User Account

All Pages

Selected data from the financial statements of italian

Assignment Help Accounting Basics
Reference no: EM13585983

Selected data from the financial statements of Italian Marble Co. and Brazil Stone Products for the year just ended follow. Assume that for both companies dividends declared were equal in amount to net earnings during the year and therefore stockholders' equity did not change. The two companies are in the same line of business.                  


 Italian
Marble Co.		 Brazil Stone Products
Total liabilities $ 200,000
$ 100,000
Total assets
800,000

400,000
Sales (all on credit)
1,960,000

1,150,000
Average inventory
240,000

140,000
Average receivables
200,000

100,000
Gross profit as a percentage of sales
40 %
30 %
Operating expenses as a percentage of sales
36 %
25 %
Net income as a percentage of sales
3 %
5 %
a.

Compute the net income for each company.

Reference no: EM13585983

Questions Cloud

Find the vertical and horizontal asymptotes of the : find the vertical and horizontal asymptotes of the functionfx
Question calculate sp the sum of products of deviations for : question calculate sp the sum of products of deviations for the following scores. note both means are decimal values
Business owned by a single person simplest form of : we need research the advantages and disadvantages of the 3 types of business organization listed above.but my part is
Differentiate between humoral and cell mediated responses : differentiate between humoral and cell mediated responses and develop an example that would involve the activation of
Selected data from the financial statements of italian : selected data from the financial statements of italian marble co. and brazil stone products for the year just ended
How many grams of ammonia gas would be formed when 112 : how many grams of ammonia gas would be formed when 11.2 liters of hydrogen gas at stp reacts with 4.72 liters of
Clculate sp the sum of products of deviations for the : q1. calculate sp the sum of products of deviations for the following scores. note both means are decimal values
Complete federal income tax forms for a married couple : complete federal income tax forms for a married couple information provided in appendix a under the appendix and forms
The textbook says that some companies may prefer using : the textbook says that some companies may prefer using standard costs rather than actual costs in their process costing

Reviews

Write a Review

Accounting Basics Questions & Answers

  Henrys hoodies produces a variety of sweatshirts for

henrys hoodies produces a variety of sweatshirts for college students. henrys produces sweatshirts in batches and

  Would your answer be different in b if the productive

schopp inc. has been manufacturing its own shades for its table lamps. the company is currently operating at 100 of

  Crystal products allows customers to use bank credit cards

1. crystal products allows customers to use bank credit cards to charge purchases. the bank used by crystal products

  Further investigation has revealed that 111000 of the fixed

1. if improvement in a performance measure on a balanced scorecard should lead to improvement in another performance

  Ab and c are partners with capital balances of 50000 30000

ab and c are partners with capital balances of 50000 30000 and 20000 and who share in the profit and loss of the abc

  What are different criteria for recognizing revenue

What are different criteria for recognizing revenue?Why are there so many revenue recognition methods?Why are the methods subjective and what are the implications on income statement quality?

  Prepare the disposal account recording the profit

Kim owns a chinese restaurant. The business's fixed assets include some kitchen equipment. Prepare the disposal account recording the profit orloss on the sale of the kitchen equipment.

  Compare annual reports

With respect to the three reports in comparison: Income Statement, Cash Flow Statement, and Balance Sheet how can I "zero" in, or in laymen's terms, do an efficient comparison.

  Calculate the amount of gross profit

Cost incurred: $280,000, Billings: $400,000, Collections: $350,000. Calculate the amount of gross profit Muscle Construction should recognize in 2006, using the percentage-of-completion method.

  Peachtree complete accounting allows for roles to be

peachtree complete accounting allows for roles to be assigned as sales reps or vendor reps. give your opinion on what

  Problem regarding consolidated return

The Alpha-Beta affiliated group has a consolidated regular tax amount of $52,000 and a tentative minimum tax amount of $50,000 in the current year. The maximum general business credit that can be used on the consolidated return is:

  A small company that transports business packages between

a small company that transports business packages between new york and chicago. it operates a fleet of small vans that

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd