Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below....
Perform a horizontal analysis for the entry "Gross
Sales" shown on the income statement portion below. (Round to the
nearest tenth)
2012
2011
Increase/Decrease
Amount PercentRevenue Gross
Sales
$163,000
117,400
Less: Sales Returns and Allowances
7,300
7,600
Net Sales
155,700
109,800
Cost of Good Sold Merchandise
Inventory, Jan. 1
39,600
32,100
Net purchases
74,400
61,800
Goods Available for Sale
114,000
93,900
Less: Merchandise Inventory, Dec. 31
50,800
70,100
Cost of Goods Sold
63,200
23,800
Gross Margin
$92,500
$86,000
Homework Answers
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Perform a horizontal analysis for the entry "Gross
Sales" shown on the income statement portion below....
310 chapter 5 a single-step income statement, preparing a multi-step statement, and computing the gross profit...
310 chapter 5 a single-step income statement, preparing a multi-step statement, and computing the gross profit percentage Learning Objectis s5,6 P5-38A 2. Operating Income $93,120 of Farm Qualiry Steak Company list the follonwing sclected accounts for the s her ended April 30, 2018 17,700 38,200 37,700 30,000 5,380 25,000 7,100 154,960 132,000 1,700 7,100 6,000 10,000 5 400 Accounts Payable Interest Revenue Merchandse inventory Notes Payable, long-term Salaries Payable Net Sales Revenue Rent Expense (Selling) Salaries Expense (Administrative) Office Supplies...
The income statement of Bridgeport Company is shown below. BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR...
The income statement of Bridgeport Company is shown below. BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,910,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,420,000 Goods available for sale 6,330,000 Ending inventory 1,610,000 Cost of goods sold 4,720,000 Gross profit 2,190,000 Operating expenses Selling expenses 460,000 Administrative expenses 690,000 1,150,000 Net income $1,040,000 Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $190,000 during the year. 3. Accounts...
The income statement of Sunland Company is shown below. $6,840,000 SUNLAND COMPANY INCOME STATEMENT FOR THE...
The income statement of Sunland Company is shown below. $6,840,000 SUNLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,920,000 Purchases 4,390,000 Goods available for sale 6,310,000 Ending inventory 1,580,000 Cost of goods sold Gross profit Operating expenses Selling expenses 460,000 Administrative expenses 710,000 Net income 4,730,000 2,110,000 1,170,000 $940,000 Additional information: 1. Accounts receivable decreased $350,000 during the year. 2. Prepaid expenses increased $160,000 during the year. 3. Accounts...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Be...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory.
4 Skipped The income statement shown below was prepared and sent by Jenna Preston, the owner...
4 Skipped The income statement shown below was prepared and sent by Jenna Preston, the owner of Preston Gifts, to several of her creditors. The business is a sole proprietorship that sells miscellaneous gifts. An accountant for one of the creditors looked over the income statement and found that it did not conform to generally accepted accounting principles. PRESTON GIFTS Income Statement Year Ended December 31, 2019 Cash Collected from Customers $126,000 Cost of Goods Sold Merchandise Inventory, Jan. 1...
Exercise 23-4 The income statement of Crane Company is shown below CRANE COMPANY INCOME STATEMENT FOR...
Exercise 23-4 The income statement of Crane Company is shown below CRANE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,930,000 Cost of goods sold Beginning inventory $1,900,000 4,350,000 Purchases Goods available for sale 6,250,000 1,610,000 Ending inventory Cost of goods sold 4,640,000 2,290,000 Gross profit Operating expenses Selling expenses 460,000 700,000 Administrative expenses 1,160,000 $1,130,000 Net income Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $150,000 during the year....
Presented below are the components in Veasy Company’s income statement. Determine the missing amounts. Sales Revenue...
Presented below are the components in Veasy Company’s income statement. Determine the missing amounts. Sales Revenue Cost of goods Sold Gross profit Operating expenses Net Income a. $ 75,000 a. ? a. $ 28,000 a. ? a. $ 9,800 b. $ 108,000 b. $70,000 b. ? b. ? b. $29,500 c. ? c. $ 83,900 c. $ 79,600 c. $ 39,500 c. ? Compute missing amounts in determining net income. Cha Company buys merchandise on account from Wirtz Company. The...
Problem 23.1A Horizontal and vertical analysis of income statement and balance sheet. LO 23-1, 23...
Problem 23.1A Horizontal and vertical analysis of income
statement and balance sheet. LO 23-1, 23-2
The EastTN Company sells computer parts through a retail store
that it operates. The firm’s comparative income statement and
balance sheet for the years 2016 and 2015 are shown below.
1-a.
Complete both a horizontal and a vertical analysis of
comparative income statement for the years 2016 and 2015.
(Round your percentage answers to 1 decimal place. i.e.,
0.123 should be entered as 12.3.)
1-b....
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE...
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,750,000 Purchases 4,830,000 Goods available for sale 6,580,000 Ending inventory 1,450,000 Cost of goods sold Gross profit Operating expenses Selling expenses 440,000 Administrative expenses 770,000 Net income 5,130,000 1,640,000 1,210,000 $430,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts...
Income Statement Sales revenue $50 Cost of goods sold 30 Gross profit (gross margin) 20 Selling...
Income Statement Sales revenue $50 Cost of goods sold 30 Gross profit (gross margin) 20 Selling and administrative expenses 10 Income before taxes A Income tax expense 4 Net Income $6 Earnings per share E Balance Sheet Cash $2 Liabilities: Inventory 5 Accounts payable $1 Current assets B Equipment, at cost 10 Shareholders’ Equity: Less: accumulated depreciation C Common stock, $1 par value per share 10 Equipment, net of depreciation 6 D Total assets $13 Total liabilities and s/equity $13...
310 chapter 5 a single-step income statement, preparing a multi-step statement, and computing the gross profit percentage Learning Objectis s5,6 P5-38A 2. Operating Income $93,120 of Farm Qualiry Steak Company list the follonwing sclected accounts for the s her ended April 30, 2018 17,700 38,200 37,700 30,000 5,380 25,000 7,100 154,960 132,000 1,700 7,100 6,000 10,000 5 400 Accounts Payable Interest Revenue Merchandse inventory Notes Payable, long-term Salaries Payable Net Sales Revenue Rent Expense (Selling) Salaries Expense (Administrative) Office Supplies...
The income statement of Sunland Company is shown below. $6,840,000 SUNLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,920,000 Purchases 4,390,000 Goods available for sale 6,310,000 Ending inventory 1,580,000 Cost of goods sold Gross profit Operating expenses Selling expenses 460,000 Administrative expenses 710,000 Net income 4,730,000 2,110,000 1,170,000 $940,000 Additional information: 1. Accounts receivable decreased $350,000 during the year. 2. Prepaid expenses increased $160,000 during the year. 3. Accounts...
The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: (a) Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory.
4 Skipped The income statement shown below was prepared and sent by Jenna Preston, the owner of Preston Gifts, to several of her creditors. The business is a sole proprietorship that sells miscellaneous gifts. An accountant for one of the creditors looked over the income statement and found that it did not conform to generally accepted accounting principles. PRESTON GIFTS Income Statement Year Ended December 31, 2019 Cash Collected from Customers $126,000 Cost of Goods Sold Merchandise Inventory, Jan. 1...
Exercise 23-4 The income statement of Crane Company is shown below CRANE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,930,000 Cost of goods sold Beginning inventory $1,900,000 4,350,000 Purchases Goods available for sale 6,250,000 1,610,000 Ending inventory Cost of goods sold 4,640,000 2,290,000 Gross profit Operating expenses Selling expenses 460,000 700,000 Administrative expenses 1,160,000 $1,130,000 Net income Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $150,000 during the year....
Problem 23.1A Horizontal and vertical analysis of income
statement and balance sheet. LO 23-1, 23-2
The EastTN Company sells computer parts through a retail store
that it operates. The firm’s comparative income statement and
balance sheet for the years 2016 and 2015 are shown below.
1-a.
Complete both a horizontal and a vertical analysis of
comparative income statement for the years 2016 and 2015.
(Round your percentage answers to 1 decimal place. i.e.,
0.123 should be entered as 12.3.)
1-b....
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,750,000 Purchases 4,830,000 Goods available for sale 6,580,000 Ending inventory 1,450,000 Cost of goods sold Gross profit Operating expenses Selling expenses 440,000 Administrative expenses 770,000 Net income 5,130,000 1,640,000 1,210,000 $430,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts...
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