Condensed financial data are presented below for the Phoenix Corporation: ...
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Accounting
Condensed financial data are presented below for the Phoenix Corporation:
| 20X2 | 20X1 | |||||||||||
| Accounts receivable | $ | 267,500 | $ | 230,000 | ||||||||
| Inventory | 312,500 | 257,500 | ||||||||||
| Total current assets | 670,000 | 565,000 | ||||||||||
| Intangible assets | 50,000 | 60,000 | ||||||||||
| Total assets | 825,000 | 695,000 | ||||||||||
| Current liabilities | 252,500 | 200,000 | ||||||||||
| Long-term liabilities | 77,500 | 75,000 | ||||||||||
| Sales | 1,640,000 | |||||||||||
| Cost of goods sold | 982,500 | |||||||||||
| Interest expense | 10,000 | |||||||||||
| Income tax expense | 77,500 | |||||||||||
| Net income | 127,500 | |||||||||||
| Cash flow from operations | 71,000 | |||||||||||
| Cash flow from investing activities | (6,000 | ) | ||||||||||
| Cash flow from financing activities | (62,500 | ) | ||||||||||
| Tax rate | 30 | % | ||||||||||
In a common size income statement for 20X2, cost of goods sold is expressed as:
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