(A): As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an income statement with vertical analysis for the first quarter of 2019 from the following information: gross sales, $240,000; sales discounts, $45,500; beginning inventory, Jan. 1, $86,500; ending inventory, March 31, $103,100; net purchases, $76,800; total operating expenses, $108,000; and income tax, $14,450. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Income Statement January 1 to March 31, 2019 (B): You have just received a report with the second-quarter figures. Prepare a comparative income statement with horizontal analysis for the first and second quarter of 2019: gross sales, $296,000; sales discounts, $41,300; beginning inventory, April 1, $103,100; ending inventory, June 30, $96,580; net purchases, $84,320; total operating expenses, $126,600; and income tax, $16,300. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Comparative Income Statement First and Second Quarter, 2019
(A): As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an income statement with vertical analysis for the first quarter of 2019 from the following information: gross sales, $240,000; sales discounts, $45,500; beginning inventory, Jan. 1, $86,500; ending inventory, March 31, $103,100; net purchases, $76,800; total operating expenses, $108,000; and income tax, $14,450. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Income Statement January 1 to March 31, 2019 (B): You have just received a report with the second-quarter figures. Prepare a comparative income statement with horizontal analysis for the first and second quarter of 2019: gross sales, $296,000; sales discounts, $41,300; beginning inventory, April 1, $103,100; ending inventory, June 30, $96,580; net purchases, $84,320; total operating expenses, $126,600; and income tax, $16,300. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Comparative Income Statement First and Second Quarter, 2019
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
(A): As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an income statement with vertical analysis for the first quarter of 2019 from the following information: gross sales, $240,000; sales discounts, $45,500; beginning inventory, Jan. 1, $86,500; ending inventory, March 31, $103,100; net purchases, $76,800; total operating expenses, $108,000; and income tax, $14,450. (Round percentages to one decimal place.)
Jefferson Airplane Parts, Inc.
Income Statement
January 1 to March 31, 2019
(B): You have just received a report with the second-quarter figures. Prepare a comparative income statement with horizontal analysis for the first and second quarter of 2019: gross sales, $296,000; sales discounts, $41,300; beginning inventory, April 1, $103,100; ending inventory, June 30, $96,580; net purchases, $84,320; total operating expenses, $126,600; and income tax, $16,300. (Round percentages to one decimal place.)
Jefferson Airplane Parts, Inc.
Comparative Income Statement
First and Second Quarter, 2019
Transcribed Image Text:Jefferson Airplane Parts, Inc.
Comparative Income Statement
First and Second Quarter, 2019
Increase (Decrease)
2nd Quarter
1st Quarter
Amount
Percent
Revenue
Gross Sales
Less: Sales Discounts
Net Sales
Cost of Goods Sold
Merchandise Inventory, Beginning
Net Purchases
Goods Available for Sale
Less: Merchandise Inventory, Ending
Cost of Goods Sold
Gross Margin
Operating Expenses
Income before Income Tax
Income Tax
Net Income
Transcribed Image Text:Jefferson Airplane Parts, Inc.
Income Statenment
January 1 to March 31, 2019
Revenue
Gross Sales
Less: Sales Discounts
Net Sales
Cost of Goods Sold
Merchandise Inventory, Jan. 1
Net Purchases
Goods Available for Sale
Less: Merchandise Inventory, Mar. 31
Cost of Goods Sold
Gross Margin
Operating Expenses
Income before Taxes
Income Tax
Net Income
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