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The Following Are the Income Statements and Balance Sheets for Coors

question 94

Multiple Choice

The following are the income statements and balance sheets for Coors Company: $\begin{array}{ll}&20X2\\\text { Sales (onlycredit sales) } & \$ 1,606.0 \\\text { Less cost of goods sold } & \underline{1,062.0} \\\text { Gross profit } & \$ 544.0 \\\text { Less operating expenses } & \underline{322.0} \\\text { Operatingincome } & \$ 222.0 \\\text { Less other expense: Interest } & \underline{9.6} \\\text { Income before tax } & \$ 212.4 \\\text { Less income tax expense } & \underline{\$ 5.0} \\\text { Net income } & \$ 127.4\end{array}$

$\begin{array}{llllll}\text { Currentassets: } & {\underline{20 X 2}} & \underline{20 X 1} & \text { Currentliab: } & \underline{20 X 2} & \underline{20 X 1} \\\text { Cash } &\$36 &\$38 & \text { Accts payable }& \$98& \$ 64 \\\text { Accts receivable } & 180 & 144 & \text { Wages payable } & 18 & 16\end{array}$ $\begin{array}{ll}&20X2\\\text { Sales (onlycredit sales) } & \$ 1,606.0 \\\text { Less cost of goods sold } & \underline{1,062.0} \\\text { Gross profit } & \$ 544.0 \\\text { Less operating expenses } & \underline{322.0} \\\text { Operatingincome } & \$ 222.0 \\\text { Less other expense: Interest } & \underline{9.6} \\\text { Income before tax } & \$ 212.4 \\\text { Less income tax expense } & \underline{\$ 5.0} \\\text { Net income } & \$ 127.4\end{array}$

$\begin{array}{llllll}\text { Currentassets: } & {\underline{20 X 2}} & \underline{20 X 1} & \text { Currentliab: } & \underline{20 X 2} & \underline{20 X 1} \\\text { Cash } &\$36 &\$38 & \text { Accts payable }& \$98& \$ 64 \\\text { Accts receivable } & 180 & 144 & \text { Wages payable } & 18 & 16\end{array}$ $The following are the income statements and balance sheets for Coors Company: \begin{array}{ll}&20X2\\ \text { Sales (onlycredit sales) } & \$ 1,606.0 \\ \text { Less cost of goods sold } & \underline{1,062.0} \\ \text { Gross profit } & \$ 544.0 \\ \text { Less operating expenses } & \underline{322.0} \\ \text { Operatingincome } & \$ 222.0 \\ \text { Less other expense: Interest } & \underline{9.6} \\ \text { Income before tax } & \$ 212.4 \\ \text { Less income tax expense } & \underline{\$ 5.0} \\ \text { Net income } & \$ 127.4 \end{array} \begin{array}{llllll} \text { Currentassets: } & {\underline{20 X 2}} & \underline{20 X 1} & \text { Currentliab: } & \underline{20 X 2} & \underline{20 X 1} \\ \text { Cash } &\$36 &\$38 & \text { Accts payable }& \$98& \$ 64 \\ \text { Accts receivable } & 180 & 144 & \text { Wages payable } & 18 & 16 \end{array} \begin{array}{ll}&20X2\\ \text { Sales (onlycredit sales) } & \$ 1,606.0 \\ \text { Less cost of goods sold } & \underline{1,062.0} \\ \text { Gross profit } & \$ 544.0 \\ \text { Less operating expenses } & \underline{322.0} \\ \text { Operatingincome } & \$ 222.0 \\ \text { Less other expense: Interest } & \underline{9.6} \\ \text { Income before tax } & \$ 212.4 \\ \text { Less income tax expense } & \underline{\$ 5.0} \\ \text { Net income } & \$ 127.4 \end{array} \begin{array}{llllll} \text { Currentassets: } & {\underline{20 X 2}} & \underline{20 X 1} & \text { Currentliab: } & \underline{20 X 2} & \underline{20 X 1} \\ \text { Cash } &\$36 &\$38 & \text { Accts payable }& \$98& \$ 64 \\ \text { Accts receivable } & 180 & 144 & \text { Wages payable } & 18 & 16 \end{array} 32 \begin{array}{llllll} \text { Inventory } & 120 & 100 & \text { Taxes payable } & 28 & 4 \\ \text { Prep aid rent } & \underline{20} & \underline{24} & \text { Current portion } & &\\ \text { Total current assets }&\$356&\$306&\text { of long-term debt }&30&6\\ \text { Long-term as sets: }&&&\text { Total current }\\\text { Fixed ass ets } & \$ 320 & \$ 316 & \text { liabilities } & \$ 174 & \$ 90 \\ \text { Accum. deprec. } & \underline{(200) } & \underline{(180) } & \text { Long-term } & \underline{66} & \underline{92}\\&&&\text { liabilities }\\\text { Total long-term } & \$ 114 & \$ 136 & \text { Total liabilities } & \$ 240 & \$ 182\\\text { assets }\\ \end{array} The return on sales for Coors Company in 20X2 is: A) 13.8% B) 7.9% C) 33.9% D) 23.4%$ 32 $\begin{array}{llllll}\text { Inventory } & 120 & 100 & \text { Taxes payable } & 28 & 4 \\\text { Prep aid rent } & \underline{20} & \underline{24} & \text { Current portion } & &\\\text { Total current assets }&\$356&\$306&\text { of long-term debt }&30&6\\\text { Long-term as sets: }&&&\text { Total current }\\\text { Fixed ass ets } & \$ 320 & \$ 316 & \text { liabilities } & \$ 174 & \$ 90 \\\text { Accum. deprec. } & \underline{(200) } & \underline{(180) } & \text { Long-term } & \underline{66} & \underline{92}\\&&&\text { liabilities }\\\text { Total long-term } & \$ 114 & \$ 136 & \text { Total liabilities } & \$ 240 & \$ 182\\\text { assets }\\\end{array}$

$The following are the income statements and balance sheets for Coors Company: \begin{array}{ll}&20X2\\ \text { Sales (onlycredit sales) } & \$ 1,606.0 \\ \text { Less cost of goods sold } & \underline{1,062.0} \\ \text { Gross profit } & \$ 544.0 \\ \text { Less operating expenses } & \underline{322.0} \\ \text { Operatingincome } & \$ 222.0 \\ \text { Less other expense: Interest } & \underline{9.6} \\ \text { Income before tax } & \$ 212.4 \\ \text { Less income tax expense } & \underline{\$ 5.0} \\ \text { Net income } & \$ 127.4 \end{array} \begin{array}{llllll} \text { Currentassets: } & {\underline{20 X 2}} & \underline{20 X 1} & \text { Currentliab: } & \underline{20 X 2} & \underline{20 X 1} \\ \text { Cash } &\$36 &\$38 & \text { Accts payable }& \$98& \$ 64 \\ \text { Accts receivable } & 180 & 144 & \text { Wages payable } & 18 & 16 \end{array} \begin{array}{ll}&20X2\\ \text { Sales (onlycredit sales) } & \$ 1,606.0 \\ \text { Less cost of goods sold } & \underline{1,062.0} \\ \text { Gross profit } & \$ 544.0 \\ \text { Less operating expenses } & \underline{322.0} \\ \text { Operatingincome } & \$ 222.0 \\ \text { Less other expense: Interest } & \underline{9.6} \\ \text { Income before tax } & \$ 212.4 \\ \text { Less income tax expense } & \underline{\$ 5.0} \\ \text { Net income } & \$ 127.4 \end{array} \begin{array}{llllll} \text { Currentassets: } & {\underline{20 X 2}} & \underline{20 X 1} & \text { Currentliab: } & \underline{20 X 2} & \underline{20 X 1} \\ \text { Cash } &\$36 &\$38 & \text { Accts payable }& \$98& \$ 64 \\ \text { Accts receivable } & 180 & 144 & \text { Wages payable } & 18 & 16 \end{array} 32 \begin{array}{llllll} \text { Inventory } & 120 & 100 & \text { Taxes payable } & 28 & 4 \\ \text { Prep aid rent } & \underline{20} & \underline{24} & \text { Current portion } & &\\ \text { Total current assets }&\$356&\$306&\text { of long-term debt }&30&6\\ \text { Long-term as sets: }&&&\text { Total current }\\\text { Fixed ass ets } & \$ 320 & \$ 316 & \text { liabilities } & \$ 174 & \$ 90 \\ \text { Accum. deprec. } & \underline{(200) } & \underline{(180) } & \text { Long-term } & \underline{66} & \underline{92}\\&&&\text { liabilities }\\\text { Total long-term } & \$ 114 & \$ 136 & \text { Total liabilities } & \$ 240 & \$ 182\\\text { assets }\\ \end{array} The return on sales for Coors Company in 20X2 is: A) 13.8% B) 7.9% C) 33.9% D) 23.4%$ The return on sales for Coors Company in 20X2 is:

Definitions:

Attribution

The process of explaining one's own behavior and the behavior of others.

Aggress

To act with hostility or initiate an attack against others.

Unintentional

Actions or behaviors that occur without deliberate planning or intent.

Sexual Assault

An act in which a person intentionally sexually touches another person without that person's consent, or coerces or physically forces a person to engage in a sexual act against their will.