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Lubov Fominskaja [6]
3 years ago
5

Alpha Co. has cost of goods sold of $77 million, net income of $9.6 million, sales of $120 million, and total assets of $150 mil

lion. A common-size income statement will show cost of goods sold of ___ percent and a net profit of ____ percent.
Business
1 answer:
Sliva [168]3 years ago
5 0

Answer:

64.17% and 8%

Explanation:

The computation of the percentage is shown below:

For the cost of goods sold, the percentage would be

= (Cost of goods sold ÷ Sales) × 100

= ($77 million ÷ $120 million) × 100

= 64.17%

For the net income, the percentage would be

= (Net income ÷ Sales) × 100

= ($9.6 ÷ $120 million) × 100

= 8%

Simply we put the sales in denominator side and costs of goods sold or net income in numerator side

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6 0
2 years ago
Read 2 more answers
Which of the following group is not normally interested in the financial information about a business?
Blababa [14]

Answer:

The correct option is a. Debtors

Explanation:

In this question, we categorized the internal and external users or a group who are interested in the financial information about a business.

Internal users are those users who work in an entity which includes employees, owners, managers

Where, external users are those users who are outside the entity that includes suppliers, lenders, creditors, government agencies, bank,general public,etc.

These users are interested to interpret the financial leverage of the company.

By going through the meaning we get to know that the debtors are not normally interested in the financial information about a business.

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8 0
2 years ago
On January 1, 2011, Fox Corp. issued 1,000 of its 10%, $1,000 bonds for $1,040,000. These bonds were to mature on January 1, 202
Tju [1.3M]

Answer:

$8,000 gain

Explanation:

the carrying value of the bonds at the time of the redemption:

10 coupon payments were made, so amortization of bond premium = ($40,000 / 20) x 11 = $22,000

carrying value = $1,040,000 - $22,000 = $1,018,000

redemption price = $1,000,000 x 1.01 = $1,010,000

Fox's gain = carrying value - redemption price = $1,018,000 - $1,010,000 = $8,000

Since the carrying value was higher than the redemption value, Fox must report a gain.

4 0
3 years ago
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