Homework Answers
| GOMEZ CORPORATION | ||||
| Comparative Income Statements | ||||
| For Years Ended December 31, 2017 and 2016 | ||||
| 2017 | 2016 | |||
| Sales | 725000 | 100% | 630000 | 100% |
| Cost of goods sold | 568100 | 78.4% | 284400 | 45.1% |
| Gross Profit | 156900 | 21.6% | 345600 | 54.9% |
| Operating expenses | 128000 | 17.7% | 243200 | 38.6% |
| Net Income | 28900 | 3.9% | 102400 | 16.3% |
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E Lumpeleu su lol. Il does not indicate com Exercise 13-4 Common-size percent computation and interpretation...
Exercise 13-4 Common-size percent computation and interpretation LO P2 Express the following comparative income statements in...
Exercise 13-4 Common-size percent computation and interpretation LO P2 Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31, 2018 and 2017 2018 2017 Sales Cost of goods sold Gross profit Operating expenses Net income $ 725,000 568,100 156,900 130,400 $ 26,500 $ 665,000 293,200 371,800 231,200 $ 140,600 Has the company's situation improved in the most recent year? Yes O No
Check 2 Exercise 13-4 Common-size percent computation and interpretation LO P2 Express the following comparative income...
Check 2 Exercise 13-4 Common-size percent computation and interpretation LO P2 Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) 133 points GOMEZ CORPORATION Comparative Income Statements eBook For Years Ended December 31, 2017 and 2016 2017 2016 % % Hint S 745,000 Sales 100.0 $695,000 100 0 Cost of goods sold 291,000 404,000 240,800 565,400 41.8 Print Gress profit 179,600 58 2 Operating expenses Net income 130 400 17.7 S 49,200...
Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in...
Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % $ % $ 735,000 $ 645,000 562,700...
Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in...
Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Decline in Net Statement Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ $ % Sales $ 750,000 $ 665,000...
Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 The following information applies...
Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 The following information applies to the questions clsplayed below) Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $432,442 $331,286 $229,900 Cost of goods sold 260,330 207,054 147, 136 Gross profit 172,112 124,232 82,764 Selling expenses 61, 407 45,717 30,347 Administrative expenses 38,920 29,153 19,082 Total expenses 100, 327 74,870 49,429...
Required Information Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following...
Required Information Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 $ 494,327 S 378,695 $ 262,800 Cost of goods sold 297,585 237,820 168,192 Gross profit 196,742 140,875 Selling expenses 70.194 52.26 34,690 Anistratives 44.489 21,812 Total expenses 85.585 56,582 Income before the...
Exercise 13-3 Computation and analysis of trend percents LO P1 133 points Sales Cost of goods sold Accounts re...
Exercise 13-3 Computation and analysis of trend percents LO P1 133 points Sales Cost of goods sold Accounts receivable 2017 2016 2015 2014 2013 $ 625,790 $ 406,357 5 318,711 $ 214,620 $ 153,300 302,929 196,651 156,031 184,518 73,584 30,413 23,772 21,832 12,555 10,455 Book Compute trend percents for the above accounts, using 2013 as the base year. Trend Percent for Net Sales: Choose Denominator: Choose Numerator: I 2017: 2016: 2015: 2014: Reforences Trend Percent for Cost of Goods Sold:...
Exercise 13-4 Common-size percent computation and interpretation LO P2 Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31, 2018 and 2017 2018 2017 Sales Cost of goods sold Gross profit Operating expenses Net income $ 725,000 568,100 156,900 130,400 $ 26,500 $ 665,000 293,200 371,800 231,200 $ 140,600 Has the company's situation improved in the most recent year? Yes O No
Check 2 Exercise 13-4 Common-size percent computation and interpretation LO P2 Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) 133 points GOMEZ CORPORATION Comparative Income Statements eBook For Years Ended December 31, 2017 and 2016 2017 2016 % % Hint S 745,000 Sales 100.0 $695,000 100 0 Cost of goods sold 291,000 404,000 240,800 565,400 41.8 Print Gress profit 179,600 58 2 Operating expenses Net income 130 400 17.7 S 49,200...
Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Statement Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year % $ % $ 735,000 $ 645,000 562,700...
Exercise 13-4 Computing and interpreting common-size percents LO P2 Express the following comparative income statements in common-size percents. Using the common-size percentages, which item is most responsible for the decline in net income? Reason for Income Decline in Net Statement Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ $ % Sales $ 750,000 $ 665,000...
Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 The following information applies to the questions clsplayed below) Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $432,442 $331,286 $229,900 Cost of goods sold 260,330 207,054 147, 136 Gross profit 172,112 124,232 82,764 Selling expenses 61, 407 45,717 30,347 Administrative expenses 38,920 29,153 19,082 Total expenses 100, 327 74,870 49,429...
Required Information Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 $ 494,327 S 378,695 $ 262,800 Cost of goods sold 297,585 237,820 168,192 Gross profit 196,742 140,875 Selling expenses 70.194 52.26 34,690 Anistratives 44.489 21,812 Total expenses 85.585 56,582 Income before the...
Exercise 13-3 Computation and analysis of trend percents LO P1 133 points Sales Cost of goods sold Accounts receivable 2017 2016 2015 2014 2013 $ 625,790 $ 406,357 5 318,711 $ 214,620 $ 153,300 302,929 196,651 156,031 184,518 73,584 30,413 23,772 21,832 12,555 10,455 Book Compute trend percents for the above accounts, using 2013 as the base year. Trend Percent for Net Sales: Choose Denominator: Choose Numerator: I 2017: 2016: 2015: 2014: Reforences Trend Percent for Cost of Goods Sold:...
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