Homework Answers
Percentage change in income from year 1 to year 2:-
=year 2/year 1-1
=107000/87000-1
=22.99% increase
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For the last two years BRC Company had net income as follows: Year 1 $87,000 Year...
For the last two years BRC Company had net income as follows: Year 1 Year 2...
For the last two years BRC Company had net income as follows: Year 1 Year 2 Net Income $160,000 $200,000 What was the percentage change in income from Year 1 to Year 2? Multiple Choice 25% decrease 25% increase Oo oo 20% increase 20% decrease 20% decrease
The net income for a company was $225,000 last year and is $175,000 this year. The...
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The following income statements are provided for Li Company's last two years of operation: Number of...
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Income statement data for Winthrop Company for two recent years ended December 31, are as follows:...
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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 $701,800 $580,000 Cost of goods sold 590,000 500,000 Gross profit $111,800 $80,000 Selling expenses $31,080 $28,000 Administrative expenses 27,370 23,000 Total operating expenses $58,450 $51,000 Income before income tax $53,350 $29,000 Income tax expenses 21,300 11,600 Net income $32,050 $17,400 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared...
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: 1 Current Year Previous Year 2 Sales $1,948,800.00 $1,740,000.00 3 Cost of goods sold 1,689,975.00 1,522,500.00 4 Gross profit $258,825.00 $217,500.00 5 Selling expenses $71,875.00 $62,500.00 6 Administrative expenses 51,520.00 46,000.00 7 Total operating expenses $123,395.00 $108,500.00 8 Income before income tax $135,430.00 $109,000.00 9 Income tax expense 13,398.00 8,700.00 10 Net income $122,032.00 $100,300.00 A. Prepare a comparative income statement with horizontal analysis,...
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 $1,948,800.00 1,689,975.00 $1,740,000.00 1,522,500.00 Cost of goods sold Gross profit $258,825.00 $217,500.00 Selling expenses $71,875.00 $62,500.00 Administrative expenses 51,520.00 46,000.00 Total operating expenses $123,395.00 $108,500.00 Income before income tax $109,000.00 $135,430.00 13,398.00 9 Income tax expense 8,700.00 10 Net income $122,032.00 $100,300.00 A. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year...
At the end of a year, a company's net income increased 30%. At the end of...
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For the last two years BRC Company had net income as follows: Year 1 Year 2 Net Income $160,000 $200,000 What was the percentage change in income from Year 1 to Year 2? Multiple Choice 25% decrease 25% increase Oo oo 20% increase 20% decrease 20% decrease
The net income for a company was $225,000 last year and is $175,000 this year. The percent of increase or (decrease) was Multiple Choice (22.22%) (28.57%) 28.57% 22.22%
The net income for a company was $225,000 last year and is $175,000 this year. The percent of increase or (decrease) was Multiple Choice 02 D 28.57% 22.22% (22.22%) (28.57%) How are financial ratios used in decision making? Multiple Choice They can help identify the reasons for success and failure in business, but decision making requires information beyond the ratios. They aren't useful because decision making is too complex They remove the uncertainty of the business environment. They give clear...
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...
Income statement data for Boone Company for two recent years ended December 31, are as follows: Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expenses Net income Current Year $844,800 728,000 $116,800 $35,380 32,500 $67,880 $48,920 19,600 $29,320 Previous Year $640,000 560,000 $80,000 $29,000 25,000 $54,000 $26,000 10,400 $15,600 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared...
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...
Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales $1,948,800.00 1,689,975.00 $1,740,000.00 1,522,500.00 Cost of goods sold Gross profit $258,825.00 $217,500.00 Selling expenses $71,875.00 $62,500.00 Administrative expenses 51,520.00 46,000.00 Total operating expenses $123,395.00 $108,500.00 Income before income tax $109,000.00 $135,430.00 13,398.00 9 Income tax expense 8,700.00 10 Net income $122,032.00 $100,300.00 A. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year...
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