Contribution Margin Analysis
Mathews Company manufactures only one product. For the year
ended December 31, the...
Contribution Margin Analysis
Mathews Company manufactures only one product. For the year
ended December 31, the contribution margin increased by $34,200
from the planned level of $745,800. The president of Mathews
Company has expressed some concern about this increase and has
requested a follow-up report.
The following data have been gathered from the accounting
records for the year ended December 31:
Actual
Planned
Difference—Increase
(Decrease)
Sales
$1,500,000
$1,457,700
$42,300
Variable costs:
Variable cost of goods sold
$570,000
$593,250
$(23,250)
Variable...
5.If ending inventory for the year ended December 31,
2016, is understated, this error will cause...
5.If ending inventory for the year ended December 31,
2016, is understated, this error will cause owners' equity to
be:
A.
understated at the end of 2016 and overstated at the end of
2017
B.
correctly stated at the end of 2016 and overstated at the end of
2017
C.
overstated at the end of 2016 and understated at the end of
2017
D.
understated at the end of 2016 and correctly stated at the end of
2017
6.The gross...
calculate the following ratios for the years ended December 31,
2017 and December 31, 2016. At...
calculate the following ratios for the years ended December 31,
2017 and December 31, 2016. At December 31, 2015, Spin Master had
an accounts receivable balance of $134,618,000 and net sales of
$879,406,000. Comment on the change.
a. Accounts receivable turnover ratio (round to two decimal
places)
b. Days’ sales in inventory (round to the nearest day)
for the year ended December 31. 2017
2016
-------------------------------------------------------------------------------------------------------------------------
revenue 1,551,324 1,154,454
cost of sales 750,868 557,712
--------------------------------------------------------------------------------------------------------------------------
gross of profit 800,456....
The following summary data for the payroll period ended December
27, 2015, are available for Cayman...
The following summary data for the payroll period ended December
27, 2015, are available for Cayman Coating
Co.:
Gross pay
$
95,000
FICA tax withholdings
?
Income tax withholdings
14,710
Group hospitalization insurance
1,930
Employee contributions to pension plan
?
Total deductions
27,177
Net pay
?
Additional information:
For employees, FICA tax rates for 2015 were 7.65% on the first
$118,500 of each employee’s annual earnings. However, no employees
had accumulated earnings for the year in excess of the $118,500...
Southport Company
Income Statement
For the year ended December 31, 2016
Sales &nb
Southport Company
Income Statement
For the year ended December 31, 2016
Sales
2,200,000
Cost of Goods
Sold
1,200,000
Gross Profit
1,000,000
Selling and General
Expenses
670,000
Loss on
Earthquake
200,000
Gain on
equipment
(30,000)
Interest
Expense
20,000 860,000
Net Income before
taxes
140,000
Income taxes at 30%
42,000
Net
Income
98,000
The following information becomes available to you before the
2016 statements are issued.
On July 1, 2016, the decision was made to discontinue the...
Income statement data for Winthrop Company for two recent years
ended December 31 are as follows:...
Income statement data for Winthrop Company for two recent years
ended December 31 are as follows:
1
Current Year
Previous Year
2
Sales
$1,846,800.00
$1,620,000.00
3
Cost of goods sold
1,541,430.00
1,401,300.00
4
Gross profit
$305,370.00
$218,700.00
5
Selling expenses
$80,500.00
$70,000.00
6
Administrative expenses
50,600.00
46,000.00
7
Total operating expenses
$131,100.00
$116,000.00
8
Income before income tax
$174,270.00
$102,700.00
9
Income tax expense
12,960.00
8,100.00
10
Net income
$161,310.00
$94,600.00
A.
Prepare a comparative income
statement with horizontal analysis,...
The following financial statements were prepared by Mystery Inc.
for the year ended December 31, 2018....
The following financial statements were prepared by Mystery Inc.
for the year ended December 31, 2018. Also presented are various
financial statement ratios for Mystery Inc as calculated from the
prior year's financial statements. Sales represent net credit
sales. The total assets and the receivables and inventory balances
at December 31, 2018, were the same as at December 31, 2017.
Mystery Inc.
Balance Sheet
December 31, 2018
Assets:
Liabilities and Capital
Cash
$
840,000
Accounts payables
$
660,000
Receivables
400,000...
Income statement data for Winthrop Company for two recent years
ended December 31, are as follows:...
Income statement data for Winthrop Company for two recent years
ended December 31, are as follows:
Current
Year
Previous
Year
Sales
$1,016,400
$770,000
Cost of goods sold
845,000
650,000
Gross profit
$171,400
$120,000
Selling expenses
$52,460
$43,000
Administrative expenses
46,800
36,000
Total operating expenses
$99,260
$79,000
Income before income tax
$72,140
$41,000
Income tax expenses
28,900
16,400
Net income
$43,240
$24,600
a. Prepare a comparative income statement with
horizontal analysis, indicating the increase (decrease) for the
current year when compared...
Income statement data for Boone Company for two recent years
ended December 31, are as follows:...
Income statement data for Boone Company for two recent years
ended December 31, are as follows:
Current
Year
Previous
Year
Sales
$396,000
$330,000
Cost of goods sold
330,400
280,000
Gross profit
$65,600
$50,000
Selling expenses
$17,600
$16,000
Administrative expenses
16,520
14,000
Total operating expenses
$34,120
$30,000
Income before income tax
$31,480
$20,000
Income tax expenses
12,600
8,000
Net income
$18,880
$12,000
a. Prepare a comparative income statement with
horizontal analysis, indicating the increase (decrease) for the
current year when compared...
Oriole
Medical
Comparative Balance Sheet
As of December 31
2016
2015
Assets
Current assets
Cash
$357,000...
Oriole
Medical
Comparative Balance Sheet
As of December 31
2016
2015
Assets
Current assets
Cash
$357,000
$417,400
Accounts receivable, net
1,065,600
776,450
Inventory
729,000
681,050
Other current assets
386,000
247,000
Total current assets
2,537,600
2,121,900
Property, plant, &
equipment, net
8,574,855
8,389,815
Total assets
$11,112,455
$10,511,715
Liabilities and
Stockholders’ Equity
Current liabilities
$3,123,000
$2,846,100
Long-term debt
3,702,650
3,892,700
Total liabilities
6,825,650
6,738,800
Preferred stock, $5 par
value
53,900
53,900
Common stock, $0.25 par
value
195,000
103,850
Retained earnings
4,037,905
3,615,165...