To follow is the 2021 income statement of Kurzic Imports, Inc. 1. How much gross profit did
Question:
To follow is the 2021 income statement of Kurzic Imports, Inc.
1. How much gross profit did Kurzic earn on the sale of its products in 2021? How much was income from continuing operations? How much net income did the company earn?
2. At the end of 2021, what dollar amount of income would most sophisticated investors use to predict Kurzic’s net income for 2022 and beyond? Name this item, give its amount, and state your reason.
Transcribed Image Text:
123 A1 Kurzic Imports, Inc. Consolidated Statement of Operations (Adapted) 3 (In thousands except per share amounts) 4 5 Net sales 6 Operating costs and expenses: 7 Cost of sales (including buying and store occupancy costs) 8 Selling, general, and administrative expenses 9 Depreciation and amortization 10 Total operating costs and expenses 11 Operating income (loss) 12 Nonoperating (income) and expenses: 13 Interest and investment income 14 Interest expense 15 Interest income, net 16 Income (loss) from continuing operations before income taxes 17 Provision (benefit) for income taxes 18 Income (loss) from continuing operations 19 Discontinued operations: 20 Income (loss) from discontinued operations 21 Net income (loss) 22 23 Earnings (loss) per share from continuing operations: Basic 24 25 Earnings (loss) per share from discontinued operations: Basic 26 27 Earnings (loss) per share: Basic 28 Year Ended 2020 $ 1,806,092 $ 1,825,975 1,045,880 1,121,690 526,060 549,850 48,750 55,675 2021 $ $ $ $ 1,620,690 1,727,215 185,402 98,760 2,740 (1,640) 1,100 186,502 69,315 $ 117,187 $ 210 117,397 $ 1.52 $ 0.00 $ 1.52 $ 2,675 (1,725) 950 99,710 34,700 65,010 (2,300) 62,710 0.85 (0.03) 0.82
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
Req 1 Gross profit 760212 thousand 1806092 1045880 Income from contin...View the full answer
Answered By
Amos Kiprotich
I am a wild researcher and I guarantee you a well written paper that is plagiarism free. I am a good time manager and hence you are assured that your paper will always be delivered a head of time. My services are cheap and the prices include a series of revisions, free referencing and formatting.
4.90+
15+ Reviews
21+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
To follow is the 2018 income statement of Kurzic Imports, Inc. 1. How much gross profit did Kurzic earn on the sale of its products in 2018? How much was income from continuing operations? How much...
-
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. Required: Prepare Tiger?s statement of cash flows, using the indirect method to present...
-
Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands)...
-
Predicting Genetic disorders in Children based on their Medical information and History Hereditary diseases is becoming more of a problem as human population grows exponentially. Genetic testing...
-
Given two vectors, which has a length of 10.0 and makes an angle of 45o below the x-axis, and which has an x-component of +2.0 and a y-component of +4.0, (a) Sketch the vectors on x y axes, with all...
-
The hottest temperature ever re-corded in the United States was 134F, which occurred at Greenland Ranch, California, in Death Valley on July 10, 1913. The coldest temperature ever recorded in the...
-
(a) In 1999 in the UK, the ASB published the Statement of Principles. Explain what you consider to be the purpose and status of the Statement. (b) Chapter 4 of the Statement identifies and defines...
-
Trailblazers produce two types of hiking boots: the mens boot and the womens boot. The two types of boots are similar except that the womens boots are more stylish. Both types are made using the same...
-
LMN Corporation is analyzing two investment opportunities, Investment L and Investment M, with the following details: Investment L: Cost of Capital - 11%, Initial Investment - $280,000, Cash Inflow...
-
1. How many minutes, on average, does it takes for a first-edition patron to get the requested book from time of entry into the library? (State all assumptions and show the calculations.) 2. How many...
-
The following information is for Nature Lodge. What were the dollar amounts of change and the percentage of each change in Nature Lodges net working capital during 2021 and 2020? Is this trend...
-
The annual report of Salem Cars, Inc., for the year ended December 31, 2021, included the following items (in millions): 1. Calculate earnings per share (EPS) and the price-earnings ratio for Salem...
-
In the figure below, which of the following choices is the median of 100 and y? 100
-
Delaware Carnival Inc. will be offering a new ride in its amusement park. It has identified the following sales and costs from its introduction phase to the growth stages. Tickets to be sold Price...
-
What is Organizational Change? Explain
-
7. The force F on the piston in Figure 5 causes the link AB to exert a force P = 2 kN on the pin B in Figure 5. Find the moment of this force about C for the case where the distance d = 70 mm and the...
-
Neptune has mass of 1.01026 kg, radius of 2.5107 m, rotational period of 16.0 hours, orbital period of 6.02104 days, and is 4.5109 km from the Sun. (A) Determine the angular momentum of Neptune about...
-
Q4 3t A 6 V 2t V 3 sin 4t V (a) 45 A 2 cos 5t A b a (a) Find the voltage Vat t = 2 s on figure (b) above? (a) Find the current I at t = 4s on figure (b) above ? (b) b a
-
A proposed nuclear power plant will cost $2.2 billion to build and then will produce cash flows of $300 million a year for 15 years. After that period (in year 15), it must be decommissioned at a...
-
What are some of the possible sources of information about a company that could be used for determining the companys competitive stance?
-
Identify, in the sequence in which they are prepared, the three trial balances that are required in the accounting cycle.
-
Identify, in the sequence in which they are prepared, the three trial balances that are required in the accounting cycle.
-
Explain the terms earnings management and quality of earnings.
-
The European Commission rebuked Greece in 2010 for falsifying public finance data. Which of the following statements is the reason for inaccurate information in the above situation? Group of answer...
-
Discounted Cash flow dan Non Discounted Cash flow. Jelaskan apa maksud dan perbedaan dari dua konsep tersebut. Metode kriteria analisis investasi apa saja yang termasuk dalam masing-masing konsep...
-
Bowling Green Financial is preparing its Budgeted Income Statement for next year. Bowling Green Financial has collected the following information about this statement: Sales for next year total...
Study smarter with the SolutionInn App