Homework Answers
Answer = D. a 21.4% increase in net sales revenue
Note:
Change in Sales = (Sales in 2015 - Sales in 2014)/ Sales in 2014*100
= ( 607,000- 500,000)/500,000*100
= 21.4%
Since, the Sales in 2015 is more than the Sales in 2014 , hence, there is an increase.
Add Answer to:
The following is summary of information presented on the financial statements of a company on December...
The following is a summary of information presented on the financial statements of a company on...
The following is a summary of information presented on the financial statements of a company on De Account 2019 2018 Net Sales Revenue $607,000 $500,000 Cost of Goods Sold 456,000 402,000 Gross Profit 151,000 98,000 Selling Expenses 54,000 54,000 Net Income Before Income Tax Expense 97.000 44,000 Income Tax Expense 42,000 19.000 Net Income $55,000 $25,000 With respect to net sales revenue, a horizontal analysis reveals O A a $54,000 increase in net sales revenue OB. a 241.59% decrease in...
he following is summary of information presented on the financial statements of a company on December...
he following is summary of information presented on the financial statements of a company on December 31, 2015. Account 2015 2014 Net Sales Revenue $600,000 $500,000 Cost of Goods Sold 450,000 400,000 Gross Profit $150,000 $100,000 Selling Expenses 50,000 50,000 Net income before income tax expense $100,000 $50,000 Income tax expense 35,000 18,000 Net Income $65,000 $32,000 What would a horizontal analysis report show with respect to net income? both net income before income tax expense and net income are...
The following is summary of information presented on the financial statements of a company on December...
The following is summary of information presented on the financial statements of a company on December 31, 2015. Account 2015 2014 Current Assets $82,000 $70,000 Accounts Receivable 60,000 68,000 Merchandise Inventory 62,000 53,000 Current Liabilities 52,000 46,000 Long-term Liabilities 39,000 45,000 Common Stock 70,000 50,000 Retained Earnings 65,000 40,000 What would a horizontal analysis report show with respect to long-term liabilities? long-term liabilities decreased by $30,000 long-term liabilities decreased by $10,000 long-term liabilities decreased by 13.33% long-term liabilities decreased by...
Presented below are the financial statements of Monty Company. Monty Company Comparative Balance Sheets December 31...
Presented below are the financial statements of Monty Company. Monty Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 84,000 Accounts receivable 48,000 Inventory 67,200 Property, plant, and equipment 144,000 Accumulated depreciation (76,800 ) Total $266,400 2021 $ 48,000 33,600 48,000 187,200 (57,600 ) $259,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 45,600 16,800 40,800 43,200 120,000 $266,400 $ 36,000 19,200 79,200 33,600 91,200 $259,200 $580,800 420,000 160,800 Monty...
The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
P10-7A You have been presented with the following selected information from the financial statements of one...
P10-7A You have been presented with the following selected information from the financial statements of one of Canada's largest dairy producers, Saputo Inc. (in millions): 2015 2014 2013 Statement of financial position Accounts receivable S 785 S 807 $ 625 Inventory Total current assets 1,006 1.962 933 1,896 770 1,513 Total assets 6.800 6,357 5,194 Current liabilities 1,179 1,725 1,227 Total liabilities 3,172 3,518 2,888 Income statement Net sales $10,658 $9,223 $7,298 Cost of goods sold 7,688 6,518 5,136 Interest...
P10-7A You have been presented with the following selected information from the financial statements of one...
P10-7A You have been presented with the following selected information from the financial statements of one of Canada's largest dairy producers, Saputo Inc. (in millions): 2015 2014 2013 Statement of financial position Accounts receivable $ 785 S 807 $ 625 Inventory 1,006 933 770 Total current assets 1,962 1,896 1,513 Total assets 6,800 6,357 5,194 Current liabilities 1,179 1,725 1,227 Total liabilities 3,172 3,518 2,888 Income statement Net sales $10,658 $9,223 $7,298 Cost of goods sold 7,688 6,518 5,136 Interest...
Selected information taken trom the financial statements of Verbeke Co. for the year ended December 31,...
Selected information taken trom the financial statements of Verbeke Co. for the year ended December 31, 2019, follows: Gross profit General and administrative expenses Net cash used by investing activities Dividends paid Interest expense $412,000 82,000 106,000 54,000 64,000 745,000 76,000 101,000 Net sales Advertising expense Accounts payable Income tax expense Other selling expenses 82,000 40,000 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b. Calculate net income for the...
Problem 12-08A Presented below are the financial statements of Ayayai Company. Ayayai Company Comparative Balance Sheets...
Problem 12-08A Presented below are the financial statements of Ayayai Company. Ayayai Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 105,000 Accounts receivable 60,000 Inventory 84,000 Property, plant, and equipment 180,000 Accumulated depreciation (96,000) Total $333,000 2021 $ 60,000 42,000 60,000 234,000 (72,000) $324,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 45,000 24,000 99,000 $ 57,000 21,000 51,000 54,000 150,000 $333,000 42,000 114,000 $324,000 Ayayai Company Income Statement...
Presented below are the financial statements of Nosker Company. NOSKER COMPANY Comparative Balance Sheets December 31...
Presented below are the financial statements of Nosker
Company.
NOSKER COMPANY
Comparative Balance Sheets
December 31
Assets
2015
2014
Cash
$34,870
$19,900
Accounts receivable
32,110
18,370
Inventory
26,790
20,940
Equipment
59,950
77,630
Accumulated depreciation—equipment
(29,190
)
(23,720
)
Total
$124,530
$113,120
Liabilities and Stockholders’ Equity
Accounts payable
$28,400
$ 16,830
Income taxes payable
7,290
8,090
Bonds payable
26,030
33,870
Common stock
18,800
14,480
Retained earnings
44,010
39,850
Total
$124,530
$113,120
NOSKER COMPANY
Income Statement
For the Year Ended December 31,...
The following is a summary of information presented on the financial statements of a company on De Account 2019 2018 Net Sales Revenue $607,000 $500,000 Cost of Goods Sold 456,000 402,000 Gross Profit 151,000 98,000 Selling Expenses 54,000 54,000 Net Income Before Income Tax Expense 97.000 44,000 Income Tax Expense 42,000 19.000 Net Income $55,000 $25,000 With respect to net sales revenue, a horizontal analysis reveals O A a $54,000 increase in net sales revenue OB. a 241.59% decrease in...
Presented below are the financial statements of Monty Company. Monty Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 84,000 Accounts receivable 48,000 Inventory 67,200 Property, plant, and equipment 144,000 Accumulated depreciation (76,800 ) Total $266,400 2021 $ 48,000 33,600 48,000 187,200 (57,600 ) $259,200 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 45,600 16,800 40,800 43,200 120,000 $266,400 $ 36,000 19,200 79,200 33,600 91,200 $259,200 $580,800 420,000 160,800 Monty...
The following account balances were taken from DJR Company’s
accounting records at December 31, 2021:
Accounts Payable ............ $69,000
Accounts Receivable ......... $56,000
Advertising Expense ......... $33,000
Building .................... $94,000
Cash ........................ $31,000
Common Stock ................ $82,000
Cost of Goods Sold .......... $30,000
Dividends ................... $19,000
Equipment ................... $86,000
Income Tax Expense .......... $17,000
Interest Expense ............ $11,000
Inventory ................... $54,000
Notes Payable ............... $96,000
Rental Revenue .............. $62,000
Retained Earnings ........... $60,000 (at January 1, 2021)
Salaries Expense ...............
P10-7A You have been presented with the following selected information from the financial statements of one of Canada's largest dairy producers, Saputo Inc. (in millions): 2015 2014 2013 Statement of financial position Accounts receivable S 785 S 807 $ 625 Inventory Total current assets 1,006 1.962 933 1,896 770 1,513 Total assets 6.800 6,357 5,194 Current liabilities 1,179 1,725 1,227 Total liabilities 3,172 3,518 2,888 Income statement Net sales $10,658 $9,223 $7,298 Cost of goods sold 7,688 6,518 5,136 Interest...
P10-7A You have been presented with the following selected information from the financial statements of one of Canada's largest dairy producers, Saputo Inc. (in millions): 2015 2014 2013 Statement of financial position Accounts receivable $ 785 S 807 $ 625 Inventory 1,006 933 770 Total current assets 1,962 1,896 1,513 Total assets 6,800 6,357 5,194 Current liabilities 1,179 1,725 1,227 Total liabilities 3,172 3,518 2,888 Income statement Net sales $10,658 $9,223 $7,298 Cost of goods sold 7,688 6,518 5,136 Interest...
Selected information taken trom the financial statements of Verbeke Co. for the year ended December 31, 2019, follows: Gross profit General and administrative expenses Net cash used by investing activities Dividends paid Interest expense $412,000 82,000 106,000 54,000 64,000 745,000 76,000 101,000 Net sales Advertising expense Accounts payable Income tax expense Other selling expenses 82,000 40,000 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b. Calculate net income for the...
Problem 12-08A Presented below are the financial statements of Ayayai Company. Ayayai Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 105,000 Accounts receivable 60,000 Inventory 84,000 Property, plant, and equipment 180,000 Accumulated depreciation (96,000) Total $333,000 2021 $ 60,000 42,000 60,000 234,000 (72,000) $324,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 45,000 24,000 99,000 $ 57,000 21,000 51,000 54,000 150,000 $333,000 42,000 114,000 $324,000 Ayayai Company Income Statement...
Presented below are the financial statements of Nosker
Company.
NOSKER COMPANY
Comparative Balance Sheets
December 31
Assets
2015
2014
Cash
$34,870
$19,900
Accounts receivable
32,110
18,370
Inventory
26,790
20,940
Equipment
59,950
77,630
Accumulated depreciation—equipment
(29,190
)
(23,720
)
Total
$124,530
$113,120
Liabilities and Stockholders’ Equity
Accounts payable
$28,400
$ 16,830
Income taxes payable
7,290
8,090
Bonds payable
26,030
33,870
Common stock
18,800
14,480
Retained earnings
44,010
39,850
Total
$124,530
$113,120
NOSKER COMPANY
Income Statement
For the Year Ended December 31,...
Most questions answered within 3 hours.
-
Write the overall reaction for the RedOx
reaction (below) when it occurs in an acidic environment....
asked 2 minutes ago -
Two forces are acting on an object. Force 1 on the object is 6.0
N and...
asked 3 minutes ago -
You are planning for retirement. You plan to work for 20 years.
Starting a year from...
asked 17 minutes ago -
The African Adventures exhibit water system holds approximately
850,000 gallons (3.2x109 g) of water. The temperature...
asked 8 minutes ago -
which of the following is capital?
the barn a farmer uses to hold the chickens he...
asked 18 minutes ago -
Attribute
Sample Value
Sample Value
Sample Value
Sample Value
pirate_num
11
22
43
54
pirate_lname
James...
asked 12 minutes ago -
10. Two forces act on a 3 kg object, the gravitational force and
a second, constant...
asked 29 minutes ago -
Dividing Partnership Net Loss
Leigh Meadows and Byron Leef formed a partnership in which the
partnership...
asked 25 minutes ago -
Discuss how Entrepreneurial leadership style differs
from traditional leadership?
asked 51 minutes ago -
A futuristic design for a car is to have a large solid
disk-shaped flywheel within the...
asked 49 minutes ago -
Solid NaOH is added to a solution of 0.50 M acetic acid until
the pH of...
asked 53 minutes ago -
Which of the following statements is not a characteristic of the
Internal Revenue Code?
A) The...
asked 1 hour ago