA VISTA CORPORATION Comparative Income Statement...
Here are the comparative income statements of Carla Vista
Corporation.
CARLA VISTA CORPORATION
Comparative Income Statement
For the Years Ended December 31
2022
2021
Net sales
$637,500
$555,200
Cost of goods sold
454,100
418,600
Gross Profit
183,400
136,600
Operating expenses
74,500
48,700
Net income
$ 108,900
$ 87,900
(a)
Prepare a horizontal analysis of the income statement data for
Carla Vista Corporation, using 2021 as a base. (If
amount and percentage are a decrease show the numbers as negative,
e.g....
prepare a common size income statement from the following income statement: CONSOLIDATED STATEMENTS OF OPERATIONS -...
prepare a common size income statement from the following income
statement:
CONSOLIDATED STATEMENTS OF OPERATIONS - USD
($)
12 Months Ended
shares in Millions, $ in Millions
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Total net
sales
$10,716
$11,664
$12,554
Credit
income and other
451
355
319
Total
revenues
11,167
12,019
12,873
Costs and
expenses/(income):
Cost of
goods sold (exclusive of depreciation and amortization shown
separately below)
7,013
7,870
8,208
Selling,
general and administrative (SG&A)
3,585
3,596
3,845...
On January 1, 2017, Carla Vista Company leased equipment to Flynn Corporation. The following information pertains...
On January 1, 2017, Carla Vista Company leased equipment to
Flynn Corporation. The following information pertains to this
lease: 1. The term of the non-cancelable lease is 6 years. At the
end of the lease term, Flynn has the option to purchase the
equipment for $2,000, while the expected residual value at the end
of the lease is $5,000. 2. Equal rental payments are due on January
1 of each year, beginning in 2017. 3. The fair value of the...
Here are the comparative income statements of Carla VistaCorporation.CARLA VISTA CORPORATIONComparative Income Statement...
Here are the comparative income statements of Carla Vista Corporation.
CARLA VISTA CORPORATIONComparative Income StatementFor the Years Ended December 31
2022
2021
Net sales
$610,300
$540,600
Cost of goods sold
448,800
426,200
Gross Profit
161,500
114,400
Operating expenses
76,400
48,100
Net income
$ 85,100
$ 66,300
(a)Prepare a horizontal analysis of the income statement data for Carla Vista Corporation, using 2021 as...
Here are the comparative income statements of Carla VistaCorporation.CARLA VISTA CORPORATIONComparative Income Statement...
Here are the comparative income statements of Carla Vista Corporation.
CARLA VISTA CORPORATIONComparative Income StatementFor the Years Ended December 31
2022
2021
Net sales
$610,300
$540,600
Cost of goods sold
448,800
426,200
Gross Profit
161,500
114,400
Operating expenses
76,400
48,100
Net income
$ 85,100
$ 66,300
Prepare a vertical analysis of the income statement data for Carla Vista Corporation for both years....
The comparative unclassified statement of financial position for Carla Vista Ltd. follows: CARLA VISTA LTD. Statement...
The comparative unclassified statement of financial position for
Carla Vista Ltd. follows:
CARLA VISTA
LTD.
Statement of Financial Position
December 31
Assets
2018
2017
Cash
$55,000
$28,000
Accounts receivable
81,000
63,000
Inventory
183,000
203,500
Long-term investments
80,000
120,000
Equipment
285,000
156,000
Accumulated depreciation
(61,000
)
(37,000
)
Total assets
$623,000
$533,500
Liabilities and Shareholders’
Equity
Accounts payable
$32,000
$ 45,000
Bank loan payable
153,000
172,500
Common shares
219,000
176,000
Retained earnings
219,000
140,000
Total liabilities and shareholders’
equity
$623,000
$533,500...
Carla Vista Company has a December 31 fiscal year end. Selected information follows for Carla Vista...
Carla Vista Company has a December 31 fiscal year end. Selected
information follows for Carla Vista Company for two independent
situations as at December 31, 2021:
1. Carla Vista purchased a patent from Tamarisk Inc. for
$411,000 on January 1, 2018. The patent expires on January 1, 2026.
Carla Vista has been amortizing it over its legal life. During
2021, Carla Vista determined that the patent’s economic benefits
would not last longer than six years from the date of
acquisition....
Problem 9-4A At January 1, 2017, Carla Vista Co. reported the following property, plant, and equipment...
Problem 9-4A
At January 1, 2017, Carla Vista Co. reported the following
property, plant, and equipment accounts:
Accumulated depreciation—buildings
$60,300,000
Accumulated depreciation—equipment
54,700,000
Buildings
97,500,000
Equipment
150,650,000
Land
20,800,000
The company uses straight-line depreciation for buildings and
equipment, its year-end is December 31, and it makes adjusting
entries annually. The buildings are estimated to have a 40-year
useful life and no salvage value; the equipment is estimated to
have a 10-year useful life and no salvage value.
During 2017, the...
Carla Vista Ltd., a private company reporting under ASPE, reported the following for the years ended...
Carla Vista Ltd., a private company reporting under ASPE,
reported the following for the years ended May 31, 2021, and
2020.
CARLA VISTA LTD.
Balance Sheet
May 31
Assets
2021
2020
Cash
$25,100
$46,750
Accounts receivable
88,650
78,750
Inventory
184,000
159,750
Prepaid expenses
5,900
7,400
Land
135,750
79,500
Equipment
319,000
199,000
Accumulated depreciation
(77,200
)
(39,750
)
Total assets
$681,200
$531,400
Liabilities and Shareholders’
Equity
Accounts payable
$42,850
$39,750
Dividends payable
7,400
5,900
Income taxes payable
3,100
6,900
Mortgage payable...
You are given the following information for Carla Vista Company. All transactions are settled in cash....
You are given the following information for Carla Vista Company.
All transactions are settled in cash. Carla Vista uses a perpetual
inventory system and the weighted average cost formula. Increased
competition has reduced the price of the product.
Date
Transaction
Units
Unit Price
July 1
Beginning inventory
25
$19
5
Purchase
55
18
8
Sale
(70)
29
15
Purchase
55
17
20
Sale
(55)
26
25
Purchase
10
16
1.Prepare the required journal entries for the month of July for...
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