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

image text in transcribedimage text in transcribedimage text in transcribed 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 $0.20, and the weighted-average shares used in the computation were 849 million. Cost of subscription and support revenues Cost of professional services and other revenues Income tax expense General and administrative expense Subscription and support revenues Required: revenues $ 3,309 Professional services and other $ 1,260 1,242 Other income i 447 7,950 779 Research and development expense 16,249 2,786 1,724 Marketing and sales expense 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). SALESWARE.COM, INCORPORATED Consolidated Statement of Income (in millions, except per share amounts) Net revenues: ces Net revenues: Total net revenue Cost of sales: Total cost of revenues Operating expenses: Total operating expenses Earnings per share Weighted average shares outstanding ue weighted-average shares used in the computation were o Cost of subscription and support revenues Professional services a $ 3,309 Cost of professional services and other revenues General and administrative expense Income tax expense Subscription and support revenues revenues 1,242 Other income 1,724 Marketing and sales expe 779 Research and development 16,249 Required: 1. Recognizing that Salesware has two sources of operating revenues, prepare a cla 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 Which source of operating revenues produces the higher gross profit? Source of operating revenue

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

Step: 3

blur-text-image

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

Cost Management A Strategic Emphasis

Authors: Edward Blocher, David Stout, Paul Juras, Gary Cokins

7th edition

77733770, 978-0077733773

More Books

Students also viewed these Accounting questions

Question

Factor completely. 3(r + 5) - 11(r + 5) 4

Answered: 1 week ago