SalesCost of goods soldGross profitOperating expensesIncome from operationsInterest expenseIncome before income taxIncome tax expenseNet income(a)2021$1,59590069552417180Your answer is incorrect.9125$662020$1,387 $1,208743644411233501832019465966124022104017043$137 $127Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Roundanswers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the number e.g.-45.1% or parentheses e.g. (45.1) %.)

The horizontal analysis is a comparison of the various reporting periods' financial reports with…

Sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income (a) 2021 2020 $1,595 $1,387 900 695 524 171 80 91 25 $66 Your answer is incorrect. 743 644 411 233 50 183 46 $137 2019 $1,208 596 612 402 210 40 170 43 $127 Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Round answers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the number e.g. -45.1% or parentheses e.g. (45.1) %.)

Sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income (a) 2021 2020 $1,595 $1,387 900 695 524 171 80 91 25 $66 Your answer is incorrect. 743 644 411 233 50 183 46 $137 2019 $1,208 596 612 402 210 40 170 43 $127 Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Round answers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the number e.g. -45.1% or parentheses e.g. (45.1) %.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22MC: A simple income statement ________. A. combines all revenues into one category B. does not combine...

See similar textbooks

Similar questions

Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold Gross profit would be O $126400. O $144500. O $113700. O $24200. $ 89500 18100 12700 319200 174700
Preparing a consolidated income statement-Equity method with noncontrolling interest, AAP and upstream and downstream intercompany inventory profits A parent company purchased a 70% controlling interest in its subsidiary several years ago. The aggregate fair value of the controlling and noncontrolling interest was $350,000 in excess of the subsidiary's Stockholders' Equity on the acquisition date. This excess was assigned to a building that was estimated to be undervalued by $200,000 and to an unrecorded patent valued at $150,000. The building asset is being depreciated over a 16-year period and the patent is being amortized over an 8-year period, both on the straight-line basis with no salvage value. During the current year, the parent and subsidiary reported a total of $600,000 of intercompany sales. At the beginning of the current year, there were $40,000 of upstream intercompany profits in the parent's inventory. At the end of the current year, there were $60,000 of downstream…
Company X (A)S 105,200 Sales revenue Beginning inventory Net purchases Ending inventory Cost of goods sold Groes profit Oporating expenses Income before taxes 350,600 104,400 (B). 190,600 (C) 12,000
solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
Administrative expenses Net income Additional information: AWN2 The income statement of Carla Company is shown below. Carla Company Income Statement For the Year Ended December 31, 2025 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Operating expenses Selling expenses 2. 3. 5. $1,890,000 4,410,000 6,300,000 1,590,000 450,000 700,000 $6.930,000 1. Accounts receivable decreased $370,000 during the year. Prepaid expenses increased $160,000 during the year. Accounts payable to suppliers of merchandise decreased $290,000 during the year. Accrued expenses payable decreased $90,000 during the year. Administrative expenses include depreciation expense of $50,000. 4,710,000 2,220,000 1,150,000 $1,070,000 Prepare the operating activities section of the statement of cash flows using the direct method.
For your convenience, the summary of transactions from the previous question is duplicated below. Sample Cafe Transactions Item 8,100 medium cups of coffee sold at $3.00 each 4,400 large cups of coffee sold at $4.00 each Espresso maker purchased last year for $12,000 $480 premium for business insurance $3,700 for rent $2,200 for coffee beans $1,600 for coffee cups $15,700 to employees for payroll $100 of interest on loan $1,000 for electricity and water $11,600 in advertising Includes 500 medium cups medium cups sold to the college and delivered to a reception that has been invoiced, but not yet paid. 5-year life Premium for full year Includes $2,100 in rent deposits. Includes coffee discarded valued at $100 Notes 0 cups in inventory at the beginning of January. $800 worth of cups still in inventory at the end of month. $2,500 owed in payroll taxes Paid mid-month Includes $600 in utility deposits $2,900 per week billed monthly Now use the transaction information to create a…
Net sales OR 165000 Cost of the goods sold OR 109000 Details Debit Credit General expenses 11700 Rent 5100 Salaries Payable 9300 Depreciation 1560 Account Payable 3575 Other income 2500 Calculate net profit Select one: O a. RO 31140 O b. RO 34715 O c. RO 40140 O d. RO 27265
Exercise ER The Income statement of Vince Gill Company Is shown below. VINCE GILL COMPANY INCOME STATENENT FOR THE YEAR ENDED DECENBER 31, 2020 $6,900,000 Sales revenue Cost of goods sold Purchases uauanur Bபrப்பம்Sg: 000 0000 Goods available for sale 6,300,000 Ending Inventory Cost of goods sold 4,700,000 Gross profit Operating expenses Selling expenses Administratve expenses ఈ50,000 700,000 1,150,000 $1,050,000 Net Income. Additional Information: 1. Accounts recelvable decreased $360,000 durIng the year. 2. Prepald expenses Increased S170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased S275,000 during the year. 4. Accrued expenses payable decreased $100,000 durIng the year. 5. Administrative expenses Include depredatlon expense of $60,000. Prepare the operating activities secton of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect method parenthesis e.g. (15,000 VINCE GILL COMPANY Statement of…
only Answer question Cost of Gross Goods Profit Sales Net Beg Net Ending Sales returns Sales Inventory Purchases Inventory Sold (Loss) 5,000 80,000 24,000 130,000 38,000 2126,000 6,000 48,000 145,000 46,500
Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $22.68
locs.google.com/forms/d/e/1FAlpQLSdhx7wkRBg-SysLm-AeX919m2L5F4)xzbwov4D68WUmofzSg/formResponse?pli=1 1. Gross profit margin is impacted by sales and cost of goods sold changes." O A) True O B) False 2. The income statement comes in only one basic formats, the multiple-step which is used to analyze the financial performance of the company. * O A) True O B) False 3. Gross profit margin and operating profit margin are complements of each other and the two percentages add up to 100%.* O A) True O B) False 9.58 AM Borrowing mone for short term period is a financingLcash outflow. O d0 ENG 22-Dec-2021 TOSHIBA
Company X (A) S 105,200 Sales revenue Beginning inventory Net purchases Ending inventory Cost of goods sold Gross profit 350,600 104,400 (B) 190,600