MULBERRY DESIGNS, INC. Comparative Income Statement Years Ended December 31, 2018 and 2017 2018 2017 Net Sales Revenue $ 431,000 $ 372,350 Expenses: Cost of Goods Sold 203,850 186,000 Selling and Administrative Expenses 99,000 93,250 Other Expenses 9,000 4,650 Total Expenses 311,850 283,900 Net Income $ 119,150 $ 88,450
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Performing horizontal analysis—income statement
Data for Mulberry Designs, Inc. follow:
Requirements
- Prepare a horizontal analysis of the comparative income statement of Mulberry Designs, Inc. Round percentage changes to one decimal place.
- Why did 2018 net income increase by a higher percentage than net sales revenue?
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- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 459,716 $ 352,180 $ 244,400 Cost of goods sold 276,749 223,282 156,416 Gross profit 182,967 128,898 87,984 Selling expenses 65,280 48,601 32,261 Administrative expenses 41,374 30,992 20,285 Total expenses 106,654 79,593 52,546 Income before taxes 76,313 49,305 35,438 Income tax expense 14,194 10,108 7,194 Net income $ 62,119 $ 39,197 $ 28,244 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 58,718 $ 39,300 $ 52,535 Long-term investments 0 500 4,280 Plant assets, net 109,047 99,561 58,646 Total assets $ 167,765 $ 139,361 $ 115,461 Liabilities and Equity Current liabilities $ 24,494…
- Data for Micatin Designs, Inc. follow: Data table Micatin Designs, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 2024 2023 Net Sales Revenue $429,000 $374,000 Expenses: Cost of Goods Sold 201,000 187,000 Selling and Administrative Expenses 97,450 92,750 Other Expenses 8,500 3,250 Total Expenses 306,950 283,000 Net Income $122,050 $91,000 . Requirements 1. Prepare a comparative common-size income statement for Micatin Designs, Inc. using the 2024 and 2023 data. Round percentages to one-tenth percent. 2. To an investor, how does 2024 compare with 2023? Explain your reasoning.LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 21,200 $ 16,650 Sales returns and allowances 800 100 Net sales $ 20,400 $ 16,550 Cost of merchandise (goods) sold 11,450 8,400 Gross profit $ 8,950 $ 8,150 Operating expenses: Depreciation $ 920 $ 710 Selling and administrative 3,850 3,100 Research 770 610 Miscellaneous 580 410 Total operating expenses $ 6,120 $ 4,830 Income before interest and taxes $ 2,830 $ 3,320 Interest expense 780 610 Income before taxes $ 2,050 $ 2,710 Provision for taxes 820 1,084 Net income $ 1,230 $ 1,626 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 13,100 $…LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 20,400 $ 16,050 Sales returns and allowances 900 100 Net sales $ 19,500 $ 15,950 Cost of merchandise (goods) sold 11,650 8,650 Gross profit $ 7,850 $ 7,300 Operating expenses: Depreciation $ 840 $ 670 Selling and administrative 3,250 2,700 Research 690 570 Miscellaneous 500 370 Total operating expenses $ 5,280 $ 4,310 Income before interest and taxes $ 2,570 $ 2,990 Interest expense 700 570 Income before taxes $ 1,870 $ 2,420 Provision for taxes 748 968 Net income $ 1,122 $ 1,452 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 12,700 $…
- LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 21,600 $ 16,950 Sales returns and allowances 900 100 Net sales $ 20,700 $ 16,850 Cost of merchandise (goods) sold 11,350 8,300 Gross profit $ 9,350 $ 8,550 Operating expenses: Depreciation $ 960 $ 730 Selling and administrative 4,150 3,300 Research 810 630 Miscellaneous 620 430 Total operating expenses $ 6,540 $ 5,090 Income before interest and taxes $ 2,810 $ 3,460 Interest expense 820 630 Income before taxes $ 1,990 $ 2,830 Provision for taxes 796 1,132 Net income $ 1,194 $ 1,698 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 13,300 $…Mac Donald company reported the following on its comparative income statement: 2017 2018 2019 Revenue 9,000 10,000 14,000 Cost of goods sold 6,000 4,000 9,000 Prepare a horizontal analysis of revenue , cost of goods sold and gross profitLOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 22,800 $ 17,850 Sales returns and allowances 900 100 Net sales $ 21,900 $ 17,750 Cost of merchandise (goods) sold 11,050 7,700 Gross profit $ 10,850 $ 10,050 Operating expenses: Depreciation $ 1,080 $ 790 Selling and administrative 5,050 3,900 Research 930 690 Miscellaneous 740 490 Total operating expenses $ 7,800 $ 5,870 Income before interest and taxes $ 3,050 $ 4,180 Interest expense 940 690 Income before taxes $ 2,110 $ 3,490 Provision for taxes 844 1,396 Net income $ 1,266 $ 2,094 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 11,800…
- A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O OLOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 22,400 $ 17,550 Sales returns and allowances 800 100 Net sales $ 21,600 $ 17,450 Cost of merchandise (goods) sold 11,150 7,900 Gross profit $ 10,450 $ 9,550 Operating expenses: Depreciation $ 1,040 $ 770 Selling and administrative 4,750 3,700 Research 890 670 Miscellaneous 700 470 Total operating expenses $ 7,380 $ 5,610 Income before interest and taxes $ 3,070 $ 3,940 Interest expense 900 670 Income before taxes $ 2,170 $ 3,270 Provision for taxes 868 1,308 Net income $ 1,302 $ 1,962 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 11,800…LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 22,400 $ 17,550 Sales returns and allowances 800 100 Net sales $ 21,600 $ 17,450 Cost of merchandise (goods) sold 11,150 7,900 Gross profit $ 10,450 $ 9,550 Operating expenses: Depreciation $ 1,040 $ 770 Selling and administrative 4,750 3,700 Research 890 670 Miscellaneous 700 470 Total operating expenses $ 7,380 $ 5,610 Income before interest and taxes $ 3,070 $ 3,940 Interest expense 900 670 Income before taxes $ 2,170 $ 3,270 Provision for taxes 868 1,308 Net income $ 1,302 $ 1,962 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 11,800…