Question

Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 trend percentages...

Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 trend percentages for cost of goods sold using 2016 as the base.

2017 2016
Net sales $ 278,700 $ 231,900
Cost of goods sold 151,400 130,090
Operating expenses 54,740 52,740
Net earnings 28,520 20,320

Multiple Choice

  • 36.2% for 2017 and 40.5% for 2016.

  • 54.3% for 2017 and 56.1% for 2016.

  • 65.9% for 2017 and 64.6% for 2016.

  • 116.4% for 2017 and 100.0% for 2016.

  • 120.2% for 2017 and 100.0% for 2016.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 trend percentages...
Use the following selected information from Wheeler, LLC to determine the 2017 and 2016 trend percentages for net sales using 2016 as the base. 2017    2016 Net sales$281,700 $232,500 Cost of goods sold 150,800 130,690 Operating expenses 54,140 52,140 Net earnings 29,120 20,920
The following information is for Tide Corporation: ($ thousands) 2017 2016 Net sales $ 438,060 $...
The following information is for Tide Corporation: ($ thousands) 2017 2016 Net sales $ 438,060 $ 298,000 Cost of goods sold 214,649 88,208 Determine the 2016 and 2017 trend percents for net sales using 2016 as the base year.
Question 5: Exercise 179 The following items were taken from the financial statements of Rug, Inc.,...
Question 5: Exercise 179 The following items were taken from the financial statements of Rug, Inc., over a four-year period: Item 2018 2017 2016 2015 Net Sales $900,000 $650,000 $600,000 $500,000 Cost of Goods Sold 580,000 460,000 420,000 400,000 Gross Profit $320,000 $190,000 $180,000 $100,000 Using horizontal analysis and 2015 as the base year, compute the trend percentages for net sales, cost of goods sold, and gross profit. Indicate whether the trends are favorable or unfavorable for each item Item...
Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions)...
Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 8,950 Cost of goods sold 7,490 Depreciation 425 Earnings before interest and taxes $ 1,035 Interest paid 94 Taxable income $ 941 Taxes 329 Net income $ 612    Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) 2016 2017 2016 2017 Cash $ 170 $ 200 Accounts payable $ 1,150 $ 1,285 Accounts rec. 880 780 Long-term debt 1,060...
Use the following information to answer this question. Thomas Company 2017 Income Statement ($ in millions)...
Use the following information to answer this question. Thomas Company 2017 Income Statement ($ in millions) Net sales $ 9,530 Cost of goods sold 7,760 Depreciation 465 Earnings before interest and taxes $ 1,305 Interest paid 104 Taxable income $ 1,201 Taxes 420 Net income $ 781 Thomas Company 2016 and 2017 Balance Sheets ($ in millions) 2016 2017 2016 2017 Cash $ 230 $ 260 Accounts payable $ 1,370 $ 1,385 Accounts rec. 1,000 900 Long-term debt 1,100 1,300...
Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions)...
Use the following information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $ 11,000 Cost of goods sold 8,200 Depreciation 395 Earnings before interest and taxes $ 2,405 Interest paid 110 Taxable income $ 2,295 Taxes 689 Net income $ 1,606    Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) 2016 2017 2016 2017 Cash $ 420 $ 445 Accounts payable $ 2,060 $ 2,005 Accounts rec. 1,210 1,110 Long-term debt 1,120...
Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies...
Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $505,425 $387,197 $268,700 Cost of goods sold 304,266 243,547 171,968 Gross profit 201,159 143,650 96,732 Selling expenses 71,770 53,433 35,468 Administrative expenses 45,488 34,073 22,302 Total expenses 117,258 87,506 57,770 Income before taxes...
1. Refer to the following selected financial information from Gomez Electronics. Compute the company’s return on...
1. Refer to the following selected financial information from Gomez Electronics. Compute the company’s return on total assets for Year 2. Year 2 Year 1 Net sales $ 487,000 $ 427,950 Cost of goods sold 278,000 251,820 Interest expense 11,400 12,400 Net income before tax 68,950 54,380 Net income after tax 47,750 41,600 Total assets 320,500 298,200 Total liabilities 172,900 169,000 Total equity 147,600 129,200 Multiple Choice 14.9%. 9.8%. 15.4%. 2.8%. 22.3%. 2. A company has net income of $950,000;...
Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies...
Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $505,425 $387,197 $268,700 Cost of goods sold 304,266 243,547 171,968 Gross profit 201,159 143,650 96,732 Selling expenses 71,770 53,433 35,468 Administrative expenses 45,488 34,073 22,302 Total expenses 117,258 87,506 57,770 Income before taxes...
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Haroun Company follow. HAROUN COMPANY Comparative Income Statements For Years Ended December 31, 2019–2013 ($ thousands) 2019 2018 2017 2016 2015 2014 2013 Sales $ 1,811 $ 1,587 $ 1,443 $ 1,323 $ 1,235 $ 1,148 $ 941 Cost of goods sold 1,302 1,059 911 797 741 693 552 Gross profit 509 528 532 526 494 455 389 Operating expenses 388 303 278 205 178 176 146 Net income $ 121 $ 225 $ 254...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT