Exercise 13-5 (Algo) Determining income effects from common-size and trend percents LO P1, P2 Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow. Common-Size Percents Trend Percents 1 Year Ago 103.6% 109.9 101.4 Sales Cost of goods sold Operating expenses Change in Net Income Current Year 100.0% 63.5 14.4 Net Income 1 Year 2 Years Ago Ago 100.0% 100.0% 61.3 57.8 13.9 14.2 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period? Complete this question by entering your answers in the tabs below. Sales Cost of Goods Sold Operating Expenses Net Income Current Year 104.8% 115.1 106.4 Determine the net income for the following years. Assuming sales were $100,000 2 yrs ago, what is net income in each year? Note: Enter all amounts as positive values. Current Year 1 Year Ago 2 Years Ago S 105,000 $ 103,800 $ 100,000 57,800 14,200 28,000 Change in Net Income $ 2 Years Ago 100.0% 100.0 100.0 Net Income

Exercise 13-5 (Algo) Determining income effects from common-size and trend percents LO P1, P2 Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow. Common-Size Percents Trend Percents 1 Year Ago 103.6% 109.9 101.4 Sales Cost of goods sold Operating expenses Change in Net Income Current Year 100.0% 63.5 14.4 Net Income 1 Year 2 Years Ago Ago 100.0% 100.0% 61.3 57.8 13.9 14.2 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period? Complete this question by entering your answers in the tabs below. Sales Cost of Goods Sold Operating Expenses Net Income Current Year 104.8% 115.1 106.4 Determine the net income for the following years. Assuming sales were $100,000 2 yrs ago, what is net income in each year? Note: Enter all amounts as positive values. Current Year 1 Year Ago 2 Years Ago S 105,000 $ 103,800 $ 100,000 57,800 14,200 28,000 Change in Net Income $ 2 Years Ago 100.0% 100.0 100.0 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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Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales Cost of goods sold $ 402,346 $ 308,230 242,212 $ 213,900 194,493 136,896 Gross profit 160,134 113,737 77,004 Selling expenses 57,133 42,536 28,235 Administrative expenses 36,211 27,124 17,754 Total expenses 93,344 69,660 45,989 Income before taxes Income tax expense 66,790 44,077 31,015 12,423 9,036 6,296 Net income $ 54,367 $ 35,041 $ 24,719 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 180,932 2021 $ 63,959 116,973 0 2020 $ 42,808 800 106,691 $ 180,932 $ 150,299 $…
Question (8) While analyzing Winter Company's 20Y1 and 2012 financial statements, you note the following: [000s omitted) Sales Cost of goods sold Gross profit SG&A expenses Accounts receivable Inventory Accounts payable O $70,000 O $100,000 20Y1 $8,000 5,000 3,000 1,800 O $120,000 $ 600 800D 400 2012 $9,600 Approximately how much of the increase in Winter's accounts payable is due to a lengthening of Winter Company's accounts payable days on hand? O $57,000 6.500 3,100 2,000 $ 750 1,040 620
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With the statement of comprehensive income below, conduct a vertical analysis.
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#becausesneaker.... HW CH 17 Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales Cost of merchandise sold Selling expenses Administrative expenses Income tax expense Custom Order Sales Cost of merchandise sold Selling expenses a. Prepare an income statement in comparative form, statin each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Administrative expenses Income tax expense $483,000 280,140 82,110 86,940 14,490 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount $483,000 280,140 82,110 86,940 14,490 percentage points, and administrative expenses net income as a percent of sales Current year Percent % % % % % % $420,000 218,400 79,800 71,400 21,000 % % % Previous year Amount $420,000 218,400 79,800 71,400 21,000 Previous year Percent b.…
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Income statements for Rundle Company for Year 3 and Year 4 follow: RUNDLE COMPANY Income Statementa Sales Cost of gooda sold Selling expenses Administrative expenses Interent expense Total expenses Income before taxes Income taxes expense Year 4 $201,100 142,000 21,200 12,900 3,000 $179,100 22,000 6,900 $15,100 Year 3 $181,100 *120,000 19,200 14,900 5,000 $159, 100 22,000 3,100 $ 18,900 Net income 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, Complete this question by entering your answers in the tabs below. Required A Required B
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View Policies Current Attempt in Progress A company has the following balances: Sales revenue $312.000: Sales Returns and Allowances $2.000: Sales Discounts $4,000: Cost of Goods Sold $184,000: Operating Expenses $84,000. Assume there are no other revenues, other expenses, or income tax expense. How much is the profit margin? O 16.0% O 12.2% O 12.4% O 41.0 % eTextbook and Media Hint 4 ! Save for Later Using multiple attempts will impact your score 10% soore reduction after attempt 1 Attempts; unlimited Submit Answer