Homework Answers
1.2007income statement-multistep statement
2006 income statement-single step statement
2.
| sales | 1500000 | |
| cost of sales | 450000 | |
| gross profit | 1050000 | |
| selling expenses:- | 593000 | |
| sales salaries | 398000 | |
| advertisement | 175000 | |
| delivery expenses | 20000 | |
| administrative expenses:- | 93000 | |
| office supplies | 53000 | |
| depreciation-building | 40000 | |
| net income | 364000 |
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2017 Income Statement 2016 Income Statement Sales $1,700,000 Sales $1,500,000 Cost of sales 520,000 Cost of...
2. Convert the 2016 income statement to the same format as the 2017 income statement. Gleeson...
2. Convert the 2016 income statement to the same format as the 2017 income statement. Gleeson Company Income Statement For the Year Ended December 31, 2016 Sales $ 1,500,000 Cost of sales 450,000 Gross profit $ 1,050,000 Selling expenses Administrative expenses Total selling and administrative expenses $ 689,000 Net income 361,000 Comparability and consistency in Income Statements The following income statements were provided by Gleeson Company, a retailer: 2017 Income Statement Sales $1,700,000 Cost of sales 520,000 $1,180,000 Gross profit...
3) The Income Statement for XYZ Company for 2016 and 2017 is as follows: 2017 2016...
3) The Income Statement for XYZ Company for 2016 and 2017 is as follows: 2017 2016 Sales $4,000,000 $3,500,000 Cost of Goods Sold 2,500,000 2,400,000 Gross Profit 1,500,000 1,100,000 Selling Expense 600,000 700,000 Administrative Expense 200,000 150,000 Total Operating Expense 800,000 850,000 Income from Operations 700,000 250,000 Income Tax Expense 50,000 20,000 Net Income 650,000 230,000 Instructions: Using the above comparative income statement, prepare a horizontal analysis for ABC Company. (10 points)
Operating data for Whispering Winds Corp. are presented below. 2017 2016 $843,200 $649,500 Sales revenue Cost...
Operating data for Whispering Winds Corp. are presented below. 2017 2016 $843,200 $649,500 Sales revenue Cost of goods sold 530,500 410,300 Selling expenses 124,100 73,600 Administrative expenses 77,200 53,900 Income tax expense 38,900 24,600 Net income 72,500 87,100 Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, e.g. 12.1%) WHISPERING WINDS CORP. Condensed Income Statement 2017 2016 Amount Percent Amount Percent Sales $843,200 $649,500 Cost of goods sold 530,500 410,300 239,200 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $19,000 $15,000 100 $18,000 $14,900 9,000 $ 6,000 5,900 $ 700 600 2,000 500 300 $ 3,810 3,400 $ 2,190 $2,500 500 $ 1,630 2,000 800 $ 990 $1,200 Depreciation 2,200 550 360 Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes...
*Exercise 14-2 Operating data for Navarro Corporation are presented below. 2017 2016 Net sales Cost of...
*Exercise 14-2 Operating data for Navarro Corporation are presented below. 2017 2016 Net sales Cost of goods sold Selling expenses Administrative expenses $ 754,000 469,500 124,500 65,000 30,000 65,000 $ 601,500 389,500 67,500 52,000 25,500 67,000 Income tax expense Net income Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round answers to 1 decimal place, e.g. 48.5%.) NAVARRO CORPORATION Condensed Income Statements For the Years Ended December 31 2017 2016 Amount Percent Amount Percent Net sales $...
Forecasting an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income ($...
Forecasting an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income ($ in Thousands) 12 Months Ended Aug. 27, 2016 Net sales $10,635,676 Cost of sales, including warehouse and delivery expenses 5,026,940 Gross profit 5,608,736 Operating, selling, general and administrative expenses 3,548,341 Operating profit 2,060,395 Interest expense, net 147,681 Income before income taxes 1,912,714 Income tax expense 671,707 Net income $1,241,007 Forecast AutoZone's 2017 income statement assuming the following income statement relations ($ in thousands). All...
2) The Income Statement for ABC Company for 2017 is as follows: Sales $3,500,000 Cost of...
2) The Income Statement for ABC Company for 2017 is as follows: Sales $3,500,000 Cost of Goods Sold 2,500,000 Gross Profit 1,000,000 Selling Expense 600,000 Administrative Expense 200,000 Total Operating Expense 800,000 Income from Operations 200,000 Income Tax Expense 50,000 Net Income 150,000 Instructions: Prepare a vertical analysis for the above income statement. (10 points)
Exercise 13-4 Operating data for Swifty Corporation are presented below. 2017 2016 Sales revenue $830,700 529,000...
Exercise 13-4 Operating data for Swifty Corporation are presented below. 2017 2016 Sales revenue $830,700 529,000 124,700 78,800 33,500 64,700 $634,900 415,000 73,600 53,900 23,400 69,000 Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, eg, 12.1%) SWIFTY CORPORATION Condensed Income Statement 2017 2016 Amsunt PerentAmeint Amount % $634,900 96 415,000 % 219,900 Percent Sales Cost of goods sold...
The comparative statements of Corbin Company are presented below CORBIN COMPANY Income Statement For the Years...
The comparative statements of Corbin Company are presented below CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 $595,000 $520,000 Net sales (all on account) Expenses Cost of goods sold Selling and administrative Interest expense Income tax expense 415,000 120,800 354,000 114,800 6,000 14,000 488,800 $ 31,200 7,800 15,000 558,600 $ 36,400 Total expenses Net income CORBIN COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventory $ 21,000 18,000...
Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales Cost of goods sol...
Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales Cost of goods sold Operating expenses $230,000 135,700 59,590 17,000 $ 17,710 $140,000 82,600 23,220 8,000 $ 26,180 Income tax expense Net income Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e3.52.7.) 2017 2016 Gross profit rate Profit margin
2. Convert the 2016 income statement to the same format as the 2017 income statement. Gleeson Company Income Statement For the Year Ended December 31, 2016 Sales $ 1,500,000 Cost of sales 450,000 Gross profit $ 1,050,000 Selling expenses Administrative expenses Total selling and administrative expenses $ 689,000 Net income 361,000 Comparability and consistency in Income Statements The following income statements were provided by Gleeson Company, a retailer: 2017 Income Statement Sales $1,700,000 Cost of sales 520,000 $1,180,000 Gross profit...
Operating data for Whispering Winds Corp. are presented below. 2017 2016 $843,200 $649,500 Sales revenue Cost of goods sold 530,500 410,300 Selling expenses 124,100 73,600 Administrative expenses 77,200 53,900 Income tax expense 38,900 24,600 Net income 72,500 87,100 Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, e.g. 12.1%) WHISPERING WINDS CORP. Condensed Income Statement 2017 2016 Amount Percent Amount Percent Sales $843,200 $649,500 Cost of goods sold 530,500 410,300 239,200 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $19,000 $15,000 100 $18,000 $14,900 9,000 $ 6,000 5,900 $ 700 600 2,000 500 300 $ 3,810 3,400 $ 2,190 $2,500 500 $ 1,630 2,000 800 $ 990 $1,200 Depreciation 2,200 550 360 Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes...
*Exercise 14-2 Operating data for Navarro Corporation are presented below. 2017 2016 Net sales Cost of goods sold Selling expenses Administrative expenses $ 754,000 469,500 124,500 65,000 30,000 65,000 $ 601,500 389,500 67,500 52,000 25,500 67,000 Income tax expense Net income Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round answers to 1 decimal place, e.g. 48.5%.) NAVARRO CORPORATION Condensed Income Statements For the Years Ended December 31 2017 2016 Amount Percent Amount Percent Net sales $...
Exercise 13-4 Operating data for Swifty Corporation are presented below. 2017 2016 Sales revenue $830,700 529,000 124,700 78,800 33,500 64,700 $634,900 415,000 73,600 53,900 23,400 69,000 Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, eg, 12.1%) SWIFTY CORPORATION Condensed Income Statement 2017 2016 Amsunt PerentAmeint Amount % $634,900 96 415,000 % 219,900 Percent Sales Cost of goods sold...
The comparative statements of Corbin Company are presented below CORBIN COMPANY Income Statement For the Years Ended December 31 2017 2016 $595,000 $520,000 Net sales (all on account) Expenses Cost of goods sold Selling and administrative Interest expense Income tax expense 415,000 120,800 354,000 114,800 6,000 14,000 488,800 $ 31,200 7,800 15,000 558,600 $ 36,400 Total expenses Net income CORBIN COMPANY Balance Sheets December 31 Assets 2017 2016 Current assets Cash Short-term investments Accounts receivable (net) Inventory $ 21,000 18,000...
Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales Cost of goods sold Operating expenses $230,000 135,700 59,590 17,000 $ 17,710 $140,000 82,600 23,220 8,000 $ 26,180 Income tax expense Net income Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e3.52.7.) 2017 2016 Gross profit rate Profit margin
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