Annual Income Statement Data Selected Year - End Balance Sheet Data Sales $ 50, 000 Wages payable decrease $3,000 Expenses: Inventory increase 500 Cost of goods sold 30,000 Accounts payable decrease 1, 000 Wages expense 10,000 Amortization expense 1, 500 Net
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![Annual Income Statement Data Selected Year - End Balance Sheet Data Sales $ 50,000 Wages
payable decrease $ 3,000 Expenses: Inventory increase 500 Cost of goods sold 30,000
Accounts payable decrease 1,000 Wages expense 10,000 Amortization expense 1,500 Net
income $ 8,500 Prepare the operating activities section of the statement of cash flows for
GreenGarden using the indirect method. Note: Amounts to be deducted should be indicated
with a minus sign.]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F696aa351-fbe9-404a-af35-ba9588a3525d%2F01301f21-678c-476e-9057-a449bc4f74a2%2Fdmaux8i_processed.png&w=3840&q=75)
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- Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $820,000 100 % Cost of goods sold 524,800 70 Gross profit $295,200 30 % Selling expenses $180,400 17 % Administrative expenses 65,600 7 Total operating expenses $246,000 24 % Operating income $49,200 6 % Other revenue 16,400 2 $65,600 8 % Other expense 8,200 1 Income before income tax $57,400 7 % Income tax expense 24,600 4 Net income $32,800 3 %The income statement of Coronado Company is presented here. CORONADO COMPANY Income Statement For the Year Ended November 30, 2022 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative ovnoncoc $1,982.800 4,370,900 6,353,700 1,665,900 454.000 627 900 $7,536,500 4,687,800 2.848.700 1 001 900 ● 71°F Cloudy A OCommon-Size Income StatementsConsider the following income statement data from the Ross Company: Current Year Previous Year Sales revenue $529,000 $454,000 Cost of goods sold 336,000 279,000 Selling expenses 109,000 103,000 Administrative expenses 64,000 58,000 Income tax expense 7,800 5,400 Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). Note: Compute percentages for each "Total" (do not add prior percentage amounts to arrive at Totals). ROSS COMPANYCommon-Size Income Statements(Percent of Sales Revenue) Current Year Previous Year Sales Revenue Answer Answer Cost of Goods Sold Answer Answer Answer Answer Answer Answer Selling Expenses Answer Answer Administrative Expenses Answer Answer Total Answer Answer Income before Income Taxes Answer Answer Answer Answer Answer Answer Answer Answer PreviousSave AnswersNext
- Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous YearSales $4,000,000 $3,600,000Cost of goods sold 2,280,000 1,872,000Selling expenses 600,000 648,000Administrative expenses 520,000 360,000Income tax expense 240,000 216,000a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.b. Comment on the significant changes disclosed by the comparative income statement.Revenue and expense data for Bluestem Company are as follows: Administrative expenses Cost of merchandise sold Income tax expense Sales Selling expenses Total operating expenses Year 2 $37,000 350,000 40,000 800,000 150,000 a. Prepare a comparative income statement, with vertical analysis, stating each item for both years as a percent of sales. Round percentages to one decimal place. Bluestem Company $ Comparative Income Statement For Years Ended December 31, Year 2 and Year 1 Year 2 Percent Year 1 $20,000 320,000 32,000 700,000 110,000 Year 2 Amount The most significant increase in expenses is resulting in the overall % % % % % % % 1% % $ Year 1 Amount Year 1 Percent % % % % % % 1% % % b. Complete the following regarding significant changes disclosed by the comparative income statement. which offsets the decrease in of net income. GRevenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $586,000 $527,000 Cost of merchandise sold 345,740 279,310 Selling expenses 93,760 100,130 Administrative expenses 105,480 89,590 Income tax expense 17,580 21,080. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
- Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Net sales Cost of goods sold Gross profit 2022 Selling expenses $754,000 465,218 122,148 61,828 33,176 71,630 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.) BRAMBLE CORPORATION Condensed Income Statements For the Years Ended December 31 2022 Amount $754,000 465,218 288,782 2021 122.148 $605,000 392,645 69,575 54,450 21,780 66,550 Percent 100 % 65 % Amount % $605,000 392,645 % 212,355.0 69,575 2021 Percent 100 % % % %Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $541,800 $430,000 Cost of goods sold 458,800 370,000 Gross profit $83,000 $60,000 Selling expenses $24,360 $21,000 Administrative expenses 21,080 17,000 Total operating expenses $45,440 $38,000 Income before income tax $37,560 $22,000 Income tax expenses 15,000 8,800 Net income $22,560 $13,200 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount Amount Amount Percent Sales $541,800 $430,000 % Cost of goods sold 458,800 370,000 Gross profit $83,000 $60,000 % Selling expenses $24,360 $21,000 % Administrative expenses 21,080 17,000 % Total operating expenses…Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $418,200 $340,000 Cost of goods sold 350,900 290,000 Gross profit $67,300 $50,000 Selling expenses $19,210 $17,000 Administrative expenses 16,940 14,000 Total operating expenses $36,150 $31,000 Income before income tax $31,150 $19,000 Income tax expenses 12,500 7,600 Net income $18,650 $11,400 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 CurrentyearAmount PreviousyearAmount Increase(Decrease)Amount Increase(Decrease)Percent Sales $418,200 $340,000 $fill in the blank…
- Calculating the Times-Interest-Earned Ratio Beech Company provided the following income statement for last year: Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685 Operating income $4,140,050 Interest expense 470,015 Income before taxes $3,670,035 Income taxes 1,461,214 Net income $2,208,821 Required: Calculate the times-interest-earned ratio. Round the answer to one decimal place.timesHorizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales $536,800 $440,000 Cost of merchandise sold 444,000 370,000 Gross profit $92,800 $70,000 Selling expenses $25,760 $23,000 Administrative expenses 22,800 19,000 Total operating expenses $48,560 $42,000 Income before income tax expense $44,240 $28,000 Income tax expenses 17,700 11,200 Net income $26,540 S16,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Increase Increase (Decrease) Previous year year (Decrease)Income statement data for Winthrop Company for two recent years ended December 31 are as follows: 1 Current Year Previous Year 2 Sales $1,596,000.00 $1,400,000.00 3 Cost of goods sold 1,316,700.00 1,197,000.00 4 Gross profit $279,300.00 $203,000.00 5 Selling expenses $76,950.00 $67,500.00 6 Administrative expenses 55,000.00 50,000.00 7 Total operating expenses $131,950.00 $117,500.00 8 Income before income tax $147,350.00 $85,500.00 9 Income tax expense 11,060.00 7,000.00 10 Net income $136,290.00 $78,500.00 A. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. Round percentages to one decimal place. B. What conclusions can be drawn from the horizontal analysis? Round the answers to one decimal place.
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