DREW SALES & SERVICE Comparative Income Statement For the Years Ended June 30, 20x2 and 20X1 Revenue Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Income from Operations before Income Taxes Income Tax Expense Net Income after Income Taxes Using the information shown, prepare a horizontal analysis. Note: Round your final answers to 1 decimal place. DREW SALES & SERVICE Comparative Income Statement (Horizontal analysis) For the Years Ended June 30, 20X2 and 20X1 Account name Revenue Sales Less: Sales returns and allowances Net sales Cost of goods sold Increase or (Decrease) Percent 0 Gross profit Operating expenses Selling expenses General and administrative expenses Total operating expenses 0 Income from operations before income taxes 0 Income tax expense Net income after income taxes 0 20X2 20X1 $ 1,459,000 69,900 1,389,100 $ 1,423,000 65,500 1,357,500 808,000 782,400 581,100 575,100 234,500 228,600 245,500 233,000 480,000 461,600 101,100 113,500 30,330 34,050 $ 70,770 $ 79,450
DREW SALES & SERVICE Comparative Income Statement For the Years Ended June 30, 20x2 and 20X1 Revenue Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Income from Operations before Income Taxes Income Tax Expense Net Income after Income Taxes Using the information shown, prepare a horizontal analysis. Note: Round your final answers to 1 decimal place. DREW SALES & SERVICE Comparative Income Statement (Horizontal analysis) For the Years Ended June 30, 20X2 and 20X1 Account name Revenue Sales Less: Sales returns and allowances Net sales Cost of goods sold Increase or (Decrease) Percent 0 Gross profit Operating expenses Selling expenses General and administrative expenses Total operating expenses 0 Income from operations before income taxes 0 Income tax expense Net income after income taxes 0 20X2 20X1 $ 1,459,000 69,900 1,389,100 $ 1,423,000 65,500 1,357,500 808,000 782,400 581,100 575,100 234,500 228,600 245,500 233,000 480,000 461,600 101,100 113,500 30,330 34,050 $ 70,770 $ 79,450
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Transcribed Image Text:DREW SALES & SERVICE
Comparative Income Statement
For the Years Ended June 30, 20x2 and 20X1
Revenue
Sales
Less: Sales Returns and Allowances
Net Sales
Cost of Goods Sold
Gross Profit
Operating Expenses
Selling Expenses
General and Administrative Expenses
Total Operating Expenses
Income from Operations before Income Taxes
Income Tax Expense
Net Income after Income Taxes
Using the information shown, prepare a horizontal analysis.
Note: Round your final answers to 1 decimal place.
DREW SALES & SERVICE
Comparative Income Statement (Horizontal analysis)
For the Years Ended June 30, 20X2 and 20X1
Account name
Revenue
Sales
Less: Sales returns and allowances
Net sales
Cost of goods sold
Increase or
(Decrease)
Percent
0
Gross profit
Operating expenses
Selling expenses
General and administrative expenses
Total operating expenses
0
Income from operations before income taxes
0
Income tax expense
Net income after income taxes
0
20X2
20X1
$ 1,459,000
69,900
1,389,100
$ 1,423,000
65,500
1,357,500
808,000
782,400
581,100
575,100
234,500
228,600
245,500
233,000
480,000
461,600
101,100
113,500
30,330
34,050
$ 70,770
$ 79,450
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