1.
Balance sheet: This is a financial statement that shows the assets, liabilities, and
To Describe: The value of the S Company’s inventory at September 29, 2013, and September 30, 2012.
2.
To Describe: The items that are consists in Company S’s inventories.
3.
To Describe: The amount of cost of goods sold of Company S at September 29, 2013, and September 30, 2012.
4.
Income statement: This is a financial statement that shows the net income earned or net loss suffered by a company through reporting all the revenues earned and expenses incurred by the company over a specific period of time. An income statement is also known as an operations statement, an earnings statement, a revenue statement, or a
To Mention: The format that Company S use for preparing income statement.
5.
Gross profit percentage is the financial ratio that shows the relationship between the gross profit and net sales. Gross profit is the difference between the total revenues and cost of goods sold. It is calculated by using the following formula:
To Calculate: The gross profit percentage of Company S for September 29, 2013, and September 30, 2012.
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Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
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