Homework Answers
Common size income statement
Ross Company
| Particulars | 2013 | 2013 Calculation | 2012 | 2012 Calculation |
| Sales Revenue | 100% | 545000/545000 x 100 | 100% | 460000 / 460000 x 100 |
| Cost of goods sold | 61.7% | 336000 / 545000 x 100 | 60.7% | 279000 / 460000 x 100 |
| 38.3% | 209000 / 545000 x 1 00 | 39.3% | 181000 /460000 x 100 | |
| Selling Expenses | 19.3% | 105000 / 545000 x 100 | 21.5% | 99000 / 460000 x 100 |
| Administrative expenses | 12.8% | 70000 / 545000 x 100 | 13.9% | 64000 / 460000 x 100 |
| Total | 6.2% | 34000/545000 x 100 | 3.9% | 18000 / 460000 x 100 |
| Income before Income Taxes | 3.3% | 17800 / 545000 x 100 | 3.3% | 15400 / 460000 x 100 |
| 2.9% | 16200/545000 x 100 | 0.5% | 2600 / 460000 x 100 | |
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Common-Size Income Statements Consider the following income statement data from the Ross Company: 2013 2012 Sales...
Return to course È Business Course Common-Size Income Statements Consider the following income statement data from...
Return to course È Business Course Common-Size Income Statements Consider the following income statement data from the Ross Company: 2013 2012 Sales revenue $545,000 $460,000 Cost of goods sold 336,000 279,000 Selling expenses 105,000 99,000 Administrative expenses 70,000 64,000 Income tax expense 17,800 15,400 Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANY Common-Size Income Statements (Percent of Sales Revenue) 2013 2012 Sales Revenue 100% 100% Cost of Goods...
Construct a common-size income statement. Check figure: NPAT for 2012 should be 4.0% Be sure to...
Construct a common-size income statement. Check figure: NPAT for 2012 should be 4.0% Be sure to indicate if each account is "better" or "worse" compared to the previous year. P3-19 Common-size statement analysis A common-size income statement for Creek Enterprises' 2011 operations follows. Using the firm's 2012 income statement pre- sented in Problem 3-18, develop the 2012 common-size income statement and com- pare it to the 2011 statement. Which areas require further analysis and investigation? Creek Enterprises Common-Size Income Statement...
LO4 Comparative statements of financial position for 2013 and 2012, the income statement for 2013, and...
LO4 Comparative statements of financial position for 2013 and 2012, the income statement for 2013, and additional information from the accounting records of Red Ltd are provided below. E 21-27 Statement of cash flows; direct method - LO3 LOS LOS LOS RED LTD Comparative Statements of Financial Position December 31, 2013 and 2012 is in millions) 2013 2012 $ 24 178 $110 132 Assets Cash Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation 175 350 285 400...
Lehman Company has the following income statement information for the years 2011- 2013: 2011 Income 2012...
Lehman Company has the following income statement information for the years 2011- 2013: 2011 Income 2012 Income 2013 Income Statement as Statement as Statement Sales Reported Totals Reported 10.000.000 Cost of Goods Sold 12.500.000 13.000.000 6,200,000 Gross Profit 7.250.000 8,060,000 3,800,000 5.250.000 4,940,000 Operating Expenses 2,100,000 2.835.000 2.519.000 Income from Operations 1.700.000 2.415.000 2,421,000 Non-Operating Items (220.000) (170.000) [250.000) Income from Continuing Operations 1,480,000 2.245.000 2,171,000 Income Tax Expense 296,000 561.000 478.000 Net Income 1,184,000 1,684,000 1,693.000 During 2013, Lehman...
Common-Size Income Statements Following is the income statement for Target Corporation. Prepare Target's common-size income statement...
Common-Size Income Statements Following is the income statement for Target Corporation. Prepare Target's common-size income statement for the fiscal year ended January 31, 2015 (Round your answers to one decimal place.) Fiscal year ended (5 millions) January 31, 2015 Sales revenue $72,618 Cost of sales 51,278 Selling, general and administrative expenses 14,676 Depreciation and amortization 2,129 Earnings from continuing operations before interest and income taxes 4,535 Net interest expense 882 3,653 Earnings from continuing operations before income taxes 1.204 Provision...
Exercise 14-1 Common-Size Income Statement [LO14-1] A comparative income statement is given below for Mckenzie Sales,...
Exercise 14-1 Common-Size Income Statement [LO14-1] A comparative income statement is given below for Mckenzie Sales, Ltd., of Toronto: Last Year $5,593,600 3,512,000 2,081,600 Mckenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,360,000 Cost of goods sold 4,640,000 Gross margin 2,720,000 Selling and administrative expenses: Selling expenses 1,377,000 Administrative expenses 706,000 Total expenses 2,083,000 Net operating income 637,000 Interest expense 106,000 Net income before taxes $ 531,000 1,076,000 615,500 1,691,500 390,100 93,000 $ 297,100 Members of the company's board...
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...
A common-size income statement for Creek Enterprises' 2018 operations follows: Creek Enterprises Income Statement for the...
A common-size income statement for Creek Enterprises' 2018 operations follows: Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,966,000) 100.0 % Less: Cost of goods sold 65.6 Gross profits 34.4 % Less: Operating expenses Selling expense 12.7 % General and administrative expenses 6.3 Lease expense 0.5 Depreciation expense ...
Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows E Using the...
Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows E Using the firm's 2019 income statements, develop the 2019 common-size income statement and compare it to the 2018statement. Which areas require further analysis and investigation? Complete the common-size income statement for the year ending December 31, 2019 and compare it to the common-size income statement for the year ending December 2018: (Round to one decimal place.) 100.0 % 66.0 34.0 % Creek Enterprises Common-Size Income Statement...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Fit Apparel Laura's Bakery $ 99,000 Fit Apparel Laura's Bakery 99,000 32,000 $ (d) 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost of Goods Sold:...
Return to course È Business Course Common-Size Income Statements Consider the following income statement data from the Ross Company: 2013 2012 Sales revenue $545,000 $460,000 Cost of goods sold 336,000 279,000 Selling expenses 105,000 99,000 Administrative expenses 70,000 64,000 Income tax expense 17,800 15,400 Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANY Common-Size Income Statements (Percent of Sales Revenue) 2013 2012 Sales Revenue 100% 100% Cost of Goods...
Construct a common-size income statement. Check figure: NPAT for 2012 should be 4.0% Be sure to indicate if each account is "better" or "worse" compared to the previous year. P3-19 Common-size statement analysis A common-size income statement for Creek Enterprises' 2011 operations follows. Using the firm's 2012 income statement pre- sented in Problem 3-18, develop the 2012 common-size income statement and com- pare it to the 2011 statement. Which areas require further analysis and investigation? Creek Enterprises Common-Size Income Statement...
LO4 Comparative statements of financial position for 2013 and 2012, the income statement for 2013, and additional information from the accounting records of Red Ltd are provided below. E 21-27 Statement of cash flows; direct method - LO3 LOS LOS LOS RED LTD Comparative Statements of Financial Position December 31, 2013 and 2012 is in millions) 2013 2012 $ 24 178 $110 132 Assets Cash Accounts receivable Prepaid insurance Inventory Buildings and equipment Less: Accumulated depreciation 175 350 285 400...
Lehman Company has the following income statement information for the years 2011- 2013: 2011 Income 2012 Income 2013 Income Statement as Statement as Statement Sales Reported Totals Reported 10.000.000 Cost of Goods Sold 12.500.000 13.000.000 6,200,000 Gross Profit 7.250.000 8,060,000 3,800,000 5.250.000 4,940,000 Operating Expenses 2,100,000 2.835.000 2.519.000 Income from Operations 1.700.000 2.415.000 2,421,000 Non-Operating Items (220.000) (170.000) [250.000) Income from Continuing Operations 1,480,000 2.245.000 2,171,000 Income Tax Expense 296,000 561.000 478.000 Net Income 1,184,000 1,684,000 1,693.000 During 2013, Lehman...
Common-Size Income Statements Following is the income statement for Target Corporation. Prepare Target's common-size income statement for the fiscal year ended January 31, 2015 (Round your answers to one decimal place.) Fiscal year ended (5 millions) January 31, 2015 Sales revenue $72,618 Cost of sales 51,278 Selling, general and administrative expenses 14,676 Depreciation and amortization 2,129 Earnings from continuing operations before interest and income taxes 4,535 Net interest expense 882 3,653 Earnings from continuing operations before income taxes 1.204 Provision...
Exercise 14-1 Common-Size Income Statement [LO14-1] A comparative income statement is given below for Mckenzie Sales, Ltd., of Toronto: Last Year $5,593,600 3,512,000 2,081,600 Mckenzie Sales, Ltd. Comparative Income Statement This Year Sales $7,360,000 Cost of goods sold 4,640,000 Gross margin 2,720,000 Selling and administrative expenses: Selling expenses 1,377,000 Administrative expenses 706,000 Total expenses 2,083,000 Net operating income 637,000 Interest expense 106,000 Net income before taxes $ 531,000 1,076,000 615,500 1,691,500 390,100 93,000 $ 297,100 Members of the company's board...
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...
Common-size statement analysis A common-size income statement for Creek Enterprises' 2018 operations follows E Using the firm's 2019 income statements, develop the 2019 common-size income statement and compare it to the 2018statement. Which areas require further analysis and investigation? Complete the common-size income statement for the year ending December 31, 2019 and compare it to the common-size income statement for the year ending December 2018: (Round to one decimal place.) 100.0 % 66.0 34.0 % Creek Enterprises Common-Size Income Statement...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Fit Apparel Laura's Bakery $ 99,000 Fit Apparel Laura's Bakery 99,000 32,000 $ (d) 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost of Goods Sold:...
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