Balance Sheet Cash and Marketable Securities 490 Accounts Receivable 5990 Invent
ID: 2767556 • Letter: B
Question
Balance Sheet
Cash and Marketable Securities 490
Accounts Receivable 5990
Inventories 9550
Current Assets 16030
Net property and equipment 17030
Total assets 33060
Accounts Payable 7220
Short-term debt 6800
Current Liabilities 14020
Long-term Liabilities 7010
Total Liabilities 21030
Total Owner's Equity 12030
Total equity/Liability 33060
Income Statement Revenues 30020
COGS -19950
Gross Profit 10070
Operating Expense -7960
Net operating income 2110
Interest Expense -940
Earning Before Taxes 1170
Taxes -425
Net Income 745
CommonSize Balance Sheet 2013
Cash and marketable securities $ 490 ___ %
Accounts receivable 5,990
Inventories 9,550
Current assets $ 16,030 %
Net property plant and equipment 17,030
Total assets $ 33,060 %
Accounts payable $ 7,220 %
Shortterm debt 6,800
Current liabilities $ 14,020 %
Longterm liabilities 7,010
Total liabilities $ 21,030 %
Total owners’ equity 12,030
Total liabilities and owners’ equity $ 33,060 %
b. (15 points) Prepare a common-size income statement for Carver Enterprises. Complete the common-size income statement: (Round to one decimal place.) CommonSize Income Statement 2013 Revenues$ 30,020 %
Cost of goods sold (19,950)
Gross profit $ 10,070 %
Operating expenses (7,960)
Net operating income$2,110 %
Interest expense (940)
Earnings before taxes$1170 %
Taxes (425)
Net income $ 745 %
Explanation / Answer
b. common-size income statement for Carver Enterprises
Common size Income Statement 2013
Amount $ % Total Revenue 30,020 100 Cost of Goods Sold (19,950) (66.46) Gross Profit 10,070 33.54 Operating Expenses (7,960) (26.51) Net Operating Income 2,110 7.03 Interest Expense (940) (3.13) Earnings Before Taxes 1,170 3.90 Taxes (425) (1.42) Net Income 745 2.48Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.