Homework Answers
A.
| Income Statement | ||
| Particulars | Amount $ | |
| Revenue | 330,000.00 | |
| Less: | COGS(330000*55/100) | 181,500.00 |
| Less: | Salaries & Wages (26% of 330000) | 85,800.00 |
| Less: | Operating Cost | 12,300.00 |
| Gross Profit | 50,400.00 | |
| Less: | Depreciation | 2,160.00 |
| Bad Debt Exp (330000*0.6*0.02) | 3,960.00 | |
| Profit before Interest | 44,280.00 | |
| Less: | Interest Expense | 875.00 |
| Profit after Interest | 43,405.00 | |
B.
| Income Statement | Situation1 | % to Revenue | Situation2 | % to Revenue | Situation3 | % to Revenue | |
| Particulars | Amount $ | Amount $ | Amount $ | ||||
| Revenue | 330,000.00 | 330,000.00 | 330,000.00 | ||||
| Less: | COGS | 164,905.00 | 49.97% | 149,905.00 | 45.43% | 181,500.00 | |
| Less: | Salaries & Wages | 85,800.00 | 85,800.00 | 54,205.00 | 16.43% | ||
| Less: | Operating Cost | 12,300.00 | 12,300.00 | 12,300.00 | |||
| Gross Profit | 66,995.00 | 81,995.00 | 81,995.00 | ||||
| Less: | Depreciation | 2,160.00 | 2,160.00 | 2,160.00 | |||
| Bad Debt Exp | 3,960.00 | 3,960.00 | 3,960.00 | ||||
| Profit before Interest | 60,875.00 | 75,875.00 | 75,875.00 | ||||
| Less: | Interest Expense | 875.00 | 875.00 | 875.00 | |||
| Profit after Interest | 60,000.00 | 75,000.00 | 75,000.00 | ||||
C.
| Income Statement | Situation1 | % to Revenue | Situation2 | % to Revenue | Situation3 | % to Revenue | Situation 4 | % to Revenue | |
| Particulars | Amount $ | Amount $ | Amount $ | Amount $ | |||||
| Revenue | 330,000.00 | 330,000.00 | 330,000.00 | 330,000.00 | |||||
| Less: | COGS | 178,202.50 | 54.00% | 165,702.50 | 50.21% | 132,000.00 | 40.00% | 198,000.00 | 60.00% |
| Less: | Salaries & Wages | 82,502.50 | 25.00% | 70,002.50 | 21.21% | 33,000.00 | 10.00% | 99,000.00 | 30.00% |
| Less: | Operating Cost | 12,300.00 | 12,300.00 | 12,300.00 | 12,300.00 | ||||
| Gross Profit | 56,995.00 | 81,995.00 | 152,700.00 | 20,700.00 | |||||
| Less: | Depreciation | 2,160.00 | 2,160.00 | 2,160.00 | 2,160.00 | ||||
| Bad Debt Exp | 3,960.00 | 3,960.00 | 3,960.00 | 3,960.00 | |||||
| Profit before Interest | 50,875.00 | 75,875.00 | 146,580.00 | 14,580.00 | |||||
| Less: | Interest Expense | 875.00 | 875.00 | 875.00 | 875.00 | ||||
| Profit after Interest | 50,000.00 | 75,000.00 | 145,705.00 | 13,705.00 | |||||
D.
| Income Statement | Situation1 | % to Revenue | Situation2 | % to Revenue | Situation3 | % to Revenue | Situation4 | % to Revenue | Situation5 | % to Revenue | |
| Particulars | Amount $ | Amount $ | Amount $ | Amount $ | Amount $ | ||||||
| Revenue | 364,710.53 | 389,710.53 | 375,122.11 | 353,239.47 | 356,886.58 | ||||||
| Less: | COGS | 200,590.79 | 55.00% | 200,590.79 | 55.00% | 182,355.26 | 50.00% | 164,119.74 | 45.00% | 164,119.74 | 45.00% |
| Less: | Salaries & Wages | 94,824.74 | 26.00% | 94,824.74 | 26.00% | 98,471.84 | 27.00% | 94,824.74 | 26.00% | 98,471.84 | 27.00% |
| Less: | Operating Cost | 12,300.00 | 12,300.00 | 12,300.00 | 12,300.00 | 12,300.00 | |||||
| Gross Profit | 56,995.00 | 81,995.00 | 81,995.00 | 81,995.00 | 81,995.00 | ||||||
| Less: | Depreciation | 2,160.00 | 2,160.00 | 2,160.00 | 2,160.00 | 2,160.00 | |||||
| Bad Debt Exp | 3,960.00 | 3,960.00 | 3,960.00 | 3,960.00 | 3,960.00 | ||||||
| Profit before Interest | 50,875.00 | 75,875.00 | 75,875.00 | 75,875.00 | 75,875.00 | ||||||
| Less: | Interest Expense | 875.00 | 875.00 | 875.00 | 875.00 | 875.00 | |||||
| Profit after Interest | 50,000.00 | 75,000.00 | 75,000.00 | 75,000.00 | 75,000.00 | ||||||
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Cost of goods sold
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Rent expense
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Sales discounts
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Insurance expense
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(a)
Prepare a multiple-step income statement. (Enter
negative amounts using either a negative sign preceding the number
e.g. -45 or parentheses e.g. (45).)
SWIFTY COMPANY
Income Statement
March 31, 2020For the Year Ended March 31, 2020For the Month...
Common-size financial statements are often used by auditors in a
process called “analytical procedures” or “analytical review.”
Unusual relationships or patterns can be identified because of the
percentages—these would be harder to see if the amounts were just
kept as dollars. You will be looking for percentages that seem very
unstable over the times periods (the percentages jump around too
much).
What are some of the unusual relationships you see? Please
identify and discuss at least two unusual relationships. Please...
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