Question

Exercise 14-6 Your answer is partially correct. Try again. Here are the comparative income statements of...

Exercise 14-6

Your answer is partially correct. Try again.

Here are the comparative income statements of Delaney Corporation.

Delaney Corporation
Comparative Income Statements
For the Years Ended December 31


2020

2019

Net sales

$684,000


$566,000

Cost of goods sold

535,572


466,384

Gross profit

148,428


99,616

Operating expenses

94,392


53,204

Net income

$ 54,036


$ 46,412


(a)

Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)

DELANEY CORPORATION
Condensed Income Statements

[Entry field with correct answer]






Increase or (Decrease)
During 2020

2020

2019

Amount

Percentage

Net sales

$684,000

$566,000

$

[Entry field with correct answer]

[Entry field with incorrect answer]

%

Cost of goods sold

535,572

466,384

[Entry field with correct answer]

[Entry field with incorrect answer]

%

Gross profit

148,428

99,616

[Entry field with correct answer]

[Entry field with correct answer]

%

Operating expenses

94,392

53,204

[Entry field with correct answer]

[Entry field with incorrect answer]

%

Net income

$54,036

$46,412

$

[Entry field with correct answer]

[Entry field with incorrect answer]

%


(b)

Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)

DELANEY CORPORATION
Condensed Income Statements

[Entry field with correct answer]


2020

2019

Amount

Percent

Amount

Percent

Net sales

$684,000

[Entry field with incorrect answer]

%

$566,000

[Entry field with incorrect answer]

%

Cost of goods sold

535,572

[Entry field with incorrect answer]

%

466,384

[Entry field with incorrect answer]

%

Gross profit

148,428

[Entry field with incorrect answer]

%

99,616

[Entry field with incorrect answer]

%

Operating expenses

94,392

[Entry field with incorrect answer]

%

53,204

[Entry field with incorrect answer]

%

Net income

$ 54,036

[Entry field with incorrect answer]

%

$ 46,412

[Entry field with incorrect answer]

%

Homework Answers

Answer #1
DELANEY CORPORATION
Condensed Income Statements
For the Years Ended December 31
Increase or (Decrease)During 2020
2020 2019 Amount Percentage
Net sales 684000 566000 118000 20.8%
Cost of goods sold 535572 466384 69188 14.8%
Gross profit 148428 99616 48812 49.0%
Operating expenses 94392 53204 41188 77.4%
Net income 54036 46412 7624 16.4%
2
DELANEY CORPORATION
Condensed Income Statements
For the Years Ended December 31
2020 2019
Amount Percent Amount Percent
Net sales 684000 100.0% 566000 100.0%
Cost of goods sold 535572 78.3% 466384 82.4%
Gross profit 148428 21.7% 99616 17.6%
Operating expenses 94392 13.8% 53204 9.4%
Net income 54036 7.9% 46412 8.2%
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Exercise 18-4 The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Comparative...
Exercise 18-4 The comparative condensed income statements of Emley Corporation are shown below. EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31 2017 2016 Net sales $745,800 $678,000 Cost of goods sold 545,790 475,600 Gross profit 200,010 202,400 Operating expenses 141,250 135,600 Net income $ 58,760 $ 66,800 (a) Prepare a horizontal analysis of the income statement data for Emley Corporation using 2016 as a base. (Enter negative amounts and percentages using either a negative sign preceding...
Here are the comparative income statements of Whispering Winds Corporation. WHISPERING WINDS CORPORATION Comparative Income Statements...
Here are the comparative income statements of Whispering Winds Corporation. WHISPERING WINDS CORPORATION Comparative Income Statements For the Years Ended December 31 December 31, 2022 December 31, 2021 Net sales $688,000 $576,000 Cost of goods sold 445,000 417,000 Gross profit 243,000 159,000 Operating expenses 145,000 108,000 Net income $98,000 $51,000 Prepare a horizontal analysis of the income statement data for Whispering Winds Corporation using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative,...
Exercise 7-3 (Video) Your answer is partially correct. Try again. Moonbeam Company manufactures toasters. For the...
Exercise 7-3 (Video) Your answer is partially correct. Try again. Moonbeam Company manufactures toasters. For the first 8 months of 2020, the company reported the following operating results while operating at 75% of plant capacity: Sales (347,200 units) $4,380,000 Cost of goods sold 2,589,120 Gross profit 1,790,880 Operating expenses 837,620 Net income $953,260 Cost of goods sold was 70% variable and 30% fixed; operating expenses were 80% variable and 20% fixed. In September, Moonbeam receives a special order for 18,300...
Here are the comparative income statements of Ayayai Corp.. AYAYAI CORP. Comparative Income Statement For the...
Here are the comparative income statements of Ayayai Corp.. AYAYAI CORP. Comparative Income Statement For the Years Ended December 31 2017 2016 Net sales $600,000 $500,000 Cost of goods sold 445,000 400,000 Gross Profit 155,000 100,000 Operating expenses 70,000 40,000 Net income $ 85,000 $ 60,000 (a) Prepare a horizontal analysis of the income statement data for Ayayai Corp., using 2016 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or...
Exercise 7-15 (Video) Your answer is partially correct. Try again. Veronica Mars, a recent graduate of...
Exercise 7-15 (Video) Your answer is partially correct. Try again. Veronica Mars, a recent graduate of Bell’s accounting program, evaluated the operating performance of Dunn Company’s six divisions. Veronica made the following presentation to Dunn’s board of directors and suggested the Percy Division be eliminated. “If the Percy Division is eliminated,” she said, “our total profits would increase by $26,600.” The Other Five Divisions Percy Division Total Sales $1,664,000 $100,500 $1,764,500 Cost of goods sold 978,500 76,700 1,055,200 Gross profit...
Here are the comparative income statements of Ayayai Corp.. AYAYAI CORP. Comparative Income Statement For the...
Here are the comparative income statements of Ayayai Corp.. AYAYAI CORP. Comparative Income Statement For the Years Ended December 31 2017 2016 Net sales $600,000 $500,000 Cost of goods sold 445,000 400,000 Gross Profit 155,000 100,000 Operating expenses 70,000 40,000 Net income $ 85,000 $ 60,000 (a) Prepare a horizontal analysis of the income statement data for Ayayai Corp., using 2016 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or...
Exercise 15-12 Partially correct answer.               Your answer is partially correct. Try again.               
Exercise 15-12 Partially correct answer.               Your answer is partially correct. Try again.                 Don Lieberman and Associates, a CPA firm, uses job order costing to capture the costs of its audit jobs. There were no audit jobs in process at the beginning of November. Listed below are data concerning the three audit jobs conducted during November. Lynn Brian Mike Direct materials                $610                       $470                       $280 Auditor labor costs                          $6,000                   $7,600                   $3,575 Auditor hours                    74                           91                           49 Overhead costs are applied to...
*Do It! Review 21-5 Your answer is partially correct. Try again. Zeller Company estimates that 2017...
*Do It! Review 21-5 Your answer is partially correct. Try again. Zeller Company estimates that 2017 sales will be $43,200 in quarter 1, $51,300 in quarter 2, and $63,000 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending finished goods inventory equal to 12% of the next quarter’s expected cost of goods sold. Prepare a merchandise purchases budget by quarter for the first 6 months of 2017. ZELLER COMPANY Merchandise Purchases Budget [Entry...
Exercise 17-13 Partially correct answer. Your answer is partially correct. Try again. Coronado Co. invested $1,100,000...
Exercise 17-13 Partially correct answer. Your answer is partially correct. Try again. Coronado Co. invested $1,100,000 in Whispering Co. for 25% of its outstanding stock. Whispering Co. pays out 30% of net income in dividends each year. Use the information in the following T-account for the investment in Whispering to answer the following questions. Investment in Whispering Co. 1,100,000 108,000 32,400 (a) How much was Coronado Co.’s share of Whispering Co.’s net income for the year? Net income $ enter...
Exercise 15-10 [Partially correct answer.] Your answer is partially correct. Try again. For a recent 2-year...
Exercise 15-10 [Partially correct answer.] Your answer is partially correct. Try again. For a recent 2-year period, the balance sheet of Buffalo Company showed the following stockholders’ equity data at December 31 (in millions). 2017 2016 Additional paid-in capital $ 960 $ 818 Common stock 669 663 Retained earnings 7,150 5,260 Treasury stock 1,900 900    Total stockholders’ equity $6,879 $5,841 Common stock shares issued 223 221 Common stock shares authorized 500 500 Treasury stock shares 38 25 (a) Answer the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT