Homework Answers
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Option A is the answer Administrative expenses |
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Administrative expenses contributed to the loss in year 2 Comment if you face any issues |
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The following are the income statements of the Hancock Company for two consecutive years. Increases in...
The following income statements are provided for Li Company's last two years of operation: Number of...
The following income statements are provided for Li Company's last two years of operation: Number of units produced and sold Sales revenue Cost of goods sold Gross margin General, selling, and administrative expenses Net income Year 1 3,500 $ 101,500 68,000 33,500 13,000 $ 20,500 Year 2 3,000 $87,000 60,000 27,000 12,000 $15,000 Assuming that cost behavior did not change over the two-year period, what is the company's annual fixed general, selling, and administrative cost? Multiple Choice $6,500 0 $3,000...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $496,100 $410,000 Cost of goods sold 401,200 340,000 Gross profit $94,900 $70,000 Selling expenses $26,640 $24,000 Administrative expenses 23,800 20,000 Total operating expenses $50,440 $44,000 Income before income tax $44,460 $26,000 Income tax expenses 17,800 10,400 Net income $26,660 $15,600 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease)...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $541,200 456,000 585,200 $440,000 380,000 $23,730 $60,000 $21,000 18,000 $39,000 21,780 Total operating expenses $45,510 539,690 15,900 Income before income tax Income tax expenses $21,000 8,400 Net income $23,790 $12,600 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease)...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $512,000 $400,000 Cost of goods sold 428,400 340,000 Gross profit $83,600 $60,000 Selling expenses $24,780 $21,000 Administrative expenses 22,680 18,000 Total operating expenses $47,460 $39,000 Income before income tax $36,140 $21,000 Income tax expenses 14,500 8,400 Net income $21,640 $12,600 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease)...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $460,800 375,000 $360,000 300,000 Cost of goods sold Gross profit $85,800 $60,000 Selling expenses $24,780 $21,000 Administrative expenses 22,680 18,000 Total operating expenses $47,460 $39,000 Income before income tax $21,000 $38,340 15,300 Income tax expenses 8,400 Net income $23,040 $12,600 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease)...
Complete the following Income Statement and Contribution Statement. Where ever there is a "?", a formula/number...
Complete the following Income Statement and Contribution
Statement. Where ever there is a "?", a formula/number needs to be
entered.
Sales Variable costs: $12,000 Cost of goods sold Variable selling Variable administrative $6,000 $600 $400 Fixed costs: Fixed selling Fixed administrative $2,500 $1,500 Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administrative Net operating income Contribution Format Income Statement Sales Variable expenses Cost of goods sold Variable selling Variable administration Contribution margin...
17-05 Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent...
17-05 Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $488,400 $370,000 Cost of goods sold 403,000 310,000 Gross profit $85,400 $60,000 Selling expenses $25,620 $21,000 Administrative expenses 23,400 18,000 Total operating expenses $49,020 $39,000 Income before income tax $36,380 $21,000 Income tax expenses 14,600 8,400 Net income $21,780 $12,600 a. Prepare a comparative income statement with horizontal analysis, indicating the increase...
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....
Dallas Corporation prepared the following two income statements: First Quarter $19,000 Second Quarter $22,800 Sales Revenue...
Dallas Corporation prepared the following two income statements: First Quarter $19,000 Second Quarter $22,800 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations $ 3,800 7,800 11,600 4,800 $ 4,800 12,800 17,600 9,800 6,800 12,200 5,800 $ 6,400 7,800 15,000 6,800 $ 8,200 During the third quarter, the company's internal auditors discovered that the ending inventory for the first quarter should have been...
a AS Problem 5-3A Computing merchandising amounts and formatting income statements c2P4 Valley Company's adjusted trial...
a AS Problem 5-3A Computing merchandising amounts and formatting income statements c2P4 Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. Credit $ 25,000 10,000 225,000 Debit Merchandise inventory (ending) $ 41.000 Other (noninventory) assets 130,400 Total liabilities K. Valley, Capital K. Valley, Withdrawals 8,000 Sales Sales discounts...
The following income statements are provided for Li Company's last two years of operation: Number of units produced and sold Sales revenue Cost of goods sold Gross margin General, selling, and administrative expenses Net income Year 1 3,500 $ 101,500 68,000 33,500 13,000 $ 20,500 Year 2 3,000 $87,000 60,000 27,000 12,000 $15,000 Assuming that cost behavior did not change over the two-year period, what is the company's annual fixed general, selling, and administrative cost? Multiple Choice $6,500 0 $3,000...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $541,200 456,000 585,200 $440,000 380,000 $23,730 $60,000 $21,000 18,000 $39,000 21,780 Total operating expenses $45,510 539,690 15,900 Income before income tax Income tax expenses $21,000 8,400 Net income $23,790 $12,600 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease)...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $460,800 375,000 $360,000 300,000 Cost of goods sold Gross profit $85,800 $60,000 Selling expenses $24,780 $21,000 Administrative expenses 22,680 18,000 Total operating expenses $47,460 $39,000 Income before income tax $21,000 $38,340 15,300 Income tax expenses 8,400 Net income $23,040 $12,600 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease)...
Complete the following Income Statement and Contribution
Statement. Where ever there is a "?", a formula/number needs to be
entered.
Sales Variable costs: $12,000 Cost of goods sold Variable selling Variable administrative $6,000 $600 $400 Fixed costs: Fixed selling Fixed administrative $2,500 $1,500 Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administrative Net operating income Contribution Format Income Statement Sales Variable expenses Cost of goods sold Variable selling Variable administration Contribution margin...
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....
Dallas Corporation prepared the following two income statements: First Quarter $19,000 Second Quarter $22,800 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations $ 3,800 7,800 11,600 4,800 $ 4,800 12,800 17,600 9,800 6,800 12,200 5,800 $ 6,400 7,800 15,000 6,800 $ 8,200 During the third quarter, the company's internal auditors discovered that the ending inventory for the first quarter should have been...
a AS Problem 5-3A Computing merchandising amounts and formatting income statements c2P4 Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: Sales Salaries Expense, Rent Expense-Selling Space, Store Supplies Expense, and Advertising Expense. It categorizes the remaining expenses as general and administrative. Credit $ 25,000 10,000 225,000 Debit Merchandise inventory (ending) $ 41.000 Other (noninventory) assets 130,400 Total liabilities K. Valley, Capital K. Valley, Withdrawals 8,000 Sales Sales discounts...
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