Homework Answers
| 2017 | 2016 | |
|---|---|---|
| Sales | 100% | 100% |
| Cost of Goods Sold | 36.5% | 29.9% |
| Sales salaries | 24.6% | 26.7% |
| Delivery expenses | 10.6% | 11.7% |
| Office supplies | 3.2% | 3.5% |
| Depreciation | 2.4% | 2.6% |
| Computer | 1.4% | 1.2% |
| Total expense | 78.7% | 75.7% |
| Net income | 21.3% | 24.3% |
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Comparability and Consistency in Income Statements The following income statements were provided by Chisholm Company, a...
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 $1,180,000 Gross profit...
Forecasting an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income ($...
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...
2017 Income Statement 2016 Income Statement Sales $1,700,000 Sales $1,500,000 Cost of sales 520,000 Cost of...
2017 Income Statement 2016 Income Statement Sales $1,700,000 Sales $1,500,000 Cost of sales 520,000 Cost of sales $450,000 Gross profit $1,180,000 Sales salaries 398,000 Selling expense $ 702,000 Advertising 175,000 Administrative expense 95,000 Office supplies 53,000 Total selling and administrative expense $797,000 Depreciation-building 40,000 Delivery expense 20,000 Total expenses $1,136,000 Net income $383,000 Net income $364,000 Required: 1. Identify each income statement as either single- or multiple-step format. 2017 income statement 2016 income statement 2. Convert the 2016 income statement...
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales...
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cost of Goods Sold Gross Profit 2015 $1,500,000 1,125,000 $ 375,000 2016 $1,900,000 1,406,000 $ 494,000 2017 $2,000,000 1,520,000 $ 480,000 2018 $2,500,000 1,875,000 $ 625,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $15,000 on December 31, 2017, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements...
4.980 P4-4 (L03,4,5,6) (Multiple- and Single-Step Statements, Retained Earnings Statement) The following account balances were included...
4.980 P4-4 (L03,4,5,6) (Multiple- and Single-Step Statements, Retained Earnings Statement) The following account balances were included in the trial balance of Twain Corporation at June 30, 2017 Sales revenue $1,578,500 Deprecajon expense (office Sales discounts 31,150 furnite and equipment) Cost of goods sold 896,770 Property tax expenses Salaries and wages expense (sales) 56,260 Bad debt expense (selling 4,850 Sales commissions 97,600 Maintenance and repair Travel expense (salespersons) 28,930 expense (administration Delivery expense 21400 Office expense Entertainment expense 14,820 Sales returns...
Multi-step Income Statements The adjusted trial balance of Mally Distributors on December 31 is shown below....
Multi-step Income Statements The adjusted trial balance of Mally Distributors on December 31 is shown below. MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Debit Credit $30,200 Cash Accounts Receivable 110,200 94,000 2,400 6,400 85,000 Inventory Prepaid Insurance Supplies Delivery Equipment Accumulated Depreciation Accounts Payable Common Stock $35,000 100,000 105,000 22,800 791,000 Retained Earnings Sales Revenue 513,400 123,000 40,000 6,400 4,000 16,000 6,800 16,000 $1,053,800 $1.053,800 Cost of Goods Sold Salaries Expense Rent Expense Supplies Expense Utilities Expense Depreciation Expense Insurance...
The following is a single-step income statement for the James Bonds Company: James Bonds Company Income...
The following is a single-step income statement for the James Bonds Company: James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 interest Income me 20.000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Total Expenses 129.000 Net Income $191.000 Revenues: Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000...
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...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales $1,650,000 Expenses: Cost of goods sold $990,000 Operating expenses 500,000 Depreciation expense 44,000 Income tax expense 34,000 Total expenses 1,568,000 Net income $ 82,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or Cash Accounts receivable 2018 $96,000 46,600 69,000 2,400 39,000 4,400 2017 $82,000 52,000 52.000 3,800 34.000 7.000 Decrease (D) $14,000 ()...
Portions of the financial statements for Peach Computer are provided below PEACH COMPUTER Income Statement For...
Portions of the financial statements for Peach Computer are provided below PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales Expenses $1,975,000 Cost of goods sold Operating expenses Depreciation expense Income tax expense $1,120,000 630,000 57,000 47,000 Total expenses 1,854,000 Net income S 121,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or 2017 Decrease (D) $20,500 (I) 2018 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $109,000 $88,500 52,500 58,500...
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...
2017 Income Statement 2016 Income Statement Sales $1,700,000 Sales $1,500,000 Cost of sales 520,000 Cost of sales $450,000 Gross profit $1,180,000 Sales salaries 398,000 Selling expense $ 702,000 Advertising 175,000 Administrative expense 95,000 Office supplies 53,000 Total selling and administrative expense $797,000 Depreciation-building 40,000 Delivery expense 20,000 Total expenses $1,136,000 Net income $383,000 Net income $364,000 Required: 1. Identify each income statement as either single- or multiple-step format. 2017 income statement 2016 income statement 2. Convert the 2016 income statement...
Partial income statements for Sherwood Company summarized for a four-year period show the following: Net Sales Cost of Goods Sold Gross Profit 2015 $1,500,000 1,125,000 $ 375,000 2016 $1,900,000 1,406,000 $ 494,000 2017 $2,000,000 1,520,000 $ 480,000 2018 $2,500,000 1,875,000 $ 625,000 An audit revealed that in determining these amounts, the ending inventory for 2016 was overstated by $15,000 on December 31, 2017, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements...
4.980 P4-4 (L03,4,5,6) (Multiple- and Single-Step Statements, Retained Earnings Statement) The following account balances were included in the trial balance of Twain Corporation at June 30, 2017 Sales revenue $1,578,500 Deprecajon expense (office Sales discounts 31,150 furnite and equipment) Cost of goods sold 896,770 Property tax expenses Salaries and wages expense (sales) 56,260 Bad debt expense (selling 4,850 Sales commissions 97,600 Maintenance and repair Travel expense (salespersons) 28,930 expense (administration Delivery expense 21400 Office expense Entertainment expense 14,820 Sales returns...
Multi-step Income Statements The adjusted trial balance of Mally Distributors on December 31 is shown below. MOLLY DISTRIBUTORS Adjusted Trial Balance December 31 Debit Credit $30,200 Cash Accounts Receivable 110,200 94,000 2,400 6,400 85,000 Inventory Prepaid Insurance Supplies Delivery Equipment Accumulated Depreciation Accounts Payable Common Stock $35,000 100,000 105,000 22,800 791,000 Retained Earnings Sales Revenue 513,400 123,000 40,000 6,400 4,000 16,000 6,800 16,000 $1,053,800 $1.053,800 Cost of Goods Sold Salaries Expense Rent Expense Supplies Expense Utilities Expense Depreciation Expense Insurance...
The following is a single-step income statement for the James Bonds Company: James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 interest Income me 20.000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Total Expenses 129.000 Net Income $191.000 Revenues: Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000...
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...
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales $1,650,000 Expenses: Cost of goods sold $990,000 Operating expenses 500,000 Depreciation expense 44,000 Income tax expense 34,000 Total expenses 1,568,000 Net income $ 82,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or Cash Accounts receivable 2018 $96,000 46,600 69,000 2,400 39,000 4,400 2017 $82,000 52,000 52.000 3,800 34.000 7.000 Decrease (D) $14,000 ()...
Portions of the financial statements for Peach Computer are provided below PEACH COMPUTER Income Statement For the year ended December 31, 2018 Net sales Expenses $1,975,000 Cost of goods sold Operating expenses Depreciation expense Income tax expense $1,120,000 630,000 57,000 47,000 Total expenses 1,854,000 Net income S 121,000 PEACH COMPUTER Selected Balance Sheet Data December 31 Increase (1) or 2017 Decrease (D) $20,500 (I) 2018 Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $109,000 $88,500 52,500 58,500...
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