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Problem 13-02A (Video) The comparative statements of Cullumber Company are presented here: Cullumber CompanyIncome StatementsFor the Years Ended December 31     2020   2019 Net sales   $1,891,640   $1,751,600 Cost of goods sold   1,059,640   1,007,100 Gross profit   832,000   744,500 Selling and administrative expenses   501,100   480,100 Income from operations   330,900   264,400 Other expenses and losses            Interest expense   23,700   21,700 Income before income taxes   307,200   242,700 Income tax expense   93,700   74,700 Net income   $213,500   $168,000 Cullumber CompanyBalance SheetsDecember 31 Assets   2020   2019 Current assets            Cash   $60,100   $64,200    Debt investments (short-term)   74,000   50,000    Accounts receivable   118,900   103,900    Inventory   127,700   117,200      Total current assets   380,700   335,300 Plant assets (net)…

Partially correct answer icon Your answer is partially correct. The comparative statements of Wahlberg Company are presented here. Wahlberg CompanyIncome StatementFor the Years Ended December 31     2020   2019 Net sales   $ 1,810,000     $ 1,745,000   Cost of goods sold   1,005,000     970,000   Gross profit   805,000     775,000   Selling and administrative expenses   511,000     472,000   Income from operations   294,000     303,000   Other expenses and losses                Interest expense   17,000     13,000   Income before income taxes   277,000     290,000   Income tax expense   77,500     76,000   Net income   $  199,500     $  214,000

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7:01 Done O ezto.mheducation.com AA C Required information [The following information applies to the questions displayed below.] 2 of 4 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 ipped 2019 2018 2017 Вook Sales Cost of goods sold Gross profit Selling expenses Administrative expenses 265,199 175,331 62,555 39,648 102,203 73,128 $440,530 $337,482 213,289 124,193 46,573 29,698 $234, 200 149,888 84,312 30,914 19,439 50,353 Print Total expenses 76,271 47,922 Income before taxes 33,959 6,894 13,602 9,824 $ 59,526 $ 38,098 Income tax expense erences Net income $ 27,065 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets $ 62,608 $ 41,904 $ 56,015 3,440 63,655 Current assets Long-term investments Plant assets, net 400 116,271 106,290 Total assets $178,879 $148,594 $123,110 Liabilities and Equity Current liabilities Common stock…

Part I. Perform a vertical analysis in Just Stuff's Income Statement and Balance Sheet for the year 2020 and make conclusions based on your computations. Part II. Perform a horizontal analysis in Just Stuff's Income Statement and Balance Sheet and make conclusions based on your computation.

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Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023  INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…

How would you prepare the horizontal analysis?

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 429,809 $ 329,269 $ 228,500 Cost of goods sold 258,745 207,439 146,240 Gross profit 171,064 121,830 82,260 Selling expenses 61,033 45,439 30,162 Administrative expenses 38,683 28,976 18,966 Total expenses 99,716 74,415 49,128 Income before taxes 71,348 47,415 33,132 Income tax expense 13,271 9,720 6,726 Net income $ 58,077 $ 37,695 $ 26,406 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 58,039 $ 38,846 $ 51,928 Long-term investments 0 1,100 3,100 Plant assets, net 106,146 96,441 57,969 Total assets $ 164,185 $ 136,387 $ 112,997 Liabilities and Equity Current liabilities $ 23,971 $ 20,322 $ 19,774 Common stock 67,000 67,000 49,000 Other paid-in capital 8,375 8,375 5,444 Retained earnings 64,839 40,690 38,779 Total liabilities and equity $ 164,185 $ 136,387 $…

Operating data for Joshua Corporation are presented as follows: Net Sales Cost of Goods Sold Selling Expenses Administrative Expenses Income Tax Expense Net Income 2022 800,000 520,000 120,000 60,000 30,000 70,000 Instructions Prepare a schedule showing a vertical analysis for 2022 and 2021. Net Sales Cost of Goods Sold Gross Profit Selling Expenses Your Answers: FYI: Format the percent cols to one decimal place. Ex 99.9% 2022 Administrative Expenses Total Operating Expenses Income Before Income Taxes Income Tax Expense Net Income 2021 600,000 408,000 72,000 48,000 24,000 48,000 Amount 800,000 520,000 280,000 120,000 60,000 180,000 100,000 30,000 70,000 Percent 100.0% 2021 Amount Percent 600,000 100.0% 408,000 192,000 72,000 48,000 120,000 72,000 24,000 48,000

Selected comparative financial statements of Korbin Company follow.  KORBIN COMPANY Comparative Income Statements For Years Ended December 31   2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226   KORBIN COMPANY Comparative Balance Sheets December 31   2021 2020 2019 Assets       Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity       Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666…

Selected comparative financial statements of Korbin Company follow.  KORBIN COMPANY Comparative Income Statements For Years Ended December 31   2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226   KORBIN COMPANY Comparative Balance Sheets December 31   2021 2020 2019 Assets       Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity       Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666…

Selected comparative financial statements of Korbin Company follow.  KORBIN COMPANY Comparative Income Statements For Years Ended December 31   2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226   KORBIN COMPANY Comparative Balance Sheets December 31   2021 2020 2019 Assets       Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity       Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666…

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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…

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