Common-Size Income Statements
Consider the following income statement data from the Ross
Company:
2013
2012
Sales...
Common-Size Income Statements
Consider the following income statement data from the Ross
Company:
2013
2012
Sales revenue
$525,000
$450,000
Cost of goods sold
336,000
279,000
Selling expenses
107,000
101,000
Administrative expenses
62,000
56,000
Income tax expense
9,800
7,400
Prepare common-size income statements for each year.
Note: Round answers to one
decimal place (ex: 0.2345 = 23.5%).
ROSS COMPANY
Common-Size Income Statements
(Percent of Sales Revenue)
2013
2012
Sales Revenue
Answer
Answer
Cost of Goods Sold
Answer
Answer
Gross Profit on...
Question 8 – Chapter 13/14
Comparative Income Statements
Consider the following income statement data from the...
Question 8 – Chapter 13/14
Comparative Income Statements
Consider the following income statement data from the Ross
Company:
2013
2012
Sales revenue
$525,000
$450,000
Cost of goods sold
336,000
279,000
Selling expenses
105,000
99,000
Administrative expenses
60,000
54,000
Income tax expense
7,800
5,400
Prepare a comparative income statement, showing increases and
decreases in dollars and in percentages. (Round to one decimal
point.)
ROSS COMPANY
Comparative Income Statements
2013
2012
Increase
(Decrease)
Percent
Change
Sales Revenue
$Answer
$Answer
$Answer
Answer
%...
Prepare a common-size income statement (component percentages)
for the following income statement.
Dollar Amount
Sales revenue...
Prepare a common-size income statement (component percentages)
for the following income statement.
Dollar Amount
Sales revenue
$200,000
Cost of goods sold
$80,000
Gross profit
$120,000
Operating expenses
$101,000
Interest expense
$4,000
Income before income tax
$15,000
Income tax expense (rate 20%)
$3,000
Net income
Common-Sized Income Statement
Revenue and expense data for the current calendar year for
Sorenson Electronics Company...
Common-Sized Income Statement
Revenue and expense data for the current calendar year for
Sorenson Electronics Company and for the electronics industry are
as follows. Sorenson Electronics Company data are expressed in
dollars. The electronics industry averages are expressed in
percentages.
Sorenson
Electronics
Company
Electronics
Industry
Average
Sales
$1,440,000
100
%
Cost of goods sold
(964,800)
(73)
Gross profit
$475,200
27
%
Selling expenses
$(273,600)
(11)
%
Administrative expenses
(100,800)
(10)
Total operating expenses
$(374,400)
(21)
%
Operating income
$100,800
6...
A comparative income statement is given below for McKenzie
Sales, Ltd., of Toronto:
McKenzie Sales, Ltd....
A comparative income statement is given below for McKenzie
Sales, Ltd., of Toronto:
McKenzie Sales, Ltd.
Comparative Income Statement
This Year
Last Year
Sales
$
7,390,000
$
5,616,400
Cost of goods sold
4,730,000
3,506,500
Gross margin
2,660,000
2,109,900
Selling and administrative expenses:
Selling expenses
1,382,000
1,076,000
Administrative expenses
710,500
612,000
Total expenses
2,092,500
1,688,000
Net operating income
567,500
421,900
Interest expense
100,000
87,000
Net income before taxes
$
467,500
$
334,900
Required: 1. Express each year's income statement in common-size...
Sundahl Company’s income statements for the past 2 years are as
follows:
Sundahl Company
Income Statements...
Sundahl Company’s income statements for the past 2 years are as
follows:
Sundahl Company
Income Statements
For the Years 1 and 2
Year 1
Year 2
Sales
$2,000,000.00
$1,800,000.00
Less: Cost of goods sold
($1,400,000.00)
($1,200,000.00)
Gross margin
$600,000.00
$600,000.00
Less operating expenses:
Selling expenses
($300,000.00)
($300,000.00)
Administrative expenses
($100,000.00)
($110,000.00)
Operating income
$200,000.00
$190,000.00
Less:
Interest expense
($50,000.00)
($40,000.00)
Income before taxes
$150,000.00
$150,000.00
Required:
1.
Prepare a common-size income statement for Year 1 by expressing
each line item...
Vertical Analysis of Income Statement
Revenue and expense data for Rogan Technologies Co. are as
follows:...
Vertical Analysis of Income Statement
Revenue and expense data for Rogan Technologies Co. are as
follows:
20Y8
20Y7
Sales
$599,000
$539,000
Cost of goods sold
353,410
291,060
Selling expenses
95,840
97,020
Administrative expenses
107,820
118,580
Income tax expense
23,960
10,780
a. Prepare an income statement in comparative
form, stating each item for both 20Y8 and 20Y7 as a percent of
sales. If required, round percentages to one decimal place. Enter
all amounts as a positive number.
Rogan Technologies Co.
Comparative...
Make an income statement with the following:
Sales Revenue
Net Income
Net Income from continuing...
Make an income statement with the following:
Sales Revenue
Net Income
Net Income from continuing operations
Cost of Goods Sold
Gain/Loss on sale of assets
Gross Profit
Gain/Loss from discontinued operations, net of tax
Interest Revenue
Dividend Revenue
selling, general, and administrative expenses
Operating Income
Interest Expense
Income before taxes
Income tax expense
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two
recent...
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two
recent years are as follows:
Current
Year
Previous
Year
Sales
$583,000
$531,000
Cost of goods sold
332,310
276,120
Selling expenses
99,110
100,890
Administrative expenses
110,770
90,270
Income tax expense
17,490
26,550
a. Prepare an income statement in comparative
form, stating each item for both years as a percent of sales. If
required, round percentages to one decimal place. Enter all amounts
as positive numbers.
Innovation...
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two
recent...
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two
recent years are as follows:
Current
Year
Previous
Year
Sales
$523,000
$450,000
Cost of goods sold
277,190
207,000
Selling expenses
99,370
99,000
Administrative expenses
104,600
85,500
Income tax expense
15,690
22,500
a. Prepare an income statement in comparative
form, stating each item for both years as a percent of sales. If
required, round percentages to one decimal place. Enter all amounts
as positive numbers.
Innovation...