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3 years ago

McCormick Corp. reported the following on its comparative income statement:

Business

1 answer:

lubasha [3.4K]3 years ago

8 0

Answer:

McCormick Corp.

Horizontal Analysis of Revenues and Gross Profit:

Income Statement - (Partial)

Years Ended December 31, 2019 and 2018

Increase (Decrease)

2019 2018

(Amounts in millions)

2019 2018 2017 Amount % Amount %

Revenues 9,575 $9,300 $8,975 $275 2.96% $325 3.62%

Cost of

Goods Sold 7,240 6,800 6,100 $440 6.47% $700 11.5%

Gross Profit $2,335 $2,500 $2,875 -$165 -6.6% -$375 -13%

Explanation:

a) Data and Calculations:

Income Statement - (Partial)

Years Ended December 31, 2019 and 2018

Increase (Decrease)

2019 2018

(Amounts in millions)

2019 2018 2017 Amount % Amount %

Revenues 9,575 $9,300 $8,975

Cost of

Goods Sold 7,240 6,800 6,100

Gross Profit $2,335 $2,500 $2,875

Workings:

Revenue:

2019 = $275/$9,300 * 100 = 2.96%

2018 = $324/$8,975 * 100 = 3.62%

Cost of goods sold:

2019 = $440/$6,800 * 100 = 6.47%

2018 = $700/$6,100 * 100 = 11.5%

Gross profit:

2019 = $(165)/$2,500 * 100 = -.6.6%

2018 = $(375)/$2,875 * 100 = -13%

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3 years ago

Read 2 more answers

McCormick Corp. reported the following on its comparative income​ statement:

McCormick Corp. reported the following on its comparative income statement: