please double underline need answer with explanation , computation for each requirement and part clearly answer in text need answer for all with complete and correct working Jacob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income statements forthe last four quarters follow:Sales revenueCost of goods soldGross profitSelling & administrative expensesNet incomeFirst Quarter Second Quarter Third Quarter Fourth QuarterTotal$ 186,000$ 216,000$226,000$ 276,000111,60074,40018,600129,60086,40021,600135,60090,40022,600165,600110,40027,600$ 904,000542,400361,60090,400$ 55,800$ 64,800$ 67,800$ 82,800$ 271,200Historically, cost of goods sold is about 60 percent of sales revenue. Selling and administrative expenses are about 10 percent of salesrevenue.Fred Arvada, the chief executive officer, told Mr. Long that he expected sales next year to be 15 percent for each respective quarterabove last year's level. However, Rita Banks, the vice president of sales, told Mr. Long that she believed sales growth would be only 10percent.Requireda. Prepare a pro forma income statement including quarterly budgets for the coming year using Mr. Arvada's estimate.b. Prepare a pro forma income statement including quarterly budgets for the coming year using Ms. Banks' estimate.Complete this question by entering your answers in the tabs below.Required A Required BPrepare a pro forma income statement including quarterly budgets for the coming year using Mr. Arvada's estimate.First QuarterSecondQuarterThird QuarterFourthQuarterTotalSales revenue$00Cost of goods sold00000Gross profit0Selling & administrative expenses$0 $0 $0 $0 $0Net income

Income Statement -A business's revenue and spending breakdown is shown in a financial report called…

cob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income statements fo the last four quarters follow: First Quarter Second Quarter Third Quarter Fourth Quarter Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income Total $186,000 $216,000 $226,000 $276,000 $ 904,000 111,600 129,600 135,600 165,600 542,400 74,400 86,400 90,400 110,400 361,600 18,600 21,600 22,600 27,600 98,400 $ 55,800 $ 64,800 $ 67,800 $ 82,800 $ 271,200 Historically, cost of goods sold is about 60 percent of sales revenue. Selling and administrative expenses are about 10 percent of sa revenue. Fred Arvada, the chief executive offic

cob Long, the controller of Arvada Corporation, is trying to prepare a sales budget for the coming year. The income statements fo the last four quarters follow: First Quarter Second Quarter Third Quarter Fourth Quarter Sales revenue Cost of goods sold Gross profit Selling & administrative expenses Net income Total $186,000 $216,000 $226,000 $276,000 $ 904,000 111,600 129,600 135,600 165,600 542,400 74,400 86,400 90,400 110,400 361,600 18,600 21,600 22,600 27,600 98,400 $ 55,800 $ 64,800 $ 67,800 $ 82,800 $ 271,200 Historically, cost of goods sold is about 60 percent of sales revenue. Selling and administrative expenses are about 10 percent of sa revenue. Fred Arvada, the chief executive offic

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Explain how the E-R diagrams is used to prepare database tables. Also, include explanation of cardinalities.
Write out the equation for the CML and explain its meaning.
What is the suggested order for carrying out tasks using an ABC system?
Can you include the explanation and computation please
1.What are fundamental tasks of data base managment ? 2. What are fundamental objectives of all information system? 3. What are the characteristics of qualified information explain them?
List the steps involved in view integration.
Show the solution in a handwritten format/way.
Explain how changesin activity affect c ontributionm argin and net operatingincome.
Can u please give the vertical analysis for this and interpret the results.
Ma1. XBRL is made up of two parts: a- Tag and barcoding b- Taxonomies and instance document c- Reporting concepts and schema d- US GAAP and IFRS 8- LinkDases are-__Components which define ..........-Between elements and link them to external resources a- schema , relationships b- taxonomy, relationships c- taxonomy , schema d- XML, relationships 15- Each XBRL taxonomy is connected to a number of “......." that define item relationships, how totals and subtotals are calculated, the used in human readable documents, and the authoritative references for items (i.e. FASB references, etc.)
Kindly use PMT in your computations
Required information [The following information applies to the questions displayed below.] Consider the following narrative describing the process of filling a customer's order at a Starbucks branch: Identify the start and end events and the activities in the following narrative, and then draw the business process model using BPMN: the Starbucks customer entered the drive-through lane and stopped to review the menu. He then ordered a Venti coffee of the day and a blueberry muffin from the barista. The barista recorded the order in the cash register. While the customer drove to the window, the barista filled a Venti cup with coffee, put a lid on it, and retrieved the muffin from the pastry case and placed it in a bag. The barista handed the bag with the muffin and the hot coffee to the customer. The customer has an option to pay with cash, credit card, or Starbucks gift card. The customer paid with a gift card. The barista recorded the payment and returned the card along with the…