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Exercise 13-18 Common-Size Income Statements and Horizontal Analysis LO2.3 Example 13-2, 13-5 Income statements for Mariners...
Common-Size Income Statements and Horizontal Analysis Income statements for Mariners Corp. for the past two years...
Common-Size Income Statements and Horizontal Analysis Income statements for Mariners Corp. for the past two years are as follows: Sales revenue Cost of goods sold Gross profit Selling and administrative expense Operating income Interest expense Income before tax Income tax expense Net income (amounts in thousands of dollars) 2017 2016 $59,510 $49,980 41,940 30,320 $17,570 $19,660 9,430 4,900 $8,140 $14,760 1,760 1,760 $6,380 $13,000 2,190 4,250 $4,190 $8,750 Required: 1. Using the format in Example 13-5, prepare common-site comparative Income...
Cas e Income Statements and conta is Income statements for Manners Corp. for the past two...
Cas e Income Statements and conta is Income statements for Manners Corp. for the past two years we as follows: (amounts in the sands of dollars) 2017 2016 $59.080 49,610 42,440 29.920 $12,520 $19,690 4,990 $3,600 $14.700 1,980 1,980 16,660 $12,720 4,030 $5,120 8,690 Sales Cost of goods sold Gross pro Selling and Operating come Interest expense Income before tax Income tax expense Net income expense Required 1. Using the format in Example 13 prepare con comparative income statement decimal...
Question 1 [30 marks] Income statements for Beach Motors (Pty) Ltd. for the past two years...
Question 1 [30 marks] Income statements for Beach Motors (Pty) Ltd. for the past two years are as follows: (amounts in thousands of Rands) 2017 2018 Sales revenue R 70,000 R 60,000 Cost of goods sold 42,000 30,000 Gross profit R 28,000 R 30,000 Selling and administrative expenses 20,000 14,000 Operating income R 8,000 R16,000 Interest expense 2,000 2,000 Income before tax R 6,000 R14,000 Income tax expense 2,000 3,000 Net income R 4,000 R11,000 Required: 1. Prepare...
Question 1 30 marks) Income statements for Beach Motors (Pty) Ltd. for the past two years are as follows: (amounts...
Question 1 30 marks) Income statements for Beach Motors (Pty) Ltd. for the past two years are as follows: (amounts in thousands of Rands) 2018 2017 Sales revenue R 70.000 R 60.000 Cost of goods sold 42,000 30.000 Gross profit R 28,000 R 30.000 Selling and administrative expenses 20,000 14.000 Operating income R8,000 R16,000 Interest expense 2,000 2.000 Income before tax R6,000 R14,000 Income tax expense 2,000 3,000 Net income R 4,000 R11,000 Required: 1. Prepare common-size comparative income statements...
Question 1 [30 marks] Income statements for Beach Motors (Pty) Ltd. for the past two years...
Question 1 [30 marks] Income statements for Beach Motors (Pty) Ltd. for the past two years are as follows: (amounts in thousands of Rands) 2018 2017 Sales revenue R 70,000 R 60,000 Cost of goods sold 42,000 30,000 Gross profit R 28,000 R 30,000 Selling and administrative expenses 20,000 14,000 Operating income R 8,000 R16,000 Interest expense 2,000 2,000 Income before tax R6,000 R14,000 Income tax expense 2,000 3,000 Net income R4,000 R11,000 Required: 1. Prepare common-size comparative income statements...
Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Operating income Interest expense...
Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Operating income Interest expense Income before tax Income tax expense Net income 2018 R 70,000 42,000 R 28,000 20,000 R8,000 2,000 R6,000 2,000 R 4,000 2017 R 60,000 30,000 R 30,000 14,000 R16,000 2,000 R14,000 3,000 R11,000 Required: 1. Prepare common-size comparative income statements for the two years for Beach Motors (Pty) Ltd (11) 2. What observations can you make about the common-size statements? List at least four...
1.) Express the following comparative income statements in common-size percents. Using the common-size percentages, which item...
1.) 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 Cost of goods sold 770,000 $635,000 284,400 568,100 Gross profit Operating expenses Net...
Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in...
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...
Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in...
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 Decline in Net Statement 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 $ 750,000 $ 665,000...
Problem Information: The owners of Cyclepath Bicycle Store have asked you to prepare comparative income statements...
Problem Information: The owners of Cyclepath Bicycle Store have asked you to prepare comparative income statements for the fiscal years ended March 31, 2016 and 2017. To aid in their analysis, the owners would also like you to provide common size information with the comparative statements (vertical analysis). They have provided an alphabetical list of account names and balances for the store on the second page. All accounts have normal balances. Guidelines: 1. Use Excel to prepare a professional work...
Common-Size Income Statements and Horizontal Analysis Income statements for Mariners Corp. for the past two years are as follows: Sales revenue Cost of goods sold Gross profit Selling and administrative expense Operating income Interest expense Income before tax Income tax expense Net income (amounts in thousands of dollars) 2017 2016 $59,510 $49,980 41,940 30,320 $17,570 $19,660 9,430 4,900 $8,140 $14,760 1,760 1,760 $6,380 $13,000 2,190 4,250 $4,190 $8,750 Required: 1. Using the format in Example 13-5, prepare common-site comparative Income...
Cas e Income Statements and conta is Income statements for Manners Corp. for the past two years we as follows: (amounts in the sands of dollars) 2017 2016 $59.080 49,610 42,440 29.920 $12,520 $19,690 4,990 $3,600 $14.700 1,980 1,980 16,660 $12,720 4,030 $5,120 8,690 Sales Cost of goods sold Gross pro Selling and Operating come Interest expense Income before tax Income tax expense Net income expense Required 1. Using the format in Example 13 prepare con comparative income statement decimal...
Question 1 30 marks) Income statements for Beach Motors (Pty) Ltd. for the past two years are as follows: (amounts in thousands of Rands) 2018 2017 Sales revenue R 70.000 R 60.000 Cost of goods sold 42,000 30.000 Gross profit R 28,000 R 30.000 Selling and administrative expenses 20,000 14.000 Operating income R8,000 R16,000 Interest expense 2,000 2.000 Income before tax R6,000 R14,000 Income tax expense 2,000 3,000 Net income R 4,000 R11,000 Required: 1. Prepare common-size comparative income statements...
Question 1 [30 marks] Income statements for Beach Motors (Pty) Ltd. for the past two years are as follows: (amounts in thousands of Rands) 2018 2017 Sales revenue R 70,000 R 60,000 Cost of goods sold 42,000 30,000 Gross profit R 28,000 R 30,000 Selling and administrative expenses 20,000 14,000 Operating income R 8,000 R16,000 Interest expense 2,000 2,000 Income before tax R6,000 R14,000 Income tax expense 2,000 3,000 Net income R4,000 R11,000 Required: 1. Prepare common-size comparative income statements...
Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Operating income Interest expense Income before tax Income tax expense Net income 2018 R 70,000 42,000 R 28,000 20,000 R8,000 2,000 R6,000 2,000 R 4,000 2017 R 60,000 30,000 R 30,000 14,000 R16,000 2,000 R14,000 3,000 R11,000 Required: 1. Prepare common-size comparative income statements for the two years for Beach Motors (Pty) Ltd (11) 2. What observations can you make about the common-size statements? List at least four...
1.) 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 Cost of goods sold 770,000 $635,000 284,400 568,100 Gross profit Operating expenses Net...
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...
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 Decline in Net Statement 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 $ 750,000 $ 665,000...
Problem Information: The owners of Cyclepath Bicycle Store have asked you to prepare comparative income statements for the fiscal years ended March 31, 2016 and 2017. To aid in their analysis, the owners would also like you to provide common size information with the comparative statements (vertical analysis). They have provided an alphabetical list of account names and balances for the store on the second page. All accounts have normal balances. Guidelines: 1. Use Excel to prepare a professional work...
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