Financial Statement Notes: Quarterly Data Quarterly data are presented below for Company A and Company...
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Financial Statement Notes: Quarterly Data Quarterly data are presented below for Company A and Company B. One of these companies is Gibson Greetings, Inc., which manufactures and sells greeting cards. The other company is Hon Industries, Inc., which manufactures and sells office furniture. Both companies are on a calendar year basis. (Amounts in Thousands) First Second Third Fourth Quarter Quarter Quarter Quarter Year Company A Net sales $196,111 $187,537 $213,070 $223,608 $830,326 Gross profit 65,457 63,643 74,024 79,374 292,498 CompanyB Net sales $94,896 $93,796 $152,137 $245,336 $596,165 Gross profit 63,900 62,983 76,018 114,961 327,862 Required a. Compute the percent of annual net sales generated each quarter by Company A Round to the nearest percent. b. Compute the percent of annual net sales generated each quarter by Company B. Round to the nearest percent. (Amounts in Thousands) First Third Fourth Quarter Quarter Quarter Quarter a. Company A annual net sales percent b. Company B annual net sales percent C. Which company has the most seasonal business? d. Which Company is Gibson Greetings? Which Company is Hon Industries, Inc.? e. Which company's interim quarterly data are probably most useful for predicting annual results
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