Accounting Income Statement Technologies
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Profitability measures
Shown below is a recent income statement for SEC Technologies. (Dollar amounts are in thousands.)
SEC Technologies
Income Statement
For the Year Ended January 31, 2001
Net Sales... $3,000,000
Less: Cost of goods sold...... 1,650,000
Gross profit........... $1,350,000
Less: Operating expenses.... 950,000
Operating income... $ 400,000
Less: Non-operating expenses:
Interest expense $50,000
Income taxes expense... 140,000 190,000
Net earnings... $210,000
Assume that comparative balance sheet for SEC Technologies indicate average total assets for the year of $2,5000,000, and average total equity of $1,050,000(dollar amounts in thousands). Compute the following
A) Gross profit rate __________%
B) Net income as a percentage of net sales________%
C) Return on assets ________%
D) Return on equity ________%
Profitability measures
Shown below is a recent income statement for SEC Technologies. (Dollar amounts are in thousands.)
SEC Technologies
Income Statement
For the Year Ended January 31, 2001
Net Sales... $3,000,000
Les:Cost of goods sole 1,650,000
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Solution Summary
The expert examines income statement technolgies. Net sales and SEC technologies are given.
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A) Gross profit rate = Gross profit / Net Sales =1,350,000/3,000,000=45%
B) Net ...
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