Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help on this question. Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,963,000) Less Cost of goods sold

I need help on this question.
image text in transcribed
image text in transcribed
Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,963,000) Less Cost of goods sold Creek Enterprises Income Statement for the Year Ended December 31, 2019 Sales revenue Less: Cost of goods sold Gross profits Less: Operating expenses 1000 % $29,980,000 20,995,000 $8,985,000 338 % Less: Operating expenses Seling experse General and administrative expenses 13.3 % $3.041,000 1,774,000 193,000 979,000 Seling expense General and administrative expenses 04 3.6 Lease expense Total operating expense 235 Depreciation expense Total operating expense Operating profits Less: Interest expense Net prolts before taxes Less: Operaing profits Less: Interest expense Net profits before taxes Less Taxes (rate .21%) 5,987,000 $2,998,000 997,000 89% Taxes (rate .21%) 420,210 $1,580,790 1,000 $1,509,790 0.2 Less: Preferred stock dividends Eamings avalable for common stockholders Less: Preferred stock dividends Earnings available for common stockholders Cemmon-aize statement analysis Acommon-size income statement for Ceek Enterprises' 2018 eperations folows 201Baement. Which arean require furher analysis and investigason? Using the frm's 2019 inceme statement IT.develop the 2019 cmmon-dize income statement and compare t to te Common Siee Ineome Statement Ended Desember 31, 2018 Sales revenue Less: Cost of goods sold Gross pos Less Operating expenses Seling expens 00.0% 66.2 338 % 133 % Lease epen Depresiaton expens Total operating expense Opereting profts Less Interest expense Net prolls before taxes Lasa Tam Crate-21%) Net prolis aher ae Less: Prefered stock dividends Earmings available for common slockholdars 36 23 5 10.3% 89% 70% 02

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions