Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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If the following financial information related to XYZ Company. Total Revenues last year $870, depreciation expenses $40, costs of goods sold $350, and interest expenses $50. At the end of the year, current assets were $100 and current liabilities were $105. The company has an average tax rate of 30%. Calculate the net income for XYZ Company by setting up an income statement.
For this question, calculate all values to 2 decimal places of £M (e.g. £123.45M) unless
otherwise specified, and all ratios to 2 decimal places of percentage (e.g. 9.87%).
You are given the following income statements and balance sheets for Freddie M
Corporation for fiscal years 2045 and 2046 (all figures are in £ million),
Income Statement
Balance Sheet
Sales
Cost of goods sold
Gross margin
Wage & salaries expense
Depreciation expense
Earnings before interest and tax
Interest expenses
Taxes
Net income
Dividends
Change in shareholder's equity
Assets:
Cash & equivalents
Receivables
Inventories
Current Assets
Property, plant & equipment
Accumulated depreciation
Net property, plant & equip
Total Assets
2045
400.00
-200.00
200.00
-50.00
-25.00
125.00
-25.00
-60.00
40.00
-16.00
24.00
2045
2046
480.00
-240.00
240.00
-60.00
-25.00
155.00
-20.00
-70.00
65.00
-26.00
39.00
2046
Liabilities:
30.00
36.00 Payables
60.00 Short-term debt
50.00
50.00 60.00 Long-term debt
130.00 156.00 Total…
Use the following information to construct an income statement.
Interest
Expense
Cost of Goods
Sold
Other Operating
Expenses
$350,196
$11,519,888
$244,807
Sales
Depreciation
Expense
Flat Tax Rate
$19,244,808
$467,723
21%
What was the firms Net Profit Margin? (answer in decimal form and round
to three decimal places; 7.6% = .076)
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