Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2011 Sales Cost of goods sold Gross profit $16,800,000 $15,000,000 (11,500,000) (10,000,000) $5,300,000 $5,000,000 Selling expenses Administrative expenses Total operating expenses Operating income Other revenue Income before income tax expense Income tax expense $(1,770,000)(1,500,000) (1,220,000) (1,000,000) $2,990,000)s(2,500,000) $2,310,000 $2,500,000 256,950 225,000 $2,566,950 $2,725,000 (1,413,000) (1,500,000) Net income $1,153,950 $1,225,000 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2011 as the base year. Round percentages to one decimal place. For those boves in which you r numbers use a minus sign t enter subtracted or ne McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 201 Line Item Description 2013 2041 Increase/(Decrease) Increase/(Decrease) Amount Percent Sales 11.3 Cost of goods sold 500.000 Gross profit 5.300.000 1.000.000 300 000 Selling expenses 1,770,00 1,300,000 % Administrative expenses Tital operating expenses 2,500,000 Operating income 2.315.000 256950 2500,000 Other revenue Income before income tax expenseone 1.3M350 1,125.00 Income tax expense 43,000 Net income
Comparative Income Statement For the Years Ended December 31, 2012 and 2011 2012 2011 Sales Cost of goods sold Gross profit $16,800,000 $15,000,000 (11,500,000) (10,000,000) $5,300,000 $5,000,000 Selling expenses Administrative expenses Total operating expenses Operating income Other revenue Income before income tax expense Income tax expense $(1,770,000)(1,500,000) (1,220,000) (1,000,000) $2,990,000)s(2,500,000) $2,310,000 $2,500,000 256,950 225,000 $2,566,950 $2,725,000 (1,413,000) (1,500,000) Net income $1,153,950 $1,225,000 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2011 as the base year. Round percentages to one decimal place. For those boves in which you r numbers use a minus sign t enter subtracted or ne McDade Company Comparative Income Statement For the Years Ended December 31, 2012 and 201 Line Item Description 2013 2041 Increase/(Decrease) Increase/(Decrease) Amount Percent Sales 11.3 Cost of goods sold 500.000 Gross profit 5.300.000 1.000.000 300 000 Selling expenses 1,770,00 1,300,000 % Administrative expenses Tital operating expenses 2,500,000 Operating income 2.315.000 256950 2500,000 Other revenue Income before income tax expenseone 1.3M350 1,125.00 Income tax expense 43,000 Net income
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Comparative Income Statement
For the Years Ended December 31, 2012 and
Sales
Cost of goods sold
Gross profit
2011
2012
$16,800,000 $15,000,000
2011
Selling expenses
Administrative expenses
Total operating expenses
Operating income
Other revenue
Income before income tax
expense
Income tax expense
Net income
(11,500,000) (10,000,000)
$5,300,000 $5,000,000
$(1,770,000)(1,500,000)
(1,220,000) (1,000,000)
$2,990,000) $(2,500,000)
$2,310,000 $2,500,000
256,950 225,000
$2,566,950 $2,725,000
(1,413,000) (1,500,000)
$1,153,950 $1,225,000
1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2011 as the base year. Round percentages to one decimal place. For those boves in which you must enter subtracted or ne
numbers use a minus sign
McDade Company
Comparative Income Statement
For the Years Ended December 31, 2012 and 2011
Line Item Description:
Sales
2012
14,300,000
2011
Increase/(Decrease) Increase/(Decrease)
Amount
Percent
113
Cost of goods sold
11,500,000
10,000,000
1.500.000
Gross profit
5,300,000
3.000.000
300,000
Selling expenses
1,7700
1,500,000
x%
Administrative expenses
1220,000
1,000,000
Tistal operating expenses
Operating income
231,000
2.990.000
2500,000
2,300,000x
%
25.950
125,000
Other revenue
Income before income tax expensetone
1566950
2.125.000
x
Income tax expense
113,000
12190
Net income
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