Consider the following income statement data from the Ross
Company:
2013
2012
Sales revenue
$525,000
$450,000...
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
106,000
100,000
Administrative expenses
61,000
55,000
Income tax expense
8,800
6,400
Prepare common-size income statements for each year. Round
percentages to one decimal point.
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%)
$3,000
Net income
Common-Size Income Statements
Following is the income statement for Target Corporation.
Prepare Target’s common-size income statement...
Common-Size Income Statements
Following is the income statement for Target Corporation.
Prepare Target’s common-size income statement for the fiscal year
ended January 31, 2015.
(Round your answers to one decimal place.)
($
millions)
Fiscal year
ended
January 31, 2015
Sales revenue
$72,618
Cost of sales
51,278
Selling, general and administrative expenses
14,676
Depreciation and amortization
2,129
Earnings from continuing operations before interest and income
taxes
4,535
Net interest expense
882
Earnings from continuing operations before income taxes
3,653
Provision for...
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...
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...
Income statements for
Finch Company for 2018 and 2019 follow:
FINCH COMPANY
Income Statements
2019
2018...
Income statements for
Finch Company for 2018 and 2019 follow:
FINCH COMPANY
Income Statements
2019
2018
Sales
$
200,400
$
180,400
Cost of goods
sold
142,200
120,200
Selling
expenses
21,700
19,700
Administrative
expenses
13,000
15,000
Interest
expense
3,500
5,500
Total
expenses
$
180,400
$
160,400
Income before
taxes
20,000
20,000
Income taxes
expense
6,000
3,900
Net income
$
14,000
$
16,100
Required
Perform a horizontal
analysis, showing the percentage change in each income statement
component between 2018 and 2019.
Perform...
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
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
$
7,340,000
$
5,578,400
Cost of goods sold
4,620,000
3,510,500
Gross margin
2,720,000
2,067,900
Selling and administrative expenses:
Selling expenses
1,389,000
1,076,000
Administrative expenses
709,500
610,500
Total expenses
2,098,500
1,686,500
Net operating income
621,500
381,400
Interest expense
101,000
94,000
Net income before taxes
$
520,500
$
287,400
Members of the company’s board of directors are surprised...