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...
-
Why, as a general rule, should a court apply the law that is in effect at the time the court renders its decision? Suppose that Anderson had filed his initial bankruptcy petition under Chapter 7, not...
-
Which of the following statements is false? a. A flowchart is an analytical technique used to describe some aspect of an information system in a clear, concise, and logical manner. b. Flowcharts use...
-
The following information pertains to Titan Corporation and its two subsidiaries, Boat Corporation and Engine Corporation: a. The three corporations are all in the same industry and their operations...
-
What changes in the manufacturing environment need to be undertaken in order to convert the current system to a lean system? Think about this from both a short-term and a long-term perspective.
-
1. Which characteristics of excellence were lacking in this task force? 2. Which characteristics of excellence were evident in this task force? 3. How would you assess Kim as a leader? 4. What...
-
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...
-
What is the difference between COUNT, COUNT DISTINCT, and COUNT(*) in SQL? When will these three commands generate the same and different results?
-
Develop a break-even table showing the change in Profit Contribution for changes in sales between -5% and -30%. To you will need to determine first: . What is the baseline "initial sales" from which...
-
Consider a business loan maturing in three years that has three remaining annual payments in one, two, and three years. The annual payments are all equal to $5 Million. While analyzing the loan, you...
-
Both homes are in the same school district and the same city with the same property tax rate (2% of the house value). Other things remain the same. Buy House A: It is a lovely 3,500 sq. ft. single...
-
Title: Veggie Siomai (the wrapper of the siomai is made out from malunggay and pumpkin) Answer the following: What to do: 1. General Market Description 2. SWOT analysis * strength * weakness *...
-
1-2 Contemporary Management Techniques DeLight Inc., is a large manufacturer of lighting fixtures for both wholesalers and electrical contractors. An important aspect of the business with electrical...
-
How many electron states are in these sub-shells: (a) n = 4, l = 3 (b) n = 3, l = 1 (c) n = 4, l = 1 (d) n = 2, l = 0?
-
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.
-
Draiman Corporation has bonds on the market with 14 years to maturity, a YTM of 10.1 percent, a par value of $1,000, and a current price of $952. The bonds make semiannual payments. What must the...
-
J Co has an accounting profit for the year ended 31 December 2016 of $540 000. This includes a depreciation charge of $76 000 and non-taxable income from government grants of $100 000. Tax allowable...
-
When a corporation purchases a manufacturing plant using cash, the following happens: a) On the acquisition date, depreciation expense increases by the full value of the purchased plant, and cash...
Study smarter with the SolutionInn App