Presented below are condensed data from the financial statements of Gallo Factory for 2017 and 2016.The figures are expressed in thousands.Use this information to answer the questions that follow.
Statement A Total current assets Property, plant, and equipment (net of accumulated depreciation) Investments Other assets Total assets Total current liabilities Long-term debt Deferred income taxes and contingencies Total liabilities Total stockholders’ equity Total liabilities and stockhol ders’ equity Statement B Net sales Cost of sales Gross profit Selling, general, and administrative expenses Other income (expense) Income (loss) before income taxes Income tax expense Net income (loss) 2017$82,30963,4513033,438$149,501$33,92820,4914,174$58,593$90,908$149,5012017$209,203136,225$72,97863,895693$9,776$3,5346,2422016$80,08062,7241,0612,606$146,471$28,66825,6765,208$59,552$86,919$146,4712016$174,206114,284$59,92253,520(118)$6,284$3,388$3,896
-Required: Was Gallo Factory profitable both years? What are the amounts of the total revenues and total expenses,respectively,for 2017? Which financial statement provides this information to you?
Understand the importance of parallelism in writing for improving coherence and readability.
Recognize the effect of conciseness on document clarity and the reader's engagement.
Understand the structure and function of nucleic acids and their role in the central dogma of molecular biology.
Identify the genetic basis of metabolic pathways and the impact of mutations on these pathways.
Definitions:
Articles of Incorporation
Official papers submitted to a government agency for the purpose of officially registering the formation of a corporation.
Mutual Agency
Act of a single partner is binding on all members of the partnership.
Raising Capital
The process of obtaining funds to finance business activities, which can be done through equity, debt, or other financial instruments.
Unlimited Life
A financial concept usually related to corporations, indicating that they can continue operating indefinitely unless dissolved by their owners or the law.