Millard Division's margin in Year 2 was 120% of the margin in Year 1.The sales for Year 2 were:Multiple Cholce$1,583,333$3,210,000$6,333,333$6,666,666 The Millard Division's operating data for the past two years are provided below:Year 1Year 2Return on investment10%24%Net operating income?$380,000Turnover?4Margin??Sales$3,210,000?Millard Division's margin in Year 2 was 120% of the margin in Year 1.The sales for Year 2 were:

Introduction:- First we need to calculate margin Margin =Return on investment / Turnover x 100 =0.24…

Answered: The sales for Year 2 were: Multiple…

Business

Accounting

The sales for Year 2 were: Multiple Cholce $1,583,333 $3,210,000 $6,333,333 $6,666,666

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 6EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

See similar textbooks

Related questions

Q: Income statement data for Winthrop Company for two recent years ended December 31 are as follows:…

A: Formula: Increase / decrease = ( Current year - previous year ) Previous year to be deducted from…

Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…

A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…

Q: For the year ended 2012 Wendy's Retail Store's Net income is PI50,000 (10% of Net Sales). Operating…

A: Formulas: beginning merchandise inventory = Cost of sales x 20% where, Cost of sales = Net sales -…

Q: During the current year merchandise is sold for 45,870,000. The cost of the merchandise sold is…

A: Gross Profit is one of the components of the profit and loss statement of your business. It is the…

Q: SQC Inc. had sales of $3,000,000, cost of merchandise sold at $2,100,000, an average inventory of…

A: Days sales in inventory indicate the number of days, inventory turns into sales. This method is used…

Q: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2…

A: Vertical analysis of income statement computed the percentage of each element included in the…

Q: The following income statement for Curbstone Company was prepared for the year ended August 31,…

A: The income statement is prepared to find the net income or losses incurred during the period.

Q: Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost…

A: Formula used for calculating Gross profit: Gross profit = Sales revenue - Cost of merchandise sold

Q: Income statement data for Winthrop Company for two recent years ended December 31 are as follows:…

A: Horizontal analysis of financial statements: In horizontal analysis of financial statement, the…

Q: Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on…

A: Gross Profit = Total Sales less Cost of Goods Sold

Q: For February, sales revenue is P700,000; sales commissions are 5% of sales; the sales manager's…

A: Selling expenses are all the expenses which incurred by the sales department.These expenses are like…

Q: Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,877,000. Dogwood…

A: Formula used: Inventory turnover ratio = Cost of goods sold / Average Inventory

Q: A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals:…

A: The question is based on the concept of Accounting Ratios.

Q: B. Last year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000.…

A: Lets understand the basics. Account receivable turnover ratio indicates how efficiently company is…

Q: A company reports net sales of OMR 60,000, cost of goods sold is OMR 35,000, operating expenses is…

A: Net Income is also known as net earnings. It refers to the amount which is derived after deducting…

Q: Financial information is presented below: Operating Expenses €180,000 Sales Returns and Allowances…

A: Sale discount and returns=Sale return+Sale discounts=30,000+20,000=50,000

Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…

A: Formula used: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: Cushman Company had $824,000 in sales, sales discounts of $12,360, sales returns and allowances of…

A: Calculation of gross profit are as follows:

Q: A company has $550,000 in net sales and $193,000 in gross profit. This means its cost of goods sold…

Q: Consolidated Income Statements For the years ended January 31 (all amounts in thousands) Year 3 Year…

A: Gross profit is one of the operational performance indicators. Higher the GP % better is the…

Q: Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,877,000. Dogwood…

A: Introduction: Inventory turnover ratio = Cost of goods sold / Average Inventory. Division of Average…

Q: Deton pen Manufacturers sales= $980,000 cost of goods sold represented 64 percent of sales.…

A: Net income of an firm can be calculated by subtracting the cost of goods sold and other expenses…

Q: Determining Cost of Goods Sold For a recent year, Best Buy (BBY) reported sales of $39,528 million.…

A: COST OF GOODS SOLD IS CALCULATED BY ADDING UP THE VARIOUS DIRECT COSTS REQUIRED TO GENERATE…

Q: A company has sales of Gh1,000.The company sells three types of goods . Sixty percent of sales are…

A: Total sales = Gh 1000 Type A sales = 60%

Q: The following totals appear in the day books for March 20X8. $ Sales day book 40,000 Purchases…

A: We have the following information: Sales day book: $40,000 Purchases day book: $20,000 Returns…

Q: Financial information is presented below: Operating expenses $ 42,000 Sales returns and allowances…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Using the data below, compute lan's return on sales ratio for the month of January. Net Sales…

A: Return on sales ratio: The ratio which evaluates the amount of net income earned for every dollar of…

Q: Cushman Company had $842,000 in sales, sales discounts of $12,630, sales returns and allowances of…

A: Gross profit is an excess of revenue over the cost of goods sold. It is the profit before deducting…

Q: Merchandise sold by Lang Company to its customers last year amounted to $13,720,000; sales returns…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: SCC Corporation sells its merchandise at a gross profit of 30%. if the total sales are P 1,200,000…

A: Formula: Gross profit = Sales - Cost of goods sold

Q: McKenzie Sales, Ltd. Comparative Income Statement Sales Cost of goods sold Gross margin This Year…

A: Formula used: Each line item value % = [ Each line item value / Sales value ] x 100

Q: A business usually has a mark-up of 20% on cost of sales. During a year, its sales were $90,000.…

A: Given the following information: Mark up cost on sales: 20% Sales: $90,000

Q: Boron Company has sales of $60,000, beginning inventory of $7.000, purchases of $35,000, and ending…

A: Cost of goods sold in the business means total cost of goods that are being sold to the ultimate…

Q: Pelotoni Dips Inc. manufactures a single product that has become very popular in the Windsor area.…

A: Note: Cost of goods sold is the variable expense and Advertising, insurance and depreciation are the…

Q: Financial information is presented below: Operating expenses $ 42,000 Sales returns and allowances…

A: The income statement represents the net income or net loss that is calculated by deducting the…

Q: The following data are fo essee s Te lor January. $235,000 $615,000 Net sales revenue $410,000…

A: The answer is Option (B.) [i.e, $287,000] Refer step 2 for explanation

Q: Calculate the gross profit for Jefferson Company based on the following: Sales $764,000 Selling…

A: Gross Profit is the profit a company makes after deducting the direct costs associated with the…

Q: In the first year of operations, Youtube Company Sales were as follows: Sales Basis Mark-up on Cost…

A: Gross profit is the operating profit of the firm which is earned by the firm during the account…

Q: Sales 460,000 Cost of goods sold 300,000 Operating expenses 85,000 Sales discounts 20,000 Sales…

A: Solution: Net sales = Sales - Sales discounts - sales return and allowances = 460000 - 20000 - 15000…

Q: A company shows the following balances: $2,500,000 Sales Revenue Sales Returns and 450,000…

A: Gross profit is the amount of profit earned by an entity after spending on all the expenses to earn…

Q: Calculate net profit ratio from the following data: Sales returns 1,00,000 Administration expenses…

A: Net Profit is calculated by subtracting all the indirect expenses from the Gross Profit computed and…

Q: Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of…

A: Calculation of total purchase: Particulars Amount Purchase on February 17 $210,000 Purchase…

Q: Comparative Income Statement This Year Last Year Sales 7,360,000 $ 5,593,600 Cost of goods sold…

A: Formula: Gross margin = Sales - cost of goods sold

Q: Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar…

A: Income statement is a part of financial statement which shows financial performance of the company…

Q: 1 What is the total amount of sales up to April 30? & 4,200,000 b. 4,220,000 c. 4,140,000 d.…

A: “Since you have posted multiple questions, we will solve the first question for you. To get the…

Q: Determining Gross Profit During the current year, merchandise is sold for $31,850,000. The cost of…

A: Meaning of Gross Profit Gross profit is refer as the profit of the company which is computed after…

Question

Millard Division's margin in Year 2 was 120% of the margin in Year 1.
The sales for Year 2 were:
Multiple Cholce
$1,583,333
$3,210,000
$6,333,333
$6,666,666

The Millard Division's operating data for the past two years are provided below:
Year 1
Year 2
Return on investment
10%
24%
Net operating income
?
$380,000
Turnover
?
4
Margin
?
?
Sales
$3,210,000
?
Millard Division's margin in Year 2 was 120% of the margin in Year 1.
The sales for Year 2 were:

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

During the current year, Plainfield Manufacturing earned income of $845,000 from total sales of $9,350,000 and average capital assets of $13,500,000. Using the sales margin from the previous exercise, what is the total ROI for the company during the current year?
The following selected data pertain to the Argent Division for last year: Required: 1. How much is the residual income? 2. How much is the return on investment? (Rounded to four significant digits.)
Division A of Kern Co. has sales of $350,000, cost of goods sold of $200,000, operating expenses of $30,000, and invested assets of $600000. What is the return on investment for Division A? A. 20% B. 25% C. 33% D. 40%
During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of $5,500,000 and average capital assets of $12,000,000. A. Based on this information, calculate asset turnover. B. Using the sales margin from the previous exercise, what is the total ROI for the company during the current year?
During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of $5,500,000 and average capital assets of $12,000, 000. What is the sales margin?
The Millard Division's operating data for the past two years are provided below: Return on investment Net operating income Turnover Margin Sales Year 1 The turnover for Year 1 was: 12% ? ? ? $ 3,200,000 Year 2 Millard Division's margin in Year 2 was 150% of the margin in Year 1. 36% $360,000 3 ? ?
The Millard Division's operating data for the past two years are provided below: Year 1 Year 2 Return on investment 12% 36% Net operating income ? $ 360,000 Turnover ? 3 Margin ? ? Sales $ 3,200,000 ? Millard Division's margin in Year 2 was 150% of the margin in Year 1. The average operating assets for Year 2 were?
The Millard Division's operating data for the past two years are provided below: Year 1 Return on investment Net operating income Turnover Margin Sales 10% ? ? ? Year 2 24% $ 380,000 4 ? $ 3,210,000 Millard Division's margin in Year 2 was 120% of the margin in Year 1. The net operating income for Year 1 was: Note: Round your intermediate percentage calculations to the nearest whole percent. ?
The Millard Division's operating data for the past two years are provided below: Return on investment Net operating income Turnover Margin Sales Multiple Choice O $264,800 $232,000 $99,300 Year 1 $132,400 15% ? 77 ? $ 3,310,000 Millard Division's margin in Year 2 was 130% of the margin in Year 1. The net operating income for Year 1 was: (Round intermediate percentage computations to the nearest whole ? Year 2 20% $ 580,000 5 ? ?
The Holmes Division recorded operating data as follows for the past year: Sales Operating Income Average Operating Assets Shareholders' Equity Residual Income $200,000 $ 25,000 $100,000 $ 80,000 $ 13,000 For the past year, what was the minimum required rate of return? A) B) C) D) 12%. 11%. 14%. 13%.
The Millard Division's operating data for the past two years are provided below: Year 1 Year 2 Return on investment 10% 24% Net operating income ? $ 740,000 Turnover ? 4 Margin ? ? Sales $ 3,390,000 ? Millard Division's margin in Year 2 was 120% of the margin in Year 1. The net operating income for Year 1 was: Multiple Choice $203,400 $406,800 $169,500 $370,000
The Dry Wall Division reports the following operating data for the past two years: Profit margin ratio Asset turnover Divisional assets After-tax income Stockholders' equity Sales Multiple Choice 18%. Year 1 70% 20% 3.5 ? Year 2 ? 2 The return on investment at the Dry Wall Division was exactly the same in Year 1 and Year 2. The profit margin ratio in Year 2 was: 4 $ 159,000 $ 41,800 ? $ 83,600 $ 134,000 ? Ya