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Current year Amount Current year Percent Sales Previous year Amount Previous year Percent $577,000 100% Cost...
Horizontal Analysis Increase (Decrease) in the Current year (versus Previous year) Amount Percentage Current Year Previous...
Horizontal Analysis Increase (Decrease) in the Current year (versus Previous year) Amount Percentage Current Year Previous Year $ % Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income Balance Sheet Cash Accounts Receivable. Net 122,000 54,400 67,600 35,000 3,800 28,800 8,640 20,160 107,400 49,200 58,200 32,200 3,800 22,200 6,660 15,540 $ 15,000 5,200 9,400 2,800 0 46,600 1,980 $ 4,620 13.6 10.6 16.2 8.1...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $900,000; Allowance for Doubtful Accounts has a debit balance of $8,000; and sales for the year total $4,050,000. Bad debt expense is estimated at 1/2 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ 20,250 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for Doubtful Accounts has a debit balance of $3,500; and sales for the year total $1,800,000. Bad debt expense is estimated at l/4 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts 4,500 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts...
please fill boxes Adjustment for Depreciation The estimated amount of depreciation on equipment for the current...
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Adjustment for Depreciation The estimated amount of depreciation on equipment for the current year is $1,730. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank. Depreciation Expense 1,730 Accumulated Depreciation Equipment Feedback Check My Work Depreciation expense is the allocation of a fixed asset's cost over the period used. The fixed asset account is not touched or decreased when recording the expense. Check My Work (...
eBook Calculator Single-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year...
eBook Calculator Single-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year for the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt's income tax rate is 30% Prepare a single-step income statement for Brandt Corporation for the current year. BRANDT CORPORATION Income Statement For Year Ended December 31, Current Year Revenues Sales revenue 500.000 Interest revenue 2.000 ✓ Total...
Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as...
Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year $446,000 Sales $397,000 Cost of goods sold 276,520 222,320 66,900 Selling expenses 71,460 Administrative expenses 75,820 59,550 Income tax expense 15,880 8,920 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation...
reasons Income statement data for Winthrop Company for two recent years ended December Current Year Previous...
reasons Income statement data for Winthrop Company for two recent years ended December Current Year Previous Year Sales $2,240,000 $2,000,000 Cost of goods sold (1.925.000) (1,750,000) Gross profit $315,000 $250.000 Seling expenses ${152,500) ${125.000) Administrative expenses (118,000) (100,000) Total operating expenses [270,500) $225,000) Income before income tax expense 544.500 $25.000 Income tax expense (17,800) (10,000) Net Income 3. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease for the current year when compared with the previous year....
Check my work Sales on account for the first two months of the current year are...
Check my work Sales on account for the first two months of the current year are budgeted as follows. January February 10 points $ 663,000 503,000 Skipped All sales are made on terms of 2/10, n/30 (2 percent discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows. eBook Print References 60% 15 Collections within the month of sale: within discount period After discount period Collections within the month following...
Print item eBook Show Me How Calculator Determine the amount of sales (units) that would be...
Print item eBook Show Me How Calculator Determine the amount of sales (units) that would be necessary under Break-Even Sales Under Present and Proposed Conditions Darby Company, operating at full capacity, sold 98,550 units at a price of $84 per unit during the current year. Its income statement for the current year is as follows: Sales Cost of goods sold $8,278,200 4,088,000 $4,190,200 Gross profit Expenses: Selling expenses Administrative expenses $2,044,000 2,044,000 4,088,000 Total expenses Income from operations $102,200 The...
Income statement data for Winthrop Company for two recent years ended December 31, are as follows:...
Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $762,000 $600,000 Cost of goods sold 650,000 520,000 Gross profit $112,000 $80,000 Selling expenses $32,760 $28,000 Administrative expenses 30,000 24,000 Total operating expenses $62,760 $52,000 Income before income tax $49,240 $28,000 Income tax expenses 19,700 11,200 Net income $29,540 $16,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared...
Horizontal Analysis Increase (Decrease) in the Current year (versus Previous year) Amount Percentage Current Year Previous Year $ % Income Statement Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Interest Expense Income before Income Tax Expense Income Tax Expense (30%) Net Income Balance Sheet Cash Accounts Receivable. Net 122,000 54,400 67,600 35,000 3,800 28,800 8,640 20,160 107,400 49,200 58,200 32,200 3,800 22,200 6,660 15,540 $ 15,000 5,200 9,400 2,800 0 46,600 1,980 $ 4,620 13.6 10.6 16.2 8.1...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $900,000; Allowance for Doubtful Accounts has a debit balance of $8,000; and sales for the year total $4,050,000. Bad debt expense is estimated at 1/2 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ 20,250 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts...
Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for Doubtful Accounts has a debit balance of $3,500; and sales for the year total $1,800,000. Bad debt expense is estimated at l/4 of 1% of sales. 1. Determine the amount of the adjusting entry for uncollectible accounts 4,500 2. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts...
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Adjustment for Depreciation The estimated amount of depreciation on equipment for the current year is $1,730. Journalize the adjusting entry to record the depreciation. If an amount box does not require an entry, leave it blank. Depreciation Expense 1,730 Accumulated Depreciation Equipment Feedback Check My Work Depreciation expense is the allocation of a fixed asset's cost over the period used. The fixed asset account is not touched or decreased when recording the expense. Check My Work (...
eBook Calculator Single-Step Income Statement Brandt Corporation had sales revenue of $500,000 for the current year for the year, its cost of goods sold was $240,000, its operating expenses were $50,000, its interest revenue was $2,000, and its interest expense was $12,000. Brandt's income tax rate is 30% Prepare a single-step income statement for Brandt Corporation for the current year. BRANDT CORPORATION Income Statement For Year Ended December 31, Current Year Revenues Sales revenue 500.000 Interest revenue 2.000 ✓ Total...
Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year $446,000 Sales $397,000 Cost of goods sold 276,520 222,320 66,900 Selling expenses 71,460 Administrative expenses 75,820 59,550 Income tax expense 15,880 8,920 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation...
reasons Income statement data for Winthrop Company for two recent years ended December Current Year Previous Year Sales $2,240,000 $2,000,000 Cost of goods sold (1.925.000) (1,750,000) Gross profit $315,000 $250.000 Seling expenses ${152,500) ${125.000) Administrative expenses (118,000) (100,000) Total operating expenses [270,500) $225,000) Income before income tax expense 544.500 $25.000 Income tax expense (17,800) (10,000) Net Income 3. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease for the current year when compared with the previous year....
Check my work Sales on account for the first two months of the current year are budgeted as follows. January February 10 points $ 663,000 503,000 Skipped All sales are made on terms of 2/10, n/30 (2 percent discount if paid in 10 days, full amount by 30 days); collections on accounts receivable are typically made as follows. eBook Print References 60% 15 Collections within the month of sale: within discount period After discount period Collections within the month following...
Print item eBook Show Me How Calculator Determine the amount of sales (units) that would be necessary under Break-Even Sales Under Present and Proposed Conditions Darby Company, operating at full capacity, sold 98,550 units at a price of $84 per unit during the current year. Its income statement for the current year is as follows: Sales Cost of goods sold $8,278,200 4,088,000 $4,190,200 Gross profit Expenses: Selling expenses Administrative expenses $2,044,000 2,044,000 4,088,000 Total expenses Income from operations $102,200 The...
Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $762,000 $600,000 Cost of goods sold 650,000 520,000 Gross profit $112,000 $80,000 Selling expenses $32,760 $28,000 Administrative expenses 30,000 24,000 Total operating expenses $62,760 $52,000 Income before income tax $49,240 $28,000 Income tax expenses 19,700 11,200 Net income $29,540 $16,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared...
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