The statements of earnings for Pruitt Company summarized for a four-year period show the following (amounts in thousands ofdollars):2024Sales revenue2023$2,825 $3,2501,905 2,027Cost of salesGross profit920M. T1,223Operating expenses570593Pretax earnings350Income tax expense (40%)630252140Net earnings$ 210 $ 378 $ 420Sales revenueCost of salesGross profitOperating expensesPretax earningsIncome tax expenseNet earnings2022$3,5002,1821,318618700280An audit revealed that in determining these amounts, the ending inventory for 2022 was understated by $38.Paun-ship and ug2024Required:1. Revise these statements of earnings to reflect the correct amounts. (Do not round intermediate calculations. Round the finalanswers to the nearest dollar amount.)"anne om dPRUITT COMPANYCorrected Statement of Earnings20232021$3,7752,5131,2626226402563842022$< Prev20212 of 3Next >

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The statements of earnings for Pruitt Company summarized for a four-year period show the following (amounts in thousands of dollars): Sales revenue Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense (40%) Net earnings 2022 2024 2023 $2,825 $3,250 $3,500 1,905 2,027 2,182 1,223 1,318 593 618 630 700 252 280 $ 378 $ 420 920 570 350 140 $ 210 2021 $3,775 2,513 1,262 622 640 256 $ 384 An audit revealed that in determining these amounts, the ending inventory for 2022 was understated by $38. Required: 1. Revise these statements of earnings to reflect the correct amounts. (Do not round intermediate calculations. Round the final answers to the nearest dollar amount.)

The statements of earnings for Pruitt Company summarized for a four-year period show the following (amounts in thousands of dollars): Sales revenue Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense (40%) Net earnings 2022 2024 2023 $2,825 $3,250 $3,500 1,905 2,027 2,182 1,223 1,318 593 618 630 700 252 280 $ 378 $ 420 920 570 350 140 $ 210 2021 $3,775 2,513 1,262 622 640 256 $ 384 An audit revealed that in determining these amounts, the ending inventory for 2022 was understated by $38. Required: 1. Revise these statements of earnings to reflect the correct amounts. (Do not round intermediate calculations. Round the final answers to the nearest dollar amount.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter2: Financial Statements And The Annual Report

Section: Chapter Questions

Problem 2.8E: Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of...

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Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
Income Statement Ratio The income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest expense of $580, and income tax expense of $13,920. Hollys stockholders equity was $280,000 at the beginning of the year and $320,000 at the end of the year. The company has 20,000 shares of stock outstanding at the end of the year. Required Compute Hollys profit margin. What other information would you need in order to comment on whether this ratio is favorable?
Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for Sundahl Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)
The statements of earnings for Pruitt Company summarized for a four-year perlod show the following (amounts in thousands of dollars): Sales revenue Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense (38%) Net earnings Sales revenue Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense Net earnings Not affected O Affected 2020 2019 2821 $ 2,125 1,555 $ S 570 500 2020 $ 2,550 1,677 An audit revealed that in determining these amounts, the ending Inventory for 2019 was understated by $24. Required: 1. Revise these statements of earnings to reflect the correct amounts. (Do not round Intermediate calculations. Round the final answers to the nearest dollar amount.) Income tax expense 873 523 S 2,125 $ 1,555 570 500✔ 70- 21✔ 49 $ 912 552 70 350 420 360 21 105 126 108 49 $ 245 $ 294 $ 252 PRUITT COMPANY Corrected Statement of Earnings 2021 2020 2019 $ 2,800 1,832 968 548 Answer is not complete. 2018 $ 3,075 2,163 2,550 1,701✔ 873 x 523✔…
Randall Corporation reported the following revenue data:Year Net revenues (in millions)$$$$6,8007,0046,7327,2762016201720182019Use 2016 as the base year. The trend percentage in 2019 is closest toa. 93%.b. 104%.c. 107%.d. 112%
The statements of earnings for Pruitt Company summarized for a four-year period show the following (amounts in thousands of dollars): Sales revenue Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense (30%) Net earnings Sales revenue Cost of sales Gross profit 2023 2022 2024 $3,325 $3,750 $4,000 2,155 2,277 2,432 1,170 1,473 1,568 620 643 668 550 830 900 165 249 270 $ 385 $ 581 $ 630 Operating expenses Pretax earnings Income tax expense Net earnings An audit revealed that in determining these amounts, the ending inventory for 2022 was understated by $48. Required: 1. Revise these statements of earnings to reflect the correct amounts. (Do not round intermediate calculations. Round the final answers to the nearest dollar amount.) PRUITT COMPANY Corrected Statement of Earnings 2024 2023 2021 $4,275 2,763 1,512 2022 672 840 252 $ 588 2021
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