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Homework: Chapter 14 Homework Question 5, E14-18A (si... Part 1 of 2 HW Score: 41.6%, 8.32 of 20 points Points: 0 of 2 Save Prepare a comparative common-size income statement for Charmed Corporation. To an investor, how does the current year compare with the prior year? Explain your reasoning. (Click the loon to view the comparative Income statement.) Data table A B C 1 1 Charmed Corporation 2 Income Statement Start by calculating the percentages. (Round the percentages to two decimal places, X.XX.) Charmed Corporation Comparative Common-Size Income Statement For the Years Ended December 31 Current year Prior year Sales revenues 100.00 % 100.00 % Less: Cost of goods sold 47% 5 % Gross profit 53% 5% Less: Operating expenses 23% % 25 % Operating Income 3% 25% 2.07 1.5 Less: Interest expense % % Income before income taxes 3.93 3.51 Less: Income tax expense % 23.99 Net income 20% 3 For the Years Ended December 31 4 (amounts In thousands) Current 5 year Prior year 6 Sales revenues $ 480,000 S 400,000 7 Loss: Cost of goods sold 216,200 200,000 & Gross profit $ 243,800 S 200,000 9 Less: Operating expenses 105,800 100,000 10 Operating income S 138,000 S 100,000 11 Less: Interest expense : 9,525 6,000 12 Income before income taxes $ 128,475 S 94,000 13 Less: Income tax expense 18.095 14,000 14 Net Income $ 110,380 S 80,000 27.93% 23.5 % Print Done Help me solve this Video Get more help I check = Homewol x 19A (si... X HW Score: 49.51%, 9.9 of 20 points Points: 1.58 of 2 Save Requirements Karen's Crafts has proy (Click the Icon to vi Read the requirements Compute the following ratios for the current year for Karen's Crafts: a. Current ratio b. Acid-test ratio c. Inventory turnover d. Days' sales in average receivables (assume all sales are on credit) Financial information Enter the formula on the A B c Current assets 171,820 $ 1 Balance sheet item: Current Year S 14,000 Preceding Year 23,500 b. Acid-test ratio Print Done 2 2 Cash 3 Short-term Investments S Enter the formula on the 27,000 Abbreviation used: S 7,020 S 54,000 S 4 Net receivables S 65,560 5 Inventory 74,000 ( + + ) Cash 14,000 ST Investments $ 7,020 Net receivables 54,000 Current liabilities 121,000 Acid-test ratio 0.62 S S S 76,000 S 20,800 S 6 Prepaid expenses 9,200 (S + $ 1 $ $ 7 S 171,820 S 199,260 c. Inventory turnover Total current assets Total current liabilities 8 S 121,000 S 94,000 Enter the formula on the first line, then calculate the turnover on the second line. (Round your answer to two decimal places, X.XX.) 9 + Cost of goods sold 315,000 Average inventory 75,000 Inventory turnover 4.20 S S $ times 11 10 Income statement: Net credit sales 12 Cost of goods sold S 445,300 315,000 S d. Days' sales in average receivables Enter the formula on the first line, then calculate the days' sales on the second line. Print = Done Days' sales in average receivables 24.16 Average net accounts receivable - 10760400 + One day's sales 445300 = days Help me solve this Video Get more help Clear all Check
