Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Salesware.com, Incorporated, is a leading provider of enterprise software, delivered through the cloud, with a focus on customer relationship management, or CRM. The Company helps

Salesware.com, Incorporated, is a leading provider of enterprise software, delivered through the cloud, with a focus on customer relationship management, or CRM. The Company helps its customers to connect with their customers through cloud, mobile, social, blockchain, voice, advanced analytics, and artificial Intelligence ("AI") technologies, Presented below are the items adapted from its recent income statement for the year ended January 31 (in millions, except per share amounts). Net earnings per share was $0.16, and the weighted-average shares used in the computation were 831 million. Cont of subscription and support revenues Cost of professional services and other revenues. General and administrative expense Subscription and support revenues Income tax expense $ 3,219 Professional services and other revenues $ 1,080 1,062 Other income 267 1,706 Marketing and sales expense 7,932 599 Research and development expense 16,069 2,768 Required: 1. Recognizing that Salesware has two sources of operating revenues, prepare a classified (multiple-step) income statement. 2. Which source of operating revenues produces the higher gross profit? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Recognizing that Salesware has two sources of operating revenues, prepare a classified (multiple-step) income statement. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Net reven SALESWARE.COM, INCORPORATED Consolidated Statement of Income For Year Ended January 31, Current Year (in millions, except per share amounts) Cost of subscription and support revenues $ 16,069 Other income 1,080 Total net revenue $ 17,149 Cost of sales: Cost of professional services and other revenues 1,062 Research and development expense 2,768 Marketing and sales expense 7,932 s General and administrative expense 1,706 13,468 Total cost of revenues Operating expenses: Total operating expenses Operating income Other income Income before income taxes Income tax expense Net loss Earnings per share 0 3,681 267 3,948 599 3,349

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

Recommended Textbook for

Managerial Accounting

Authors: Charles Horngren

2nd Edition

0558514847, 978-0558514846

More Books

Students also viewed these Accounting questions

Question

Which are non projected Teaching aids in advance learning system?

Answered: 1 week ago

Question

8. Do the organizations fringe benefits reflect diversity?

Answered: 1 week ago