Homework Answers
| PINA COLADA CORP. | ||||
| Comparative Income Statement | ||||
| For the Years Ended December 31 | ||||
| Increase or (decrease) during 2019 | ||||
| 2019 | 2018 | Amount | Percentage | |
| Net sales | 648000 | 540000 | 108000 | 20.0% |
| Cost of goods sold | 517104 | 465480 | 51624 | 11.1% |
| Gross profit | 130896 | 74520 | 56376 | 75.7% |
| Operating expenses | 85536 | 48060 | 37476 | 78.0% |
| Net income | 45360 | 26460 | 18900 | 71.4% |
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Prepare a horizontal analysis of the income statement data for Pina Colada Corp., using 2018 as...
Pina Colada Corp.’s balance sheet at December 31, 2018, is presented below. Pina Colada Corp. Balance...
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s $5,100 account.
3
Pina Colada wrote...
Journal Entry By December 31, 2017, Pina Colada Corp. had performed a significant amount of environmental...
Journal Entry By December 31, 2017, Pina Colada Corp. had performed a significant amount of environmental consulting services for Blossom Company. Blossom Company was short of cash, and Pina Colada Corp. agreed to accept a $187,500, non–interest-bearing note due December 31, 2019, as payment in full. Blossom Company is a bit of a credit risk and typically borrows funds at a rate of 15%. Pina Colada Corp. is much more creditworthy and has various lines of credit at 8%. Pina...
Pina Colada Corp. maintains its financial records using the cash basis of accounting. As it would...
Pina Colada Corp. maintains its financial records using the cash basis of accounting. As it would like to secure a long-term loan from its bank, the company asks you, as an independent CPA, to convert its cash basis income statements information to the accrual basis. You are provided with the following summarized data for 2018, 2019, and 2020: 2018 2019 2020 Cash receipts from sales: On 2018 sales On 2019 sales On 2020 sales $287,000 $143,500 $27,000 -0 374,000 81,000...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2019 $636,000 497,988 138,012 90,312 $ 47,700 2018 $530,000 458,450 71,550 45,050 $ 26,500 Prepare a horizontal analysis of the income statement data for Bridgeport Corp., using 2018 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20%...
Comprehensive Problem 8 (Part Level Submission) Pina Colada Corp.’s balance sheet at December 31, 2018, is...
Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
I want to make sure I have the correct numbers for the horizontal line analysis, but...
I want to make sure I have
the correct numbers for the horizontal line analysis, but I need
help solving for percents under a vertical line analysis for the
second question. Thanks
--/1 Question 3 View Policies Current Attempt in Progress Here are the comparative income statements of Pronghorn Corp. PRONGHORN CORP Comparative Income Statement For the Years Ended December 31 2019 2018 Net sales $540,000 $450,000 Cost of goods sold 434,700 377,550 Gross Profit 105,300 72,450 Operating expenses 66,420...
The Pina Colada Corp. is located in midtown Madison. During the past several years, net income...
The Pina Colada Corp. is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2022, the following accounts appeared in tw of its trial balances. All accounts balances are normal. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Unadjusted $25,100 30,400 33.000 27,000...
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 Sales Cost of goods sold Gross profit
$665,600 567,000 Previous Year $520,000 450,000 $98,600 $70,000
Selling expenses$29,500 Administrative expenses 26,460 $25,000
21,000 $ 46,000 Total operating expenses$55,960 Income before
income tax$42,640 $ 24,000 Income tax expenses 17,1009,600 Net
income$ 25,540$ 14,400
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent...
Pina Colada Inc. reported income from continuing operations before tax of $2,058,500 during 2020. Additional transactions...
Pina Colada Inc. reported income from continuing operations before tax of $2,058,500 during 2020. Additional transactions occurring in 2020 but not included in the $2,058,500 were as follows: 1. The corporation experienced an insured flood loss of $92,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $70,800 (residual value of $17,400) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct...
Variline Corp. reported the following on its comparative income statement: Variline Corp. reported the following on...
Variline Corp. reported the following on its comparative income
statement:
Variline Corp. reported the following on its comparative income statement EEB (Click the icon to view the data.) Prepare a horizontal analysis of revenues and gross profit-both in dollar amounts and in percentages-for 2019 and 2018 Begin by calculating the gross profit for each year, then prepare a horizontal analysis of revenues and gross profit-both in dollar amounts and in percentages-for 2019 and 2018. (Enter amounts in millions as provided...
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s $5,100 account.
3
Pina Colada wrote...
Pina Colada Corp. maintains its financial records using the cash basis of accounting. As it would like to secure a long-term loan from its bank, the company asks you, as an independent CPA, to convert its cash basis income statements information to the accrual basis. You are provided with the following summarized data for 2018, 2019, and 2020: 2018 2019 2020 Cash receipts from sales: On 2018 sales On 2019 sales On 2020 sales $287,000 $143,500 $27,000 -0 374,000 81,000...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2019 $636,000 497,988 138,012 90,312 $ 47,700 2018 $530,000 458,450 71,550 45,050 $ 26,500 Prepare a horizontal analysis of the income statement data for Bridgeport Corp., using 2018 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20%...
Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
I want to make sure I have
the correct numbers for the horizontal line analysis, but I need
help solving for percents under a vertical line analysis for the
second question. Thanks
--/1 Question 3 View Policies Current Attempt in Progress Here are the comparative income statements of Pronghorn Corp. PRONGHORN CORP Comparative Income Statement For the Years Ended December 31 2019 2018 Net sales $540,000 $450,000 Cost of goods sold 434,700 377,550 Gross Profit 105,300 72,450 Operating expenses 66,420...
The Pina Colada Corp. is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2022, the following accounts appeared in tw of its trial balances. All accounts balances are normal. Accounts Payable Accounts Receivable Accumulated Depr.-Equipment Cash Common Stock Cost of Goods Sold Dividends Freight-Out Equipment Depreciation Expense Insurance Expense Interest Expense Interest Revenue Unadjusted $25,100 30,400 33.000 27,000...
Horizontal Analysis of the Income Statement Income statement
data for Winthrop Company for two recent years ended December 31,
are as follows: Current Year Sales Cost of goods sold Gross profit
$665,600 567,000 Previous Year $520,000 450,000 $98,600 $70,000
Selling expenses$29,500 Administrative expenses 26,460 $25,000
21,000 $ 46,000 Total operating expenses$55,960 Income before
income tax$42,640 $ 24,000 Income tax expenses 17,1009,600 Net
income$ 25,540$ 14,400
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent...
Pina Colada Inc. reported income from continuing operations before tax of $2,058,500 during 2020. Additional transactions occurring in 2020 but not included in the $2,058,500 were as follows: 1. The corporation experienced an insured flood loss of $92,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $70,800 (residual value of $17,400) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct...
Variline Corp. reported the following on its comparative income
statement:
Variline Corp. reported the following on its comparative income statement EEB (Click the icon to view the data.) Prepare a horizontal analysis of revenues and gross profit-both in dollar amounts and in percentages-for 2019 and 2018 Begin by calculating the gross profit for each year, then prepare a horizontal analysis of revenues and gross profit-both in dollar amounts and in percentages-for 2019 and 2018. (Enter amounts in millions as provided...
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