For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $16,000 for advertising. At the end of the year, Ahmad Rashad, the president, is presented with the following condensed comparative income statement: Sales Cost of goods sold Gross profit Selling expenses Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income Required $576,000 264,960 $311,040 $109,440 57,600 $167,040 $144,000 23,040 $167,040 69,120 $97,920 2011 $495,000 247,500 $247,500 $89,100 59,400 $148,500 $99,000 24,750 $123,750 49,500 $74,250 Required: Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round to the nearest "whole" percentage. Enter all amounts as positive numbers.

For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $16,000 for advertising. At the end of the year, Ahmad Rashad, the president, is presented with the following condensed comparative income statement: Sales Cost of goods sold Gross profit Selling expenses Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income Required $576,000 264,960 $311,040 $109,440 57,600 $167,040 $144,000 23,040 $167,040 69,120 $97,920 2011 $495,000 247,500 $247,500 $89,100 59,400 $148,500 $99,000 24,750 $123,750 49,500 $74,250 Required: Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round to the nearest "whole" percentage. Enter all amounts as positive numbers.

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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For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $50,000 for advertising. At the end of the year, Willie Green, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income Required: 2012 $1,500,000 510,000 $990,000 $270,000 180,000 $450,000 $540,000 60,000 $600,000 450,000 $150,000 20Y1 $1,250,000 475,000 $775,000 $200,000 156,250 $356,250 $418,750 50,000 $468,750 375,000 $93,750 Required: Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round to one decimal place. Enter all amounts as positive numbers.
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For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $21,000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement: Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $766,000 $659,000 Cost of merchandise sold 352,360 336,090 Gross profit $413,640 $322,910 Selling expenses $153,200 $125,210 Administrative expenses 84,260 85,670 Total operating expenses $237,460 $210,880 Income from operations $176,180 $112,030 Other revenue 30,640 26,360 Income before income tax expense $206,820 $138,390 Income tax expense 84,260 52,720 Net income $122,560 $85,670 Required: Question Content Area 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Enter percentages as whole…
Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales $500,000 $440,000 Cost of merchandise sold 325,000 242,000 Selling expenses 70,000 79,200 Administrative expenses 75,000 70,400 Income tax expense 10,500 16,400 Required: Question Content Area a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc.Comparative Income StatementFor the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent $- Select - - Select -% $- Select - - Select -% - Select - - Select - - Select - - Select - $- Select - - Select -% $- Select - - Select -% $- Select - - Select -% $- Select - - Select -% - Select - - Select - - Select - - Select - Total expenses $fill in the blank 86d00500602205c_26 fill in the…
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