Q3SE Muscateer Corp. reported the fol... [FREE SOLUTION]

Chapter 15: Q3SE (page 835)

Muscateer Corp. reported the following revenues and net income amounts:
(In millions)2019 2018 2017 2016
Revenue $ 9,610 $ 9,355 $ 9,050 $ 8,950
Net Income 7,290 6,790 5,020 4,300
Requirements
1. Calculate Muscateer鈥檚 trend analysis for revenues and net income. Use 2016 as the
base year, and round to the nearest percent.
2. Which measure increased at a higher rate during 2017鈥�2019?

Expert verified

Answer

Income Increases in 2019 as compared to past years

Net Income increased rapidly from 2016- 2019

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1..Includes the income statement, balance sheet, statement of stockholders鈥� equity, and statement of cash flows	a. Notes to financial statements
2. Attests to the fairness of the presentation of the financial statements.	b. Report of independent registered public accounting firm
3. Includes a summary of significant accounting policies and explanations of specific items on the financial statements.	c. Management鈥檚 discussion and analysis of financial condition and results of operations (MD&A)
4. Is written by the company to help investors understand the results of operations and the financial condition of the company.	d. Financial statements

RANDALL DEPARTMENT STORES, INC. Income Statement Compared with Industry Average Year Ended December 31, 2018
	Randall	Industry Average
Net Sales Revenue	\( 783,000	100.0%
Cost of Goods Sold	527,742	65.8
Gross Profit	255,258	34.2
Operating Expenses	163,647	19.7
Operating Income	91,611	14.5
Other Expenses	6,264	0.4
Net Income	\) 85,347	14.1%

RANDALL DEPARTMENT STORES, INC. Balance Sheet Compared with Industry Average December 31, 2018
	Randall	Industry Average
Current Assets	\( 310,040	70.9%
Property, Plant, and Equipment, Net	119,600	23.6
Intangible Assets, Net	7,360	0.8
Other Assets	23,000	4.7
Total Assets	\) 460,000	100.0%

Current Liabilities	\( 210,680	48.1%
Long-term Liabilities	103,960	16.6
Total Liabilities	314,640	64.7
Stockholders鈥� Equity	145,360	35.3
Total Liabilities and Stockholders鈥� Equity	\) 460,000	100.0%