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tanclam370Lv1
28 Sep 2019
Canadian Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, calculate the firmâs gross profit margin.
Round the answers to two decimal places in percentage form. (Write the percentage sign in the "units" box).
Balance Sheet December 31, 2014
Cash and marketable securities $132,000 Accounts payable $399,000 Accounts receivable $311,000 Notes payable $98,500 Inventories $512,000 Accrued expenses $89,300 Prepaid expenses $11,300 Total current liabilities $586,800 Total current assets $966,300 Long-term debt $799,400 Gross fixed assets $2,104,000 Par value and paid-in-capital $298,000 Less: accumulated depreciation $398,000 Retained Earnings $988,100 Net fixed assets $1,706,000 Common Equity 1,286,100 Total assets $2,672,300 Total liabilities and ownerâs equity $2,672,300
Income Statement, Year of 2014
Net sales (all credit) $4,276,600.00 Less: Cost of goods sold $3,292,982.00 Selling and administrative expenses $349,000.00 Depreciation expense $148,000.00 EBIT $486,618.00 Interest expense $49,600.00 Earnings before taxes $437,018.00 Income taxes $174,807.20 Net income $262,210.80
Canadian Bacon Inc. financial statements are presented in the table below.
Based on the information in the table, calculate the firmâs gross profit margin.
Round the answers to two decimal places in percentage form. (Write the percentage sign in the "units" box).
Balance Sheet December 31, 2014
Cash and marketable securities | $132,000 | Accounts payable | $399,000 |
Accounts receivable | $311,000 | Notes payable | $98,500 |
Inventories | $512,000 | Accrued expenses | $89,300 |
Prepaid expenses | $11,300 | Total current liabilities | $586,800 |
Total current assets | $966,300 | Long-term debt | $799,400 |
Gross fixed assets | $2,104,000 | Par value and paid-in-capital | $298,000 |
Less: accumulated depreciation | $398,000 | Retained Earnings | $988,100 |
Net fixed assets | $1,706,000 | Common Equity | 1,286,100 |
Total assets | $2,672,300 | Total liabilities and ownerâs equity | $2,672,300 |
Income Statement, Year of 2014
Net sales (all credit) | $4,276,600.00 |
Less: Cost of goods sold | $3,292,982.00 |
Selling and administrative expenses | $349,000.00 |
Depreciation expense | $148,000.00 |
EBIT | $486,618.00 |
Interest expense | $49,600.00 |
Earnings before taxes | $437,018.00 |
Income taxes | $174,807.20 |
Net income | $262,210.80 |
Trinidad TremblayLv2
29 Sep 2019