Answer
--Percentage Value = Respective Amount / Sales amount
Tri-Comic Company | ||||
Comparative Income Statement | ||||
For the Years Ended December 31, 20Y2 and 20Y1 | ||||
20Y2 Amount | 20Y2 Percent | 20Y1 Amount | 20Y1 Percent | |
Sales | $850,000 | 100.0% | $500,000 | 100.0% |
Cost of goods sold | $340,000 | 40.0% | $210,000 | 42.0% |
Gross profit | $510,000 | 60.0% | $290,000 | 58.0% |
Selling expenses | $170,000 | 20.0% | $90,000 | 18.0% |
Administrative expenses | $42,500 | 5.0% | $35,000 | 7.0% |
Total operating expenses | $212,500 | 25.0% | $125,000 | 25.0% |
Income from operations | $297,500 | 35.0% | $165,000 | 33.0% |
Other revenue | $85,000 | 10.0% | $50,000 | 10.0% |
Income before income tax | $382,500 | 45.0% | $215,000 | 43.0% |
Income tax expense | $229,500 | 27.0% | $135,000 | 27.0% |
Net income | $153,000 | 18.0% | $80,000 | 16.0% |
Vertical analysis of income statement Instructions Income Statement Final Question Instructions For 20Y2, Tri-Comic Company initiated...
Vertical Analysis of Income Statement For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $19,000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $680,000 $585,000 Cost of goods sold 326,400 310,050 Gross profit $353,600 $274,950 Selling expenses $129,200 $105,300 Administrative expenses 68,000 70,200...
Vertical Analysis of Income Statement For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $21,000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2041 20Y2 20Y1 $746,000 $642,000 Sales Cost of goods sold Gross profit 350,620 333,840 $395,380 $308,160 Selling expenses $156,660 $128,400 82,060 83,460 Administrative expenses...
For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $18,000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $627,000 $539,000 Cost of goods sold 288,420 269,500 Gross profit $338,580 $269,500 Selling expenses $125,400 $102,410 Administrative expenses 68,970 70,070 Total operating expenses $194,370 $172,480...
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Instructions Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 2011 2 Sales 3 Cost of goods sold 2092 $830,000.00 323,700.00 $506,300.00 $149,400.00 4 Gross profit $620,000.00 254,200.00 $365,800.00 $99,200.00 43,400.00 5 Selling expenses 6 Administrative expenses 41,500.00 7 Total operating expenses $190,900.00 8 Income from operations 9 Other income $315,400.00 66,400.00 $381,800.00 215,800.00 $142,600.00 $223,200.00 49,600.00 $272,800.00 161,200.00 $111,600.00 10 Income before income tax 11 Income tax expense 12 Net income $166,000.00 Check My...
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Horizontal Analysis of Income Statement For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $486,592 $446,000 Cost of goods sold 336,000 280,000 Gross profit $150,592 $166,000 Selling expenses $47,500 $38,000 Administrative expenses 28,320 24,000 Total operating expenses $75,820 $62,000 Income from operations $74,772...
Horizontal Analysis of Income Statement For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $352,096 $294,000 Cost of goods sold 266,000 190,000 Gross profit $86,096 $104,000 Selling expenses $37,500 $25,000 Administrative expenses 21,760 16,000 Total operating expenses $59,260 $41,000 Income from operations $26,836...
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