Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Homework: HW #3- Chapter 3B 3.19 (similar to sing the firm's 2019 income statement develop the 2019.com come statement for the year ending December 2018
Homework: HW #3- Chapter 3B 3.19 (similar to sing the firm's 2019 income statement develop the 2019.com come statement for the year ending December 2018 (Round to one decimal place) Data Table 100.0 % 66.1 33.9% (Cyck the icon here in order to copy the contents of the data table below into a spreadsheet.) Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($35,018,000) Less Cost of goods sold Gross profits Less Operating expenses Selling expense 133 % General and administrative expenses 6.4 Lease expense 04 Depreciation expense 3.7 Total operating expense Operating profits Less: Interest expense Net profits before taxes Less Taxes (rate = 40%) Net profits after taxes Less Preferred stock dividends Earnings available for common stockholders 23.8 10.1 % 1.6 8.5 % 3.4 5.1 % 0.2 4.9 % Print Done Clear All are it to the 2018 statement. Which areas require further analysis and investigation? Data Table X (Click the icon here in order to copy the contents of the data table below into a spreadsheet) Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $29,981,000 Less Cost of goods sold 20,979.000 Gross profits $9,002,000 Less: Operating expenses Selling expense $3,044,000 General and administrative expenses 1 831,000 Lease expense 210,000 Depreciation expense 1,011,000 Total operating expense 6,096,000 Operating profits $2,906,000 Less Interest expense 1,001,000 Net profits before taxes $1,905,000 Less Taxes (rate = 40%) 762.000 Net profits after taxes $1,143,000 Less Preferred stock dividends 72.000 Earnings available for common stockholders $1,071.000 Print Done 3-19 (similar to) Common-size statement analysis a common size income statement for Creek Enterprises 2018 operations follows Complete the common size income statoment for the year ending December 31, 2019 and compare it to the common-size in Creek Enterprises Common-Size Income Statement for the Years Ended December 31, 2018 and December 2019 2019 2018 Sales revenue 100.0 % Loss Cost of goods sold 66.1 Gross profits 33.9% 133 64 04 Less Operating expenses Solling expense General and administrative expenses Lase expense Depreciation expense Total operating expense Operating profits Less Westen To protes before 37 23.8 10.1 16 85 3.4 Or Le Ne Le Net Les Earl 5.1% 02 Produtos dividends Cocoon hoidon 1 . Homework: HW #3- Chapter 3B 3.19 (similar to sing the firm's 2019 income statement develop the 2019.com come statement for the year ending December 2018 (Round to one decimal place) Data Table 100.0 % 66.1 33.9% (Cyck the icon here in order to copy the contents of the data table below into a spreadsheet.) Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($35,018,000) Less Cost of goods sold Gross profits Less Operating expenses Selling expense 133 % General and administrative expenses 6.4 Lease expense 04 Depreciation expense 3.7 Total operating expense Operating profits Less: Interest expense Net profits before taxes Less Taxes (rate = 40%) Net profits after taxes Less Preferred stock dividends Earnings available for common stockholders 23.8 10.1 % 1.6 8.5 % 3.4 5.1 % 0.2 4.9 % Print Done Clear All are it to the 2018 statement. Which areas require further analysis and investigation? Data Table X (Click the icon here in order to copy the contents of the data table below into a spreadsheet) Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue $29,981,000 Less Cost of goods sold 20,979.000 Gross profits $9,002,000 Less: Operating expenses Selling expense $3,044,000 General and administrative expenses 1 831,000 Lease expense 210,000 Depreciation expense 1,011,000 Total operating expense 6,096,000 Operating profits $2,906,000 Less Interest expense 1,001,000 Net profits before taxes $1,905,000 Less Taxes (rate = 40%) 762.000 Net profits after taxes $1,143,000 Less Preferred stock dividends 72.000 Earnings available for common stockholders $1,071.000 Print Done 3-19 (similar to) Common-size statement analysis a common size income statement for Creek Enterprises 2018 operations follows Complete the common size income statoment for the year ending December 31, 2019 and compare it to the common-size in Creek Enterprises Common-Size Income Statement for the Years Ended December 31, 2018 and December 2019 2019 2018 Sales revenue 100.0 % Loss Cost of goods sold 66.1 Gross profits 33.9% 133 64 04 Less Operating expenses Solling expense General and administrative expenses Lase expense Depreciation expense Total operating expense Operating profits Less Westen To protes before 37 23.8 10.1 16 85 3.4 Or Le Ne Le Net Les Earl 5.1% 02 Produtos dividends Cocoon hoidon 1
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started