Income Statement (A-H) &nb
Income Statement (A-H)
Data for current year
Number of X units sold 14,000
Sales price per unit 1,200
Cost per unit 300
Commission (% of sales) 10%
Freight cost per unit 200
Number of Y units sold 19,000
Sales price per unit 14,800
Cost per unit 600
Commission (% of sales) 20%
Freight cost per unit 200
Advertising per unit 400
Travel expense 180,000
Marketing expense 77,000
Utility expense 15,000
Salaries 543,000
Salary overhead 30%
Cost of Machine M 1,485,000
Years to depreciate 9
Cost of Machine N 656,000
Years to depreciate 4
Tax rate 40%
Dividend Payout Ratio 20%
Data just prior to current year
Paid In Capital 13,000,000
Additional Paid in Capital 128,000,000
Retained Earnings 149,000,000
- What was the Sales?
2. What was the Net Income?
3. What is the Return on Equity?
Homework Answers
1. Sales of company( A-H)
Sales = units sold * unit price
product X = 14000*1200 = 1,68,00,000
product Y = 19800* 14800 = 28,12,00,000
Total sales = 29,80,00,000
2. Computation of Net income of ( A-H)
Total revenue = 29,80,00,000
Less :Cost of goods sold
PRODUCT X - 14000*300 = (42,00,000)
PRODUCT Y - 19000*600 = (1,14,00,000)
Gross profit = 28,24,00,000
Less Expenses:
Salaries = ( 543,000)
Salary overhead = ( 162900) i.e = 543000*30%
Travel expense = (180,000)
Marketing expense = (77,000)
Utility expense = (15,000)
Freight cost
product X 200*14000 = (28,00,000)
product Y 200*19000 = (38,00,000)
Advertising Cost (product Y) 400 * 19000 = (76,00,000)
Sales commission
Product X 10% On 1,68,00,000 = (16,80,000)
Product Y 20% On 28,12,00,000 = (5,62,40,000)
Depreciation
Machine M = 1,485,000 / 9 = (1,65,000)
Machine N = 656,000/4 = (1,64,000)
Total Operating expenses = ( 7,34,26,900)
Interest expenses = (0)
Earnings before tax = 20,89,73,100
Tax @ 40% = (8,35,89,240)
Net income after tax = 12,53,83,860
3. Retrun on Equity
Formula = Net inocme divided by Share holders equity
Share holders equity = paid up capital + retained earnings
Paid In Capital = 13,000,000
Additional Paid in Capital = 128,000,000
Retained Earnings = 149,000,000
Share holders equity = 29,00,00,000
Retrun on equity = Net income / share holders equity
= 12,53,83,860 / 29,00,00,000
= 43.2%
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