Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 2015 2014 income statement: ...

2015 2014 Income statement: ...

60.1K

Verified Solution

Question

Accounting

2015 2014
Income statement:
Sales revenue $ 190,000 * $ 167,000
Cost of goods sold 112,000 100,000
Gross profit 78,000 67,000
Operating expenses and interest expense 56,000 53,000
Pretax income 22,000 14,000
Income tax 8,000 4,000
Net income $ 14,000 $ 10,000
Balance sheet:
Cash $ 4,000 $ 7,000
Accounts receivable (net) 14,000 18,000
Inventory 40,000 34,000
Operational assets (net) 45,000 38,000
$ 103,000 $ 97,000
Current liabilities (no interest) $ 16,000 $ 17,000
Long-term liabilities (10% interest) 45,000 45,000
Common stock (par $5) 30,000 30,000
Retained earnings 12,000 5,000
$ 103,000 $ 97,000
What is the Return on Assets?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Advance Math
1.2K views

Prove that every sequence in a discrete metric space converges and is a Cauchy sequence. This is...

Economics
1.2K views

What are included in the monetary indicators (M1, M2, LF, L) provided by the Bank of...

Chemistry
1.2K views

1.Pyridine is a weak base that is used in the manufacture of pesticides and plastic resins....

Civil Engineering
1.2K views

A long footing supports a wall carrying a load of 260 kN per m. The soil...

Accounting
1.2K views

Pension data for Barry Financial Services Incorporated include the following: Required: Determine pension...

Accounting
1.2K views

managriel accounti Home Insert Draw Page LayoutFormulas Data ReviewView l" Copy Format BIU Paste E107...

Accounting
1.2K views

If the assets owned by a business total $100,000 and liabilities total$50,000, owners equity totals...

Accounting
1.2K views

What are Outstanding Expenses? A. Expenses which are not paid off in the...

Accounting
1.2K views

On January 1, 2021, Sanderson Variety Store adopted the dollar-value LIFO retail inventory method. Accounting...

Accounting
1.2K views

Wilm Schmidt, the owner of Wilms Window Washing Services, had difficulty getting the debits to...

Finance
1.2K views

Mecca Ltd. an industrial product factory has been operating for several years and closed its...

Accounting
1.2K views

Shelly Beaman (social security number 412-34-5670) is single and resides at 540 Front Street, Ashland,...