THORNTON COMPANY | ||||
Income Statements | ||||
2019 | 2018 | |||
Sales | 100.0% | $ 585000 | 100.0% | $ 505000 |
Costs of goods sold | 60.9 | $ 356265 | 63.9 | $ 322695 |
Gross Margin | 39.1 | $ 228735 | 36.1 | $ 182305 |
Selling and administrative expenses | 26.4 | $ 154440 | 20.3 | $ 102515 |
Interest Expenses | 2.4 | $ 14040 | 1.8 | $ 9090 |
Total Expenses | 28.8 | $ 168480 | 22.1 | $ 111605 |
Income before taxes | 10.3 | $ 60255 | 14.0 | $ 70700 |
Income tax expense | 5.5 | $ 32175 | 6.8 | $ 34340 |
Net Income | 4.8% | $ 28080 | 7.2% | $ 36360 |
The following percentages apply to Thornton Company for 2018 and 2019: points 2018 100.0% 63.9 36.1...
The following percentages apply to Rundle Company for 2018 and 2019: 2019 2018 Sales 100.0 % 100.0 % Cost of goods sold 61.0 63.9 Gross margin 39.0 36.1 Selling and administrative expense 26.4 20.7 Interest expense 2.4 1.9 Total expenses 28.8 22.6 Income before taxes 10.2 13.5 Income tax expense 5.7 7.2 Net income 4.5 % 6.3 % Required Assuming that sales were $515,000 in 2018 and $585,000 in 2019, prepare income statements for the two years. RUNDLE COMPANY Income...
Income statements for Finch Company for 2018 and 2019 follow: FINCH COMPANY Income Statements 2019 2018 Sales $ 202,000 $ 182,000 Cost of goods sold 143,400 121,400 Selling expenses 20,200 18,200 Administrative expenses 12,200 14,200 Interest expense 3,100 5,100 Total expenses $ 178,900 $ 158,900 Income before taxes 23,100 23,100 Income taxes expense 5,400 3,400 Net income $ 17,700 $ 19,700 Required Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. Perform...
Income statements for Rundle Company for 2018 and 2019 follow: RUNDLE COMPANY Income Statements 2019 2018 Sales $ 200,900 $ 180,900 Cost of goods sold 143,900 121,900 Selling expenses 20,100 18,100 Administrative expenses 12,800 14,800 Interest expense 3,900 5,900 Total expenses $ 180,700 $ 160,700 Income before taxes 20,200 20,200 Income taxes expense 6,600 3,500 Net income $ 13,600 $ 16,700 Required Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. Perform...
Income statements for Vernon Company for 2018 and 2019 follow: VERNON COMPANY Income Statements 2019 Sales $ 201,400 Cost of goods sold 143,400 Selling expenses 20,500 Administrative expenses 12,500 Interest expense 3,500 Total expenses $ 179,900 Income before taxes 21,500 Income taxes expense 6,300 Net income $ 15,200 2018 $181,400 121,400 18,500 14,500 5,500 $ 159,900 21,500 3,200 $ 18,300 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. b....
Income statements for Franklin Company for 2018 and 2019 follow: FRANKLIN COMPANY Income Statements 2019 Sales $200,400 Cost of goods sold 142,200 Selling expenses 20,800 Administrative expenses 12,900 Interest expense 3,200 Total expenses $179,100 Income before taxes 21,300 Income taxes expense 5,600 Net income $ 15,700 2018 $180, 400 120,200 18,800 14,900 5,200 $159,100 21,300 3,100 $ 18, 200 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. b. Perform...
Income statements for Stuart Company for 2018 and 2019 follow. STUART COMPANY Income Statements 2019 Sales $ 201, 688 Cost of goods sold 143, 100 Selling expenses 21,308 Administrative expenses 12,400 Interest expense 3,000 Total expenses $179,800 Income before taxes 21,880 Income taxes expense 5,700 Net Income $ 16,100 2018 $181,600 121, 100 19,300 14,488 5,000 $159,888 21,800 3,580 $ 18,300 Required a. Perform a horizontal analysis, showing the percentage change in each Income statement component between 2018 and 2019....
Income statements for Jordan Company for 2018 and 2019 follow: 2018 JORDAN COMPANY Income Statements 2019 Sales $200,100 Cost of goods sold 142,700 Selling expenses 21,900 Administrative expenses 12,300 Interest expense 3,800 Total expenses $180,700 Income before taxes 19,400 Income taxes expense 6,400 Net income $ 13,000 $180, 100 120,700 19,900 14,300 5,800 $160, 700 19,400 3,000 $ 16,400 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019 b. Perform...
Income statements for Benson Company for 2018 and 2019 follow: BENSON COMPANY Income Statements 2019 Sales $ 201,100 Cost of goods sold 142,600 Selling expenses 20,700 Administrative expenses 12,500 Interest expense 3,500 Total expenses $179,300 Income before taxes 21,800 Income taxes expense 6,900 Net income $ 14,900 2018 $181,100 120,600 18,700 14,500 5,500 $159,300 21,800 3,200 $ 18,600 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. b. Perform a...
Income statements for Balrd Company for 2018 and 2019 follow BAIRD COMPANY Income Statements 2819 2018 $181,60e Sales $201,600 Cost of goods sold Selling expenses Administrative expenses 143,eee 21, see 12,70e 3,200 $180,400 21, 20e 7,eee 121, eee 19, see 14,7ee 5,2ee $160,4ee Interest expense Total expenses Income before taxes 21, 280 3,7ee $ 17,see Income taxes expense Net income $ 14,200 Required a. Perform a hortzontal analysis, showing the percentage change in each Income statement component between 2018 and...
Saved mework KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212, 500 153,900 Gross profit 271, 500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50, 668 29,920 22,800 Total expenses 153, 568 76,840 73,600 Income before taxes 117,932 5 0, 660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 KORBIN COMPANY Comparative Balance...