### French Instrument Corporation and Subsidiaries#### Consolidated Statements of Operation (Unaudited)*(In thousands of dollars, except share data)***Second Quarter 2023 vs 2022**| Category | 2023 | 2022 | Percent of Net Sales 2023 ||-----------------------------------|------------|------------|---------------------------|| **Net Sales** | $6,698 | $6,951 | || **Cost of Sales** | 4,089 | 4,462 | || **Gross Margin** | 2,609 | 2,489 | || **Expenses:** | | | || - Selling, General, and Admin | 2,345 | 2,278 | || - Product Development | 175 | 165 | || - Interest Expense | 98 | 123 | || - Other (Income), Net | (172) | (99) | || **Total Expenses** | 1,946 | 1,972 | || **Income Before Income Taxes** | 663 | 517 | || - Provision for Income Taxes | 265 | 209 | || **Net Income** | $398 | $308 | || **Net Income per Common Share** | $0.05 | $0.03 | || Weighted Average Number of Common Shares and Equivalents | 6,673,673 | 6,624,184 | |* *Income per common share reflects the deduction of the preferred stock dividend from net income.*### Explanation for Graphs/DiagramsThere are no graphs or diagrams in the provided table. Each category lists financial figures for the second quarter of 2023 and 2022, along with relevant computations such as net income and expenses. The analysis also includes a calculation of net income per common share, adjusted for preferred stock dividends.

The Statement of Comprehensive Income - The statement of comprehensive income is the profit earned…

Drill Problem 16-6 (Static) [LU 16-2 (2)] From the French Instrument Corporation second-quarter report ended 2023, do a vertical analysis for the second quarter of 2023. Note: Input all answers as positive values except other (income) which should be indicated by a minus sign. Round your answers to the nearest hundredth percent. Net sales Cost of sales Gross margin FRENCH INSTRUMENT CORPORATION AND SUBSIDIARIES Consolidated Statements of Operation (Unaudited) (In thousands of dollars, except share data) Expenses: Selling, general and administrative Product development Interest expense Other (income), net Total expenses Income before income taxes Provision for income taxes Net income Net income per common share* Weighted average number of common shares and equivalents $ $. $ Second Quarter 2023 6,698 $ 4,089 2,609 1,845 175 98 (172) 1,946 663 265 398 $ 0.05 $ 6,673,673 2022 6,951 4,462 2,489 1,783 165 123 (99) 1,972 517 209 308 0.03 6,624,184 Percent of net *Income per common share reflects the deduction of the preferred stock dividend from net income.

Drill Problem 16-6 (Static) [LU 16-2 (2)] From the French Instrument Corporation second-quarter report ended 2023, do a vertical analysis for the second quarter of 2023. Note: Input all answers as positive values except other (income) which should be indicated by a minus sign. Round your answers to the nearest hundredth percent. Net sales Cost of sales Gross margin FRENCH INSTRUMENT CORPORATION AND SUBSIDIARIES Consolidated Statements of Operation (Unaudited) (In thousands of dollars, except share data) Expenses: Selling, general and administrative Product development Interest expense Other (income), net Total expenses Income before income taxes Provision for income taxes Net income Net income per common share* Weighted average number of common shares and equivalents $ $. $ Second Quarter 2023 6,698 $ 4,089 2,609 1,845 175 98 (172) 1,946 663 265 398 $ 0.05 $ 6,673,673 2022 6,951 4,462 2,489 1,783 165 123 (99) 1,972 517 209 308 0.03 6,624,184 Percent of net *Income per common share reflects the deduction of the preferred stock dividend from net income.

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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