Here are the comparative condensed income statements of Concord Corporation. Concord Corporation Condensed Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Operating expenses Net income (a) 2022 $636,000 502,440 133,560 89,040 $44,520 2021 $524,000 435,444 88,556 49,780 $38,776 Prepare a horizontal analysis of the income statement data for Concord Corporation, using 2021 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%)

Here are the comparative condensed income statements of Concord Corporation. Concord Corporation Condensed Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Operating expenses Net income (a) 2022 $636,000 502,440 133,560 89,040 $44,520 2021 $524,000 435,444 88,556 49,780 $38,776 Prepare a horizontal analysis of the income statement data for Concord Corporation, using 2021 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%)

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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Mac Donald company reported the following on its comparative income statement: 2017 2018 2019 Revenue 9,000 10,000 14,000 Cost of goods sold 6,000 4,000 9,000 Prepare a horizontal analysis of revenue , cost of goods sold and gross profit
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Here are the comparative income statements of Carla Vista Corporation. CARLA VISTA CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $610,300 $540,600 Cost of goods sold 448,800 426,200 Gross Profit 161,500 114,400 Operating expenses 76,400 48,100 Net income $ 85,100 $ 66,300 (a) Prepare a horizontal analysis of the income statement data for Carla Vista Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CARLA VISTA CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $610,300 $540,600 2$ % Customize and control Google Chrome 44,000 Cost of goods sold Gross Profit 161,500 114,400 % Operating expenses 76,400 48,100 % Net income $ 85,100 $ 66,300 $ %
The comparative statements of Wildhorse Co. are presented here: WILDHORSE CO.Income StatementsFor the Years Ended December 31 2022 2021 Net sales $1,892,340 $1,752,300 Cost of goods sold 1,060,340 1,007,800 Gross profit 832,000 744,500 Selling and administrative expenses 501,800 480,800 Income from operations 330,200 263,700 Other expenses and losses Interest expense 23,700 21,700 Income before income taxes 306,500 242,000 Income tax expense 93,700 74,700 Net income $212,800 $167,300 WILDHORSE CO.Balance SheetsDecember 31 Assets 2022 2021 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable (net) 119,600 104,600 Inventory 127,700 117,200 Total current assets 381,400 336,000 Plant assets (net) 663,000 534,300…
Here are comparative financial statement data for Vaughn Company and Mary Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities $ Long-term liabilities Common stock, $10 par Retained earnings (a) Vaughn Company Dollars 2022 $1,842,000 1,040,730 268,932 9,210 53,418 323,500 $314,800 520,500 501,500 64,000 109,000 497,500 173,500 $ 2021 74,800 Vaughn Company 91,000 497,500 153,000 Dollars I Condensed Income Statement Percent % 2022 % Mary Company $561,000 297,330 77.979 3,927 Prepare a vertical analysis of the 2022 income statement data for Vaughn Company and Mary Company. (Round percentages to 1 decimal place, e.g. 12.1%) 83,200 6,732 30,600 138,300 125,400 34,000 28,600 Vaughn Company 2021 4 $78,600 117,000 117,000 39,900 $ 24,200 Condensed Income Statement 34,200 Percent Dollars % % % % % % % % % $ Mary Company…
Oriole Company's income statement contained the following condensed information ORIOLE COMPANY Income Statement For the Year Ended December 31, 2022 Service revenue Operating expenses, excluding depreciation $624.500 Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income Accounts receivable Accounts payable Income taxes payable 2022 $74,400 40.300 Oriole's balance sheets contained the comparative data at December 31, shown below. 12.900 2021 54,600 $61000 27.000 6.400 24.100 $972,000 703,200 268,800 40,100 $228.700 Accounts payable pertain to operating expenses. Prepare the operating activities section of the statement of cash flows using the direct method. (Show amounts that decrease cash flow with either a-sign e.g.-15.000 or in parenthesis e.g. (15.000))
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Compute common-size percents for the following comparative income statements (round percents to one decimal). Using the common-size percents, which item is most responsible for the decline in net income?
GIVE THE COMPARATIVE INCOME STATEMENT VERTICAL ANALYSIS FROM THE FOLLOWING INCOME STATEMENT BELOW JOLLIBEE INCOME STATEMENT ITEM 2016 2017 2018 2019 2020 Sales/Revenue 113.81B 133.61B 161.17B 179.63B 129.31B Sales Growth - 17.40% 20.62% 11.45% -28.01% Cost of Goods Sold (COGS) incl. D&A - - 132.96B 150.88B 115.39B COGS Growth - - - 13.47% -23.52% COGS excluding D&A 89.27B 105.39B 121.08B 137.38B 100.82B Depreciation & Amortization Expense 4B 4.75B 11.89B 13.5B 14.57B Depreciation 3.93B 4.66B 11.73B 13.34B 14.32B Amortization of Intangibles 68.99M 78.95M 151.82M 145.42M 245.23M Gross Income 20.54B 23.48B 28.21B 28.75B 13.92B Gross Income Growth - 14.30% 20.12% 1.93% -51.57% Gross Profit Margin - - - - 10.77% SG&A Expense - - 17.64B 20.21B 20.42B SGA Growth - - - 14.57% 1.02%…
Required information [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 $ $ 467,052 357,800 281,165 223,625 185,887 134, 175 66,321 49,376 42,035 31,486 108,356 80,862 77,531 53,313 14,421 10,929 $ $ 63,110 42,384 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets 2020 Assets Current assets Long-term investments Plant assets, net Total assets December 31 2021 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2019 $…