Ans:
For preparing the common-size percentage, all the amounts in the income statement would be divided by the sales. Sales percentage should be 100%. Based on the sales value, remaining percentages are calculated.
Gomez Corporation |
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Comparative Income Statements |
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For the years ended December 31, 2017 and 2016 |
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2017 |
2016 |
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Particulars |
Amount $ |
% |
Amount $ |
% |
Sales |
730,000 |
100% |
675,000 |
100% |
Cost of goods sold |
562,700 |
77.1% |
293,200 |
43.4% |
Gross Profit |
167,300 |
22.9% |
381,800 |
56.6% |
Operating Expenses |
130,400 |
17.9% |
273,200 |
40.5% |
Net Income |
36,900 |
5.1% |
108,600 |
16.1% |
b)
No Company performance has Decreased over the most recent year
- why because the gross profit percentage and net income percentage
has Decreased in 2017.
Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal...
7 Express the following comparative income statements in common-size place.) percents. (Round your percentage answers to 1 decimal 10 points GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales 775,000 565.400 200,600 130.400 $ 79,200 s700,000 286,600 413,400 261.200 152.200 Cost of goods sold Gross profit References Net income Has the company's situation improved in the most recent year? O Yes O No
Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales Cost of goods sold Gross profit s 765,000 560,000 205.000 129,200 5 75,800 3640,000 284 400 355 600 224,000 $ 131,600 Net ncome Has the company's situation improved in the most recent year? Yes <Prev 30, 71ll Next > ere to search
Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION nts Comparative Income Statements For Years Ended December 31, 2017 and 2016 eBook 2017 2016 Hint Sales $ 745,000 $ 665,000 References Cost of goods sold 568, 100 295,400 176,900 Gross profit 369,600 Operating expenses Net income 130,400 246,800 $122,800 46,500
Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % Sales $730,000 $655,000 Cost of goods sold 568,100 284,400 Gross profit 161,900 370,600 Operating expenses 130,400 266,000 Net income $31,500 $104,600 Using the common-size percentages, which item is most responsible for the decline in net income?
Exercise 13-4 Common-size percent computation and interpretation LO P2 Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31, 2018 and 2017 2018 2017 Sales Cost of goods sold Gross profit Operating expenses Net income $ 725,000 568,100 156,900 130,400 $ 26,500 $ 665,000 293,200 371,800 231,200 $ 140,600 Has the company's situation improved in the most recent year? Yes O No
Express the following comparative income statements in common-Slze percents. (Round your to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales Cost of goods sold Gross profit Operating expenses Net income $ 725,000 565,400 159,600 129,200 $ 30,400 $ 695,000 299,800 395,200 244,400 $150,800 Has the company's situation improved in the most recent year?
Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % Sales $795,000 100.0 $665,000 Cost of goods sold 568,100 284,400 Gross profit 226,900 380,600 Operating expenses 129,200 237,200 Net income $97,700...
Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % $ % $ 735,000 $ 645,000 562,700...
Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Income Reason for Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % Sales $ 740,000 $ 670,000 Cost of goods sold 568, 100 288,800 Gross...
Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % % Sales $ 790,000 $ 645,000 Cost of goods sold 565,400 299 800 Gross profit...