Question

P14-1 (similar to) Income statement. Fill in the missing numbers on the following annual income statements for Barron Pizza, Inc., Note: Use a tax rate of 37.5% Abbreviated Income Statements for the Years Ending 2012-2014 (5 in thousands, except earnings per share) Year Ending Year Ending Year Ending Account 2014 2013 2012 Revenue 917,300 $ 946,257 $ Cost of goods sold -669,327 $ -656,286 Gross profit 169.472 314.945 Selling general, and administrative expenses -70.550 - 192.979 Research and development -5,433 $ -7.1405 -3.498 Depreciation -34,401 $ -35,727 Enter any number in the edit fields and then click Check Answer

Answer 1

Formulas used -
Gross Profit = Revenue - COGS(Cost of Goods Sold)

For year ending 2014,
Revenue = 917,300
COGS = ?
Gross Profit = 169,472

Gross Profit = Revenue - COGS
169,472 = 917,300 - COGS
COGS = 917,300 - 169,472 = 747,828

Answer: For year ending 2014, COGS is 747,828

For year ending 2013,
Revenue = 946,257
COGS = 669,327
Gross Profit = ?

using,
Gross Profit = Revenue - COGS
Gross Profit= 946,257- 669,327 = 276,930


Answer : Gross Profit for year ending 2013 = 276,930

For year ending 2012,
Revenue = ?
COGS = 656,286
Gross Profit = 314,945

using,
Gross Profit = Revenue - COGS
314,945 = Revenue - 656,286
Revenue = 314,945 + 656,286 = 971,231

Answer : Revenue for year ending 2012 = 971,231


Note: Depreciation for 2014 and Selling General and Admin Expense(SG&A) for 2013 cannot be calculated as items below depreciation have not been provided.