Kingbird, Inc.has the following Income Statement (in millions): KINGBIRD, INC. Income Statement For the Year Ended December
Question:
Kingbird, Inc.has the following Income Statement (in millions):
KINGBIRD, INC.
Income Statement
For the Year Ended December 31, 2023
Net Sales $380
Cost of Goods Sold247
Gross Profit 133
Operating Expenses47
Net Income $86
Using vertical analysis, what percentage is assigned to gross profit?
100%
35.0%
53.8%
65.0%
Given the following data for thePina Colada Corp.:
Current liabilities $590
Long-term debt 530
Common stock 1170
Retained earnings 710
Total liabilities & stockholders' equity $3000
How would common stock appear on a common size balance sheet?
103%
39%
31%
41%
Pina Colada Corp.reported net sales of $628800, $728000, and $786000in the years 2021, 2022, and 2023, respectively. If 2021 is the base year, what percentage do 2023 sales represent of the base?
125%
25%
80%
108%
Assume the following sales data for a company:
2023 $960000
2022 870000
2021 696000
If 2021 is the base year, what is the percentage increase in sales from 2021 to 2022?
25%
138%
125%
38%
The following schedule is a display of what type of analysis?
Amount Percent
Current assets $100,000 25%
Property, plant, and equipment 300,000 75%
Total assets $400,000 100%
Ratio analysis
Vertical analysis
Horizontal analysis
Differential analysis
The use of alternative accounting methods
is not a problem in ratio analysis because the footnotes disclose the method used.
may be a problem in ratio analysis even if disclosed.
is not a problem in ratio analysis since eventually all methods will lead to the same end.
is only a problem in ratio analysis with respect to inventory.
An income statement would not include
discontinued operations.
income from operations.
dividends paid.
other revenue and gains.
Which one of the following is not a tool in financial statement analysis?
Horizontal analysis
Ratio analysis
Circular analysis
Vertical analysis
If Year 1 sales equal$840, Year 2 sales equal$1008, and Year 3 sales equal$1100, the percentage to be assigned for Year 2 in a trend analysis, assuming that Year 1 is the base year, is
131%.
120%.
83%.
109%.
Shamrock, Inc.has an investment in trading securities of $146000. This investment experienced an unrealized loss of $7600during the current year. Assuming a32% tax rate, the amount of this loss that would reported as part of other comprehensive income would be:
None.
$146000loss.
$46720loss.
$99280loss.
Auditing and Assurance Services An Applied Approach
ISBN: 978-0073404004
1st edition
Authors: Iris Stuart