The average price of a gallon of gas in 2005 jumped $.59 (39 percent) from $1.51
ID: 2357294 • Letter: T
Question
The average price of a gallon of gas in 2005 jumped $.59 (39 percent) from $1.51 in 2004 to $2.10 in 2005. Let's see whether these changes are reflected in the income statement of Chevron Corp. for the year ended December 31, 2005 (amounts in millions).
22,601
29,501
$ 14,939
$ 15,208
rev: 02-28-2011
Compute the gross profit percentage for each year. (Round your answers to 1 decimal place. Omit the "%" sign in your response.)
Compute the net profit margin for each year. (Round your answers to 1 decimal place. Omit the "%" sign in your response.)
Chevron reported average net fixed assets of $52.0 billion in 2005 and $46.7 billion in 2004. Compute the fixed asset turnover ratios for both years. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
Chevron reported average stockholders' equity of $56.0 billion in 2005 and $42.8 billion in 2004. Compute the return on equity ratios for both years. (Round your answers to 1 decimal place. Omit the "%" sign in your response.)
2005 2004 Total revenues $ 194,200 $ 156,300 Costs of crude oil and products 144,902 103,348 Other operating costs
22,601
29,501
Income before income tax expense 26,697 23,451 Income tax expense 11,758 8,243 Net income$ 14,939
$ 15,208
Explanation / Answer
52952
Gross Profit = Sales - Cost of Crude oil 2005 2004 Revenue - (A) 194200 156300 Cost of Crued Oil - (B) 144902 103348 Gross Profit - (C = A - B) 4929852952
Gross Profit in Percentage - (C / A*100) 25.40% 33.90%Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.