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Muhammad Aiman
Answers (6)
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The following information was taken from the financial statements of Lawson Company: 20172016 Gross profit on sales $900,000$840,000 Income before income taxes 280,000230,000 Net Income. 240,000216,0 Net income as a percentage of net sales 8%9%\begin{array}{lcc}&2017&2016\\ \text { Gross profit on sales } & \$ 900,000 & \$ 840,000 \\ \text { Income before income taxes } & 280,000 & 230,000 \\ \text { Net Income. } & 240,000 & 216,0 \\\text { Net income as a percentage of net sales }&8\%&9\%\end{array} Gross profit on sales Income before income taxes Net Income. Net income as a percentage of net sales 2017$900,000280,000240,0008%2016$840,000230,000216,09% Instructions
(a) Compute the net sales for each year.
(b) Compute the cost of goods sold in dollars and as a percentage of net sales for each year.
(c) Compute operating expenses in dollars and as a percentage of net sales for each year. (Income taxes are not operating expenses).
(a) Compute the net sales for each year.
(b) Compute the cost of goods sold in dollars and as a percentage of net sales for each year.
(c) Compute operating expenses in dollars and as a percentage of net sales for each year. (Income taxes are not operating expenses).
On Jul 13, 2024
(a) To calculate net sales divide the net income by the percentage of net income to net sales. Net Sales 2017$240,000÷8%=$3,000,0002016$216,000÷9%=$2,400,000\text { Net Sales } \quad \frac{2017}{\$ 240,000 \div 8 \%=\$ 3,000,000} \quad \frac{2016}{\$ 216,000 \div 9 \%=\$ 2,400,000} Net Sales $240,000÷8%=$3,000,0002017$216,000÷9%=$2,400,0002016 (b) Using the net sales information from (a) and the gross profits given it is possible to calculate the cost of goods sold. 20172016 Net Sales $3,000,000$2,400,000 Less: Gross profit 900,000$840,000 Cost of goods sold $2,100,000$1,560,000% of net sales 70%65%\begin{array}{lrr}&2017&2016\\\text { Net Sales } & \$ 3,000,000 & \$ 2,400,000 \\\text { Less: Gross profit } & 900,000& \$ 840,000 \\\text { Cost of goods sold } & \$2,100,000&\$1,560,000\\\\\% \text { of net sales } & 70 \% & 65 \%\end{array} Net Sales Less: Gross profit Cost of goods sold % of net sales 2017$3,000,000900,000$2,100,00070%2016$2,400,000$840,000$1,560,00065% (c)
20172016 Gross profit $900,000$840,000 Less: Income before income taxes 280,000230,000 Operating Expenses $620,00$610,000% of net sales 20.7%25.4%\begin{array}{lrr}&2017&2016\\\text { Gross profit } & \$ 900,000 & \$ 840,000 \\\text { Less: Income before income taxes } &280,000 &230,000\\\text { Operating Expenses } &\$620,00&\$610,000 \\\\\% \text { of net sales }& 20.7 \% & 25.4 \%\end{array} Gross profit Less: Income before income taxes Operating Expenses % of net sales 2017$900,000280,000$620,0020.7%2016$840,000230,000$610,00025.4%
20172016 Gross profit $900,000$840,000 Less: Income before income taxes 280,000230,000 Operating Expenses $620,00$610,000% of net sales 20.7%25.4%\begin{array}{lrr}&2017&2016\\\text { Gross profit } & \$ 900,000 & \$ 840,000 \\\text { Less: Income before income taxes } &280,000 &230,000\\\text { Operating Expenses } &\$620,00&\$610,000 \\\\\% \text { of net sales }& 20.7 \% & 25.4 \%\end{array} Gross profit Less: Income before income taxes Operating Expenses % of net sales 2017$900,000280,000$620,0020.7%2016$840,000230,000$610,00025.4%
MA
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Many suppliers feel that having a variety of customers is better than being tied to long-term contracts with one customer.
On Jul 10, 2024
True
MA
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Identify a true statement about ethics and code of conduct.
A) One of the principal causes of unethical behavior in organizations is less aggressive financial or business objectives.
B) Among the several ethical issues of today,time theft costs can be easy to measure.
C) Within the concept of abusive behavior,intent should not be a consideration.
D) Ethics is related to the culture in which a business operates.
E) Bullying has more legal recourse than sexual harassment.
A) One of the principal causes of unethical behavior in organizations is less aggressive financial or business objectives.
B) Among the several ethical issues of today,time theft costs can be easy to measure.
C) Within the concept of abusive behavior,intent should not be a consideration.
D) Ethics is related to the culture in which a business operates.
E) Bullying has more legal recourse than sexual harassment.
On Jun 13, 2024
D
MA
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Managers who hold Theory Y assumptions cannot create self-fulfilling prophecies.
On Jun 10, 2024
False
MA
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The RATER service-quality dimension that relates to the provision of caring and individualized attention to customers is
A) assurance.
B) reliability.
C) responsiveness.
D) professionalism.
E) empathy.
A) assurance.
B) reliability.
C) responsiveness.
D) professionalism.
E) empathy.
On May 14, 2024
E
MA
Answered
Incivility by coworkers tends to ________.
A) make work exciting and fun for most workers
B) be perceived as a challenge stressor by most workers
C) have stress-related negative consequences
D) create stress mostly for people with negative affectivity
A) make work exciting and fun for most workers
B) be perceived as a challenge stressor by most workers
C) have stress-related negative consequences
D) create stress mostly for people with negative affectivity
On May 11, 2024
C