Enrichment Activity 7-2. Horizontal AnalysisComplete the horizontal analysis and interpretation of Financial Performance ofRobero Sumaleng's Merchandising: (Use percentages in two decimal places.)Rober Sumaleng's MerchandisingStatement of Comprehensive IncomeFor the years ended December 3120212020Inc/(Dec)AmountPercentSales942,50040,750901,750508,200393,550875,40042,221833,179421,900411,279Less: Sales DiscountsNet SalesPLess: Cost of Goods SoldGross ProfitLess: Operating ExpensesDistribution Costs92,450108,200200,650192,90057,870135,030115,320118,300Administrative ExpensesTotal Operating Expenses PNet Inconme before Tax233,620177,65953,298124,361PLess: Income TaxNet Income after TaxPWrite your interpretation and analysis in no less than four sentences.

Horizontal Analysis of Financial Statement Horizontal analysis is an approach used to analyze…

Answered: Complete the horizontal analysis and…

Business

Accounting

Complete the horizontal analysis and interpretation Robero Sumaleng's Merchandising: (Use percentages

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Cherokee Incorporated is a merchandiser that provided the following information: Number of units…

A: Income statement shows the net income or loss which is earned or lost by the business during a…

Q: states significant items must conform to GAAP 6-17 Comparing inventory methods Express Lane, a…

A: Ending inventory: It is the amount of inventory that remains at the end of accounting period.

Q: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement.

A: The traditional income statement uses the absorption costing method.It shows the cost of goods sold…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Number of units…

A: Income statement is a financial statement that shows profitability, total revenue and total…

Q: Which of the following is considered period cost? Multiple Choice O O O Advertising expense for the…

A: Periodic cost or expenses basically are those cost which are not directly charged production cost.…

Q: Book Hint Print rences Exercise 4-1 (Static) Computing revenues, expenses, and income LO C1 Fill in…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…

Q: Exercise 5-26 Preparing an income statement-periodic L07 The following adjusted account information,…

A: Income statement is one of the important parts of financial statements. It is also called the profit…

Q: for a relate to (a) operating activities, and (b) nonoperating activities. 18. Identify the sections…

A: Multi Step Income statement is one of the financial statements which shows all type of incomes and…

Q: Current Attempt in Progress Marin Shoe Store uses the retail inventory method for its two…

A: The cost to retail ratio is calculated as cost of goods available for sale divided by the retail…

Q: Practice Exercise 2 Chu Company had the following records on a product called "The Widget" in 2015.…

A: Under FIFO method goods purchased first are sold first. Under LIFO method goods purchased last are…

Q: Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The…

A: Schedule of Cost of Goods Sold:The Schedule of Cost of Goods Sold (COGS) is a financial statement…

Q: It was the end of the third quarter for Marigold Industries. There had been some discussion in prior…

A: Direct material price variance is a variance between the rate at which material should be purchased…

Q: Using the Profit and Loss report created above, drill down to a Transactions Report for the Sales…

A: First, you need to access the Profit and Loss report that you have created. This report is usually…

Q: The following are 3 Inventory Cost Determination Methods: 1. Specific Identification 2. FIFO 3.…

A: Specific identification is a method of inventory valuation where each item in the inventory is…

Q: Select the statements below that correctly describe the flow of costs in a merchandise sold becomes…

A: Merchandise accounting cycle refers to the process of recording and reporting the financial…

Q: Calculate the cost of goods sold for March using the first-in, first-out cost formula. Cost of goods…

A: 1. Calculate the Cost of Goods Sold using FIFOExample Inventory Data (Hypothetical)Let's assume we…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of…

A: Traditional Income Statement: The traditional income statement begins with sales revenue. Cost of…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Amount 14,000 $ 16…

A: The income statement is prepared by the management to identify the performance of the business. It…

Q: Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income…

A: Income statement summaries the revenue earned by selling the product and expenses incurred for…

Q: A store that sales expensive custom-made Jewelry is most likely to determine the cost of goods sold…

A: Introduction:- There following are inventory valuation as follows under:- Specific Identification.…

Q: 6 7 8 9 10 11 12 13 Date Jan 1 Jan 3 Jan 6 Jan 15 Jan 22 DATA Description Inventory on hand Purchase…

A: Number of units purchased = 9000 + 13000 = 22000Number of units sold = 8500 + 12000 = 20500Ending…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Number of units…

A: A traditional income statement, often known as a profit and loss statement, demonstrates whether a…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Number of units…

A: The income statement can be prepared using various methods as variable costing and absorption…

Q: 1. Complete the below grid. Submit your answers in a grid/table. Net Sales Cost of goods sold Gross…

A: “Since you have asked multiple questions in two different images, we will solve the first complete…

Q: Cherokee Incorporated is a merchandiser that provided the following informati Number of units sold…

A: The income statement is prepared to record the revenue and expenses for the current period. It tells…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Number of units…

A: An income statement is prepared by the business entities so as to determine how much amount of gross…

Q: B) Cost of goods sold will be shown. *22. Identify the accounts that are added to or deducted from…

A: Periodic inventory system is an inventory system in which all purchases and sales transactions…

Q: profit of are its operating expenses? 17. Identify the distinguishing features of an income…

A: Since you have specifically asked for question 17, so we are solving the same for you. To get the…

Q: Please dont provide solution image based thanx

A: The income statement is prepared using different methods as variable and absorption costing. The…

Q: The entry to record the return of merchandise from a costumer would include a credit to sales…

A: Given: To determine the entry to record the return of merchandise from a costumer that would include…

Q: Beginning inventory Merchandise Finished goods Cost of merchandise purchased Cost of goods…

A: In this question, we need to compute the Cost of goods sold for both trading/merchandising and…

Q: 23. On July 15, a company purchases on account goods costing $3,000 with credit terms of 2/10, n/30.…

A: solution question 23 as required by you concept the meaning of credit term 2/10 , n/30…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Amount Number of…

A: The income statement is an essential part of the financial statements and represents the business…

Q: Match each item to a choice: Choices: Purchase discount Sales discount Buyer Seller

A: Invoice refers to a document issued by the trader displaying the addresses of the seller and buyer,…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Number of units…

A: Income statement is a financial statement that records all the income and expenses of the business…

Q: Complete the chart using the LIFO and FIFO costing methods, assuming a period of increasing costs:…

A: Answer) Highest Amount Lowest Amount Cost of Merchandise Sold LIFO FIFO…

Q: Cherokee Incorporated is a merchandiser that provided the following information: Number of units…

A: The income statement records the revenue and expenses for the current period. The net income is…

Q: Cherokee Inc. is a merchandiser that provided the following information: Number of units sold…

A: Income statement is one of the financial statement that shows profitability, total revenue and…

Question

100%

Enrichment Activity 7-2. Horizontal Analysis
Complete the horizontal analysis and interpretation of Financial Performance of
Robero Sumaleng's Merchandising: (Use percentages in two decimal places.)
Rober Sumaleng's Merchandising
Statement of Comprehensive Income
For the years ended December 31
2021
2020
Inc/(Dec)
Amount
Percent
Sales
942,500
40,750
901,750
508,200
393,550
875,400
42,221
833,179
421,900
411,279
Less: Sales Discounts
Net Sales
P
Less: Cost of Goods Sold
Gross Profit
Less: Operating Expenses
Distribution Costs
92,450
108,200
200,650
192,900
57,870
135,030
115,320
118,300
Administrative Expenses
Total Operating Expenses P
Net Inconme before Tax
233,620
177,659
53,298
124,361
P
Less: Income Tax
Net Income after Tax
P
Write your interpretation and analysis in no less than four sentences.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Hi, I need help inputting the following values (cells are highlighted in red). Thank you.
May i know the correct answers for both of it
Multiple choice
Inventory and supply chain management concepts (7) What inventory model should we use to choose the order quantities for Le Club, the wine catalog retailer we analyzed in class? Multiple Choice Order-up-to model. Inventory turns model. EOQ model. Newsvendor model.
Paragraph 151 Styles Assume an outlet of The Runner's Store has the following data: Date Item Quantity Unit Costs Sale Price Aug 1 Beginning balance 40 $40 Sale 16 $70 8 Purchase 80 41 11 Sale 34 70 19 Sale 72 24 Sale 30 72 30 Purchase 18 42 Requirements: a) Calculate the Cost of Goods Sold and Ending Inventory using FIFO method. b) Calculate the Cost of Goods Sold and Ending Inventory using Weighted Average method. c) Calculate the gross profit under FIFO and Weighted Average method. d) Prepare the journal entries for August 3 and August 8 based on FIFO method. a) FIFO Opening and Purchases Cost of Goods Sold Balance Date Unit Unit Amount Unit Unit Amount Unit Unit Amount Cost Cost Cost Total
Question 19
When using QBO time tracking, you can record: Multiple Choice Time billable to a specific vendor Time billable to a specific customer How many shipments of inventory items were received Number of purchase orders from each supplier
please answer do not image format
Really not undertsanding LIFO, thank you ahead of time
Please do not give solution in image format thanku
Please don't not give image format
MusicMagic specializes in sound equipment. Company records indicate the following data for a line of speakers: (Click the icon to view the data.) Read the requirements. Co Requirement 1. Determine the amounts that MusicMagic should report for cost of goods sold and ending inventory two ways: a. FIFO and b. LIFO. (MusicMagic uses a perpetual inventory system.) Start by determining the amounts that MusicMagic should report for cost of goods sold and ending inventory under a. FIFO. FIFO method cost of goods sold = FIFO method ending inventory = Data table Date Mar 1 Mar 2 Mar 7 Mar 13 Item Balance Purchase Sale Sale Print Quantity 14 5 7 6 Unit Cost $ Done 41 48 Sale Price $ 109 102 X