Homework Answers
calculation of growth or decline in gross sales
The equation is: (Current Period gross Sales - Prior Period gross Sales) / Prior Period gross Sales * 100.
ie =[(582500-650000)/650000] x100=-10.38%(decline in gross sales)
calculation of growth or decline in net sales
The equation is: (Current Period Net Sales - Prior Period Net Sales) / Prior Period Net Sales * 100.
[(570000-638000)/638000]x100=-10.66%(decline in net sales)
calculation of growth or decline in net income
The equation is: (Current Period Net income - Prior Period Net income) / Prior Period Net income * 100.
[(55750-129600)/129600]x100=-56.98%(decline in net income)
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Question 4 of 6 QUIGLEYA CORPORATION Comparative Income Statement For the years ended December 31 2019...
For the years ended December 31 2019 2018 Sales Revenue 582,500 650,000 Sales return and allowance...
For the years ended December 31 2019 2018 Sales Revenue 582,500 650,000 Sales return and allowance 12,000 12,500 570,000 Net Sales 638,000 Cost of Goods Sold 400,000 390,000 Gross Profit 170,000 248,000 Operating Expenses Salaries and Wages Expense 65,000 65,000 Other Operating Expenses 15,400 22,000 Advertising expense 17,600 20,000 Rent Expense 6,000 6,000 Depreciation Expense 6,600 3,400 Bad Debt Expense 4,650 3,000 Total Operating Expenses 115,250 119.400 Income From Operations 54750 128,600 Other Revenues and Gains Rent Revenue 6,000 6,000...
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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560...
In its income statement for the year ended December 31, 2017, Blossom Company reported the following...
In its income statement for the year ended December 31, 2017, Blossom Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $450,000 Loss on disposal of plant assets 1,149,500 Sales revenue 65,000 Income tax expense 145,200 Sales discounts 300,000 Utilities expense $83,000 2,210,000 25,000 120,000 100,000 Your answer is partially correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) BLOSSOM COMPANY Income Statement For the Year...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $15,000 $19,000 1,000 $18,000 12,000 $ 6,000 Sales returns and allowances 100 $14,900 9,000 Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative $ 5,900 $ 2,200 550 360 700 600 2,000 Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 500 300 $ 3,400 $ 2,500 $3,810...
The Pruitt Company’s income statement and comparative balance sheets as of December 31 of 2019 and...
The Pruitt Company’s income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow: PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000 Cost of Goods Sold $450,000 Wages and Other Operating Expenses 195,000 Depreciation Expense 22,000 Goodwill Amortization Expense 7,000 Interest Expense 5,000 Income Tax Expense 36,000 Loss on Bond Retirement 5,000 720,000 Net Income $50,000 PRUITT COMPANY Balance Sheets Dec. 31, 2019 Dec. 31, 2018 Assets Cash $8,000 $19,000...
McCormick Designs, Inc. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net...
McCormick Designs, Inc. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 431,500 $ 371,150 Expenses: Cost of Goods Sold 201,550 Selling and Administrative Expenses 100,050 8,000 186,250 94,000 6,000 Other Expenses Total Expenses 309,600 286,250 $ 121,900 $ 84,900 Net Income 1. Prepare a horizontal analysis of the comparative income statement of McCormick Designs, Inc. Round percentage changes to one decimal place. Why did 2018 net income increase by a higher percentage...
In its income statement for the year ended December 31, 2022, Windsor, Inc. reported the following...
In its income statement for the year ended December 31, 2022, Windsor, Inc. reported the following condensed data. Operating expenses $715,000 Interest revenue $ 29,000 Cost of goods sold 1,252,000 Loss on disposal of plant assets 13,000 Interest expense 65,000 Net sales 2,196,000 Income tax expense 41.000 Other comprehensive income (net of $1,200 tax) 7,900 Prepare a multiple-step income statement. Windsor, Inc. Income Statement
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 1,000 12,000 2016 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses $19,000 $15,000 100 $18,000 $14,900 9,000 $ 6,000 5,900 $ 700 600 2,000 500 300 $ 3,810 3,400 $ 2,190 $2,500 500 $ 1,630 2,000 800 $ 990 $1,200 Depreciation 2,200 550 360 Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes...
OAKBROOK COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales...
OAKBROOK COMPANY Comparative Income Statements For Years Ended December 31, 2017 and 2016 2017 2016 Sales $ 980 $ 850 Less cost of goods sold 525 415 Gross profit 455 435 Less operating expenses: Wage expense 90 88 Depreciation expense 18 12 Rent expense 23 20 Miscellaneous expense 24 36 Total operating expenses 155 156 Operating income 300 279 Less other expenses: Interest 9 33 Income before tax 291 246 Less income tax expense 116 98 Net income $ 175...
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000...
Business Course PRUITT COMPANY Income Statement For the Year Ended December 31, 2019 Sales Revenue $770,000 Cost of Goods Sold $450,000 Wages and Other Operating Expenses 195,000 Depreciation Expense 22,000 Goodwill Amortization Expense 7,000 Interest Expense 5,000 Income Tax Expense 36,000 Loss on Bond Retirement 5,000 720,000 Net Income $50,000 Support We were unable to transcribe this imageBusiness Course $480,000 $489,000 Total Assets Liabilities and Stockholders' Equity Accounts Payable Interest Payable Income Tax Payable Bonds Payable Common Stock Retained Earnings...
For the years ended December 31 2019 2018 Sales Revenue 582,500 650,000 Sales return and allowance 12,000 12,500 570,000 Net Sales 638,000 Cost of Goods Sold 400,000 390,000 Gross Profit 170,000 248,000 Operating Expenses Salaries and Wages Expense 65,000 65,000 Other Operating Expenses 15,400 22,000 Advertising expense 17,600 20,000 Rent Expense 6,000 6,000 Depreciation Expense 6,600 3,400 Bad Debt Expense 4,650 3,000 Total Operating Expenses 115,250 119.400 Income From Operations 54750 128,600 Other Revenues and Gains Rent Revenue 6,000 6,000...
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In its income statement for the year ended December 31, 2017, Blossom Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $450,000 Loss on disposal of plant assets 1,149,500 Sales revenue 65,000 Income tax expense 145,200 Sales discounts 300,000 Utilities expense $83,000 2,210,000 25,000 120,000 100,000 Your answer is partially correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) BLOSSOM COMPANY Income Statement For the Year...
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In its income statement for the year ended December 31, 2022, Windsor, Inc. reported the following condensed data. Operating expenses $715,000 Interest revenue $ 29,000 Cost of goods sold 1,252,000 Loss on disposal of plant assets 13,000 Interest expense 65,000 Net sales 2,196,000 Income tax expense 41.000 Other comprehensive income (net of $1,200 tax) 7,900 Prepare a multiple-step income statement. Windsor, Inc. Income Statement
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