Complete this question by entering your answers in the tabs below.Analysis AnalysisBal Sheet Inc StmtPrepare a vertical analysis of an income statements for Year 4 and Year 3. (Percentagesmay not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345should be entered as 23.45).)RevenuesSales (net)Other revenuesTotal revenuesExpensesCost of goods soldFANNING COMPANYVertical Analysis of Income StatementsYear 4Selling, general, andadministrative expenseInterest expenseIncome tax expenseTotal expensesNet incomeAmount$231,9009,300241,200118,80054,2006,80022,800202,600$38,600Percentageof TotalAnalysis Bal Sheet%%Year 3Amount$211,2006,400217,600102,10049,1006,00021,800179,000$Percentageof Total%%38,600Analysis Inc Stmt >Show less

The term "vertical analysis" refers to the study of an income statement in which all of the line…

Complete this question by entering your answers in the tabs below. Analysis Analysis Bal Sheet Inc Stmt Prepare a vertical analysis of an income statements for Year 4 and Year 3. (Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45).) Revenues Sales (net) Other revenues Total revenues FANNING COMPANY Vertical Analysis of Income Statements Year 4 Expenses Cost of goods sold Selling, general, and administrative expense Interest expense Income tax expense Total expenses Net income Amount $ 231,900 9,300 241,200 118,800 54,200 6,800 22,800 202,600 $ Percentage of Total 38,600 < Analysis Bal Sheet % % Year 3 Amount $ 211,200 6,400 217,600 102,100 49,100 6,000 21,800 179,000 $ Percentage of Total % % 38,600 Analysis Inc Stmt > Show less

Complete this question by entering your answers in the tabs below. Analysis Analysis Bal Sheet Inc Stmt Prepare a vertical analysis of an income statements for Year 4 and Year 3. (Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45).) Revenues Sales (net) Other revenues Total revenues FANNING COMPANY Vertical Analysis of Income Statements Year 4 Expenses Cost of goods sold Selling, general, and administrative expense Interest expense Income tax expense Total expenses Net income Amount $ 231,900 9,300 241,200 118,800 54,200 6,800 22,800 202,600 $ Percentage of Total 38,600 < Analysis Bal Sheet % % Year 3 Amount $ 211,200 6,400 217,600 102,100 49,100 6,000 21,800 179,000 $ Percentage of Total % % 38,600 Analysis Inc Stmt > Show less

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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COMPANY B Balance Sheets December 31, Year 2 and Year 1 Year 2 Year 1 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land $ 217,600 58,000 85,000 3,000 $ 110,000 82,000 70,000 1,000 380,000 690,000 (328,000) $1,105,600 380,000 570,000 (168,000) $1,045,000 Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings $ 89,000 $4 5,000 7,000 75,000 11,000 4,000 120,000 240,000 600,000 284,600 $1,105,600 $1,045,000 600,000 115,000 Total liabilities and stockholders' equity Additional information for Year 2: 1. Net income is $169,600. 2. Sales on account are $1,183,000. 3. Cost of goods sold is $953,250. Required: 1. Calculate the following profitability ratios for Year 2: (Round vour answers to 1 decimal place.)
PLEASE FIND THE ANWER FOR A AND B
Answer ALL the questions in this section. QUESTION 1 Read the information below and answer the following questions INFORMATION The following statement of comprehensive income for the financial year ended 31 December 2021 and the statement of financial position as at 31 December 2021 have been provided by Midas Enterprises: Statement of comprehensive income for the year ended 31 December 2021 1 Sales Cost of sales Gross profit Variable selling and administrative expenses Fixed selling and administrative expenses Net profit R 10 000 000 (5 750 000) 4 250 000 (1 500 000) (500 000) 2 250 000 Statement of financial position as at 31 December 2021 ASSETS Non-current assets Property, plant and equipment Current assets Inventories Accounts receivable Cash EQUITY AND LIABILITIES Equity Current liabilities Accounts payable R 800 000 800 000 3 400 000 1 600 000 600 000 1 200 000 4 200 000 3 760 000 440 000 440 000 4 200 000 Additional information: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. The sales budget…
Determine amounts a, b, and c. Additional information follows: ∙ Return on total assets is 16% (average total assets is $68,750). ∙ Inventory turnover is 5 (average inventory is $6,000). ∙ Accounts receivable turnover is 8 (average accounts receivable is $6,250).
Use the following Year 3 data: Other Selling and Administrative Expenses Other Expenses Sales Revenue Advertising and Promotion Expenses Salaries and Wages Expense Income Tax Expense Interest Expense. Required: Prepare the annual income statement for Kvass, Incorporated Revenues: KVASS, INCORPORATED Income Statement For the Year Ended December 31, Year 3 Total Revenues Expenses: $ 1,050,300 247,600 4,885,300 552,500 2,524,400 166,500 113,900
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i. Use the information available in Income and Financial position statementin Part A and calculate the following ratios for DavidCompetitors Average• Net profit margin 28%• Gross profit margin 65%• Current ratio 2.10x• Acid test ratio 1.50x• Accounts receivable collection period 47 days• Accounts payable payment period 65 days Net Profit Margin = Net Income/ Sales = 350/2300 = 15.22% Gross Profit = Sales Revenue + Ending Inventory - Purchases less purchase returns = 2300 + 250 - 1100 = 1450 Gross Profit Margin = Gross Profit/ Sales = 1450/2300 = 63.04% Current Ratio = Current Assets/ Current Liabilities Current Assets = Cash + Bank + Accounts Receivable + Inventory = 4050 + 17100 + 400 + 250 = 21800 Current Liabilities = Accounts Payable = 700 Current Ratio = 21800/700 = 31.14:1 please answer this QUESTION :ii. Assuming David’s competitor’s ratio averages are as stated above:Analyse his performance with reference to each of the ratios calculatedin comparison to those of her…
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View Policies Current Attempt in Progress Culver Limited reports the following information: sales $1,155,600; cost of goods sold $710,640; administrative expenses $172,800; selling expenses $118,800; other income $28,080; other expenses $37,800; and income tax expense $29,160. Assuming Culver uses a multiple-step statement of income. (a) Calculate gross profit. Gross profit 2$ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
Income statements for Jordan Company for Year 3 and Year 4 follow. Sales Cost of goods sold Selling expenses JORDAN COMPANY Income Statements Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income Year 4 $200,800 142,500 20,900 12,000 3,700 $179,100 21,700 6,200 $15,500 Year 3 $180,800 120,500 18,900 14,000 5,700 $159,100 21,700 3,800 $17,900 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.
Selected data for three companies are given below. All inventory amounts are ending balances and all amounts are in millions. (Click the icon to view the data.) Using the above data, calculate operating income for each company. (Enter amounts in millions as provided to you in the problem statement, SX.) Begin by calculating the operating income for Company A. Company A Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Operating Income Data table Company A Cash Net Sales Revenue Finished Goods Inventory Cost of Goods Sold Selling Expenses Equipment Work-in-Process Inventory Accounts Receivable Cost of Goods Manufactured Administrative Expenses Raw Materials Inventory $ 11 Wages Expense 38 Equipment 7 15 Company B 5 Accounts Receivable Service Revenue 1 Cash 68 Rent Expense 10 11 22 8 Print $ Done Company C 14 Administrative Expenses 35 Cash 3 Net Sales Revenue 39 Selling Expenses 10 Merchandise Inventory 6 Equipment Accounts Receivable Cost of…
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