Presented below is income statement data for Short & Company as of year-end 2019: Income Tax Expense $5,400 Cost of Goods Sold 14,300 Other Expenses 500 Net Revenue 62,950 Operating Expenses 27,000 RequiredPrepare a multi-step income statement for 2019. Note: Do not use negative signs with your answers. SHORT & COMPANYIncome Statement2019 AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Gross Profit on Sales Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Operating Income Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Income before Income Taxes Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Net Income Answer Calculate the company's return on sales ratio. Round the return on sales ratio to one decimal place. If Short's return on sales was 16 percent in 2018, is the company's profitability improving or declining? Return of sales for 2019= Answer and thus, the company's profitability is Answerimprovingdeclining
Presented below is income statement data for Short & Company as of year-end 2019: Income Tax Expense $5,400 Cost of Goods Sold 14,300 Other Expenses 500 Net Revenue 62,950 Operating Expenses 27,000 RequiredPrepare a multi-step income statement for 2019. Note: Do not use negative signs with your answers. SHORT & COMPANYIncome Statement2019 AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Gross Profit on Sales Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Operating Income Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Income before Income Taxes Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Net Income Answer Calculate the company's return on sales ratio. Round the return on sales ratio to one decimal place. If Short's return on sales was 16 percent in 2018, is the company's profitability improving or declining? Return of sales for 2019= Answer and thus, the company's profitability is Answerimprovingdeclining
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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Question
Presented below is income statement data for Short & Company as of year-end 2019:
Income Tax Expense | $5,400 |
Cost of Goods Sold | 14,300 |
Other Expenses | 500 |
Net Revenue | 62,950 |
Operating Expenses | 27,000 |
Required
Prepare a multi-step income statement for 2019.
Note: Do not use negative signs with your answers.
SHORT & COMPANY Income Statement 2019 |
|
---|---|
AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses | Answer |
AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses | Answer |
Gross Profit on Sales | Answer |
AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses | Answer |
Operating Income | Answer |
AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses | Answer |
Income before Income Taxes | Answer |
AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses | Answer |
Net Income | Answer |
Calculate the company's return on sales ratio. Round the return on sales ratio to one decimal place.
If Short's return on sales was 16 percent in 2018, is the company's profitability improving or declining?
Return of sales for 2019= | Answer | and thus, |
the company's profitability is | Answerimprovingdeclining |
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