Homework Answers
Answer:
Option C i.e. Wages Expense is correct.
Wages Expense is the cause for concern, as Wages Expenses are increasing by 25% over the year and it would effect the profitability unfavorably.
Whereas, Increase in Fee Earned and decrease in Supplies Expense provides some relief and increase profitability favourably.
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The following are line items from the horizontal analysis of an income statement: Increase/ Increase/ (Decrease)...
Horizontal analysis Two income statements for Paragon Company follow: Paragon Company Income Statements For the Years...
Horizontal analysis Two income statements for Paragon Company follow: Paragon Company Income Statements For the Years Ended December 31 2017 2016 Fees earned $2,160,000 $1,800,000 Expenses (1,512,000) (1,350,000) Net Income $648,000 $450,000 Prepare a horizontal analysis of Paragon Company's income statements. If required, round your percentage to the nearest whole number. Paragon Company Income Statements For the Years Ended December 31 Increase/(Decrease) 2047 2046 Amount Percent Fees earned $2,160,000 $1,800,000 $ Expenses (1,512,000) (1,350,000) Net income $648,000 $450,000 $
Shown below, is a Comparative Balance sheet using Horizontal analysis, please prepare an Income statement using...
Shown below, is a Comparative Balance sheet using Horizontal analysis, please prepare an Income statement using vertical Analysis Robust Robots, Inc. Comparative Balance Sheet- Horizontal Analysis December 31, 2019 and 2018 Assets 2019 2018 Differents Percentage Current Assets: Cash $65,000 $80,000 $ (15,000.00) -18.75% Accounts Receivable, net $150,000 $100,000 $ 50,000.00 50.00% Merchandise Inventory $135,000 $70,000 $ 65,000.00 92.86% Supplies $9,700 $500 $ 9,200.00 1840.00% Prepaid Insurance $30,000 $10,000 $ 20,000.00 200.00% Total Current Assets $389,700 $260,500 $ 129,200.00 49.60%...
two income statements for paragon company follow: Show Me How Calculator Printem Horizontal analysis Two income...
two income statements for paragon company follow:
Show Me How Calculator Printem Horizontal analysis Two income statements for Paragon Company follow: Paragon Company Income Statements For the Years Ended December 31 2017 2016 Fees earned $1,200,000 $1,000,000 Expenses (862,500) (750,000) Net income $337,500 $250,000 Prepare a horizontal analysis of Paragon Company's income statements. If required, whole number Paragon Company Income Statements For the Years Ended December 31 Increase/(Decrease) 2047 2046 Amount Percent Fees earned $1,200,000 $1,000,000 $ Expenses (862,500) (750,000)...
Problem 1 N&G Co. and outfitter store prepared the following unad ter store prepared the following unadiusted t...
Problem 1 N&G Co. and outfitter store prepared the following unad ter store prepared the following unadiusted trial balance at the end of its first year of operations: Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees S.G., Capital S.G., Drawing Fees earned Wages Expense Rent Expense Utilities Expense Miscellaneous Expense Unadjusted Trial Balance Debit Credit 50,000 15,000 10,000 100,000 20,000 25,000 35,000 10,000 250,000 80,000 40,000 20,000 5,000 330,000 330,000 For preparing the adjusting entries, the following data were...
calculate net income from trial balance Using the trial balance below, calculate net income for the...
calculate net income from trial balance
Using the trial balance below, calculate net income for the company. Credit Debit 50,000 250,000 15,000 120,000 80,000 Cash Accounts Receivable Supplies Equipment Accounts Payable Smith, Capital Fees Earned Wages Expense Insurance Expense Rent Expense Miscellaneous Expense Totals 300,000 294,000 130.000 40,000 60.000 9,000 674.000 674,000
Problem #2 Listed below in random order are line items to be included in the statement...
Problem #2 Listed below in random order are line items to be included in the statement of cash flows. Purchase of equipment Increase in inventory Increase in prepaid rent Payment of dividends Depreciation expense Increase in accounts receivable Increase in accounts payable Loss on sale of land Net income Repayment of notes payable Cash received from the sale of land Issuance of common stock $220,000 30,000 10,000 40,000 20,000 60,000 10,000 7,000 70,000 50,000 3,000 250,000 Prepare the statement of...
LA 14-5 Horizontal analysis of Income statement data for Winthrop com rizontal analysis of the income...
LA 14-5 Horizontal analysis of Income statement data for Winthrop com rizontal analysis of the income statement follows: Obj. 2 hrop Company for two recent years ended December 31 are as Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax expense Income tax expense Net income a. Prepare a comparative income staten (decrease) for the current year when com one decimal place. What conclusions can be drawn from the horizontal analysis? Sales...
Locator=&inprogress=fals eBook Show Me How Calculator Print Item Horizontal analysis Two income statements for Paragon Company...
Locator=&inprogress=fals eBook Show Me How Calculator Print Item Horizontal analysis Two income statements for Paragon Company follow: Paragon Company Income Statements For the Years Ended December 31 2017 2046 Fees earned $1,722,000 $1,400,000 Expenses (1,288,000) (1,120,000) Net Income $434,000 $280,000 Prepare a horizontal analysis of Paragon Company's income statements. If required, round your percent Paragon Company Income Statements For the Years Ended December 31 Increase/(Decrease) 2017 2016 Amount Percent Fees earned $1,722,000 $1,400,000 $ 322,000 ✓ 0.23 X % Expenses...
The following line items are from the vertical analysis of an income statement: Amount Percent $300...
The following line items are from the vertical analysis of an income statement: Amount Percent $300 300% Total revenues Total expenses Net income 200 200 100% $100 What needs to be changed on the statement? O a. The percentage for total expenses should be 33%. O b. Total revenues should be the base expressed as 100%. O c. The percentage for net income should 25%. O d. None of these choices are correct.
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000...
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000 Inventory …………………… $40,000 Accounts receivable ………….. $40,000 Land ………………………... $100,000 Bonds payable, long-term …… $250,000 Goodwill ……………………. $10,000 Buildings ……………………….. $160,000 Retained earnings ………… $115,000 Cash ……………………………. $50,000 Sales revenue ……………... $500,000 Common stock ………………… $100,000 Supplies inventory ………… $5,000 Cost of goods sold ……………. $200,000 Supplies expense …………. $20,000 Equipment ……………………... $80,000 Wages expense …………… $100,000 What is Daniels Company’s net income for...
Horizontal analysis Two income statements for Paragon Company follow: Paragon Company Income Statements For the Years Ended December 31 2017 2016 Fees earned $2,160,000 $1,800,000 Expenses (1,512,000) (1,350,000) Net Income $648,000 $450,000 Prepare a horizontal analysis of Paragon Company's income statements. If required, round your percentage to the nearest whole number. Paragon Company Income Statements For the Years Ended December 31 Increase/(Decrease) 2047 2046 Amount Percent Fees earned $2,160,000 $1,800,000 $ Expenses (1,512,000) (1,350,000) Net income $648,000 $450,000 $
two income statements for paragon company follow:
Show Me How Calculator Printem Horizontal analysis Two income statements for Paragon Company follow: Paragon Company Income Statements For the Years Ended December 31 2017 2016 Fees earned $1,200,000 $1,000,000 Expenses (862,500) (750,000) Net income $337,500 $250,000 Prepare a horizontal analysis of Paragon Company's income statements. If required, whole number Paragon Company Income Statements For the Years Ended December 31 Increase/(Decrease) 2047 2046 Amount Percent Fees earned $1,200,000 $1,000,000 $ Expenses (862,500) (750,000)...
Problem 1 N&G Co. and outfitter store prepared the following unad ter store prepared the following unadiusted trial balance at the end of its first year of operations: Cash Accounts Receivable Supplies Equipment Accounts Payable Unearned Fees S.G., Capital S.G., Drawing Fees earned Wages Expense Rent Expense Utilities Expense Miscellaneous Expense Unadjusted Trial Balance Debit Credit 50,000 15,000 10,000 100,000 20,000 25,000 35,000 10,000 250,000 80,000 40,000 20,000 5,000 330,000 330,000 For preparing the adjusting entries, the following data were...
calculate net income from trial balance
Using the trial balance below, calculate net income for the company. Credit Debit 50,000 250,000 15,000 120,000 80,000 Cash Accounts Receivable Supplies Equipment Accounts Payable Smith, Capital Fees Earned Wages Expense Insurance Expense Rent Expense Miscellaneous Expense Totals 300,000 294,000 130.000 40,000 60.000 9,000 674.000 674,000
Problem #2 Listed below in random order are line items to be included in the statement of cash flows. Purchase of equipment Increase in inventory Increase in prepaid rent Payment of dividends Depreciation expense Increase in accounts receivable Increase in accounts payable Loss on sale of land Net income Repayment of notes payable Cash received from the sale of land Issuance of common stock $220,000 30,000 10,000 40,000 20,000 60,000 10,000 7,000 70,000 50,000 3,000 250,000 Prepare the statement of...
LA 14-5 Horizontal analysis of Income statement data for Winthrop com rizontal analysis of the income statement follows: Obj. 2 hrop Company for two recent years ended December 31 are as Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax expense Income tax expense Net income a. Prepare a comparative income staten (decrease) for the current year when com one decimal place. What conclusions can be drawn from the horizontal analysis? Sales...
Locator=&inprogress=fals eBook Show Me How Calculator Print Item Horizontal analysis Two income statements for Paragon Company follow: Paragon Company Income Statements For the Years Ended December 31 2017 2046 Fees earned $1,722,000 $1,400,000 Expenses (1,288,000) (1,120,000) Net Income $434,000 $280,000 Prepare a horizontal analysis of Paragon Company's income statements. If required, round your percent Paragon Company Income Statements For the Years Ended December 31 Increase/(Decrease) 2017 2016 Amount Percent Fees earned $1,722,000 $1,400,000 $ 322,000 ✓ 0.23 X % Expenses...
The following line items are from the vertical analysis of an income statement: Amount Percent $300 300% Total revenues Total expenses Net income 200 200 100% $100 What needs to be changed on the statement? O a. The percentage for total expenses should be 33%. O b. Total revenues should be the base expressed as 100%. O c. The percentage for net income should 25%. O d. None of these choices are correct.
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