Income statements for Rundle Company for 2018 and 2019 follow:
RUNDLE COMPANY Income Statements |
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2019 | 2018 | ||||||
Sales | $ | 200,900 | $ | 180,900 | |||
Cost of goods sold | 143,900 | 121,900 | |||||
Selling expenses | 20,100 | 18,100 | |||||
Administrative expenses | 12,800 | 14,800 | |||||
Interest expense | 3,900 | 5,900 | |||||
Total expenses | $ | 180,700 | $ | 160,700 | |||
Income before taxes | 20,200 | 20,200 | |||||
Income taxes expense | 6,600 | 3,500 | |||||
Net income | $ | 13,600 | $ | 16,700 | |||
Required
Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019.
Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.
Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).)
Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).)
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RUNDLE COMPANY | ||
Horizontal Analysis of Income Statements | ||
Percentage Change over 2018 | ||
Sales | 11.1% | |
Cost of goods sold | 18.0% | |
Selling expenses | 11.0% | |
Administrative expenses | -13.5% | |
Interest expense | -33.9% | |
Total expenses | 12.4% | |
Income before taxes | 0.0% | |
Income taxes expense | 88.6% | |
Net income (loss) | -18.6% |
RUNDLE COMPANY | ||||
Horizontal Analysis of Income Statements | ||||
Percentage Change over 2019 | Percentage Change over 2018 | |||
Sales | 100.0% | 100.0% | ||
Cost of goods sold | 71.6% | 67.4% | ||
Selling expenses | 10.0% | 10.0% | ||
Administrative expenses | 6.4% | 8.2% | ||
Interest expense | 1.9% | 3.3% | ||
Total expenses | 89.9% | 88.8% | ||
Income before taxes | 10.1% | 11.2% | ||
Income taxes expense | 3.3% | 1.9% | ||
Net income (loss) | 6.8% | 9.2% |
Working
RUNDLE COMPANY | ||||
Horizontal Analysis of Income Statements | ||||
Percentage Change over 2019 | Percentage Change over 2018 | |||
Sales | $2,00,900.00 | 100.0% | $1,80,900.00 | 100.0% |
Cost of goods sold | $1,43,900.00 | 71.6% | $1,21,900.00 | 67.4% |
Selling expenses | $ 20,100.00 | 10.0% | $ 18,100.00 | 10.0% |
Administrative expenses | $ 12,800.00 | 6.4% | $ 14,800.00 | 8.2% |
Interest expense | $ 3,900.00 | 1.9% | $ 5,900.00 | 3.3% |
Total expenses | $1,80,700.00 | 89.9% | $1,60,700.00 | 88.8% |
Income before taxes | $ 20,200.00 | 10.1% | $ 20,200.00 | 11.2% |
Income taxes expense | $ 6,600.00 | 3.3% | $ 3,500.00 | 1.9% |
Net income (loss) | $ 13,600.00 | 6.8% | $ 16,700.00 | 9.2% |
RUNDLE COMPANY | ||
Horizontal Analysis of Income Statements | ||
Percentage Change over 2018 | ||
Sales | $ 20,000.00 | 11.1% |
Cost of goods sold | $ 22,000.00 | 18.0% |
Selling expenses | $ 2,000.00 | 11.0% |
Administrative expenses | $ (2,000.00) | -13.5% |
Interest expense | $ (2,000.00) | -33.9% |
Total expenses | $ 20,000.00 | 12.4% |
Income before taxes | $ - | 0.0% |
Income taxes expense | $ 3,100.00 | 88.6% |
Net income (loss) | $ (3,100.00) | -18.6% |
Income statements for Rundle Company for 2018 and 2019 follow: RUNDLE COMPANY Income Statement...
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