pt. 16 iGross salesSales returns and allowancesNet salesCost of merchandise (goods) soldGross profitOperating expenses:DepreciationSelling and administrativeResearchLOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2022 and 2023MiscellaneousTotal operating expensesIncome before interest and taxesInterest expenseIncome before taxesProvision for taxesNet income$$$$GAGA$$$$202319,000 $1,00018,000 $12,0006,000 $700 $2,200550360LA LA3,810 $2,190 $5601,630640990$$202215,00010014,9009,0005,9006002,0005003003,4002,5005002,0008001,200Increase (Decrease)AmountPercent pt. 16SpongeBob in the S...https://youtu.be/25...SavedHelp SaComplete the comparative income statement and balance sheet for Logic Company.Note: Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your"percent" answers to the nearest hundredth percent.

Horizontal or comparative statement analysis is the one which is prepared by the entity for the…

Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Comparative Income Statement For Years Ended December 31, 2022 and 2023 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ $ $ $ $$ $ $ 2023 19,000 $ 1,000 18,000 $ 12,000 6,000 $ 700 $ 2,200 550 360 3,810 $ 2,190 $ 560 1,630 $ 640 990 $ 2022 15,000 100 14,900 9,000 5,900 600 2,000 500 300 3,400 2,500 500 2,000 800 1,200 Increase (Decrease) Amount Percent

Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Comparative Income Statement For Years Ended December 31, 2022 and 2023 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ $ $ $ $$ $ $ 2023 19,000 $ 1,000 18,000 $ 12,000 6,000 $ 700 $ 2,200 550 360 3,810 $ 2,190 $ 560 1,630 $ 640 990 $ 2022 15,000 100 14,900 9,000 5,900 600 2,000 500 300 3,400 2,500 500 2,000 800 1,200 Increase (Decrease) Amount Percent

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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solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 22,800 $ 17,850 Sales returns and allowances 900 100 Net sales $ 21,900 $ 17,750 Cost of merchandise (goods) sold 11,050 7,700 Gross profit $ 10,850 $ 10,050 Operating expenses: Depreciation $ 1,080 $ 790 Selling and administrative 5,050 3,900 Research 930 690 Miscellaneous 740 490 Total operating expenses $ 7,800 $ 5,870 Income before interest and taxes $ 3,050 $ 4,180 Interest expense 940 690 Income before taxes $ 2,110 $ 3,490 Provision for taxes 844 1,396 Net income $ 1,266 $ 2,094 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 11,800…
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 21,400 $ 16,800 Sales returns and allowances 1,000 100 Net sales $ 20,400 $ 16,700 Cost of merchandise (goods) sold 11,400 8,400 Gross profit $ 9,000 $ 8,300 Operating expenses: Depreciation $ 940 $ 720 Selling and administrative 4,000 3,200 Research 790 620 Miscellaneous 600 420 Total operating expenses $ 6,330 $ 4,960 Income before interest and taxes $ 2,670 $ 3,340 Interest expense 800 620 Income before taxes $ 1,870 $ 2,720 Provision for taxes 748 1,088 Net income $ 1,122 $ 1,632 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 13,200…
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