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MACKLIN INC. Comparative Income Statement For the Years Ended December 31, 2014 and 2013 Sales Sales returns and allowances Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other income Income before income tax Income tax expense Net income 2014 Amount $ 936,000 26,000 $ 910,000 441,000 $ 469,000 $ 139,150 99,450 $ 238,600 $ 230,400 65,000 $ 295,400 65,000 $ 230,400 2013 Amount $ 720,000 20,000 700,000 350,000 $ 350,000 $ 115,000 85,000 $ 200,000 150,000 50,000 $ 200,000 50,000 $ 150,000 Increase (Decrease) Amount Percent

MACKLIN INC. Comparative Income Statement For the Years Ended December 31, 2014 and 2013 Sales Sales returns and allowances Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other income Income before income tax Income tax expense Net income 2014 Amount $ 936,000 26,000 $ 910,000 441,000 $ 469,000 $ 139,150 99,450 $ 238,600 $ 230,400 65,000 $ 295,400 65,000 $ 230,400 2013 Amount $ 720,000 20,000 700,000 350,000 $ 350,000 $ 115,000 85,000 $ 200,000 150,000 50,000 $ 200,000 50,000 $ 150,000 Increase (Decrease) Amount Percent

FINANCIAL ACCOUNTING
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 17-1B Name: Megan Lynch Section: Key Code: [Key code here] Instructions Score: 0% 1. Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. 2. Sales Sales returns and allowances Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other income Income before income tax Income tax expense Net income [Key essay answer here] MACKLIN INC. Comparative Income Statement For the Years Ended December 31, 2014 and 2013 2014 Amount $ 936,000 26,000 $ 910,000 441,000 $ 469,000 $ 139,150 99,450 $ 238,600 $ 230,400 65,000 $ 295,400 65,000 $ 230,400 For use with Accounting, 25e and Financial Accounting, 13e by Warren/Reeve/Duchac 2013 Amount $ 720,000 20,000 $ 700,000 350,000 $ 350,000 $ 115,000 85,000 $ 200,000 $ 150,000 50,000 $ 200,000 50,000 $ 150,000 Increase (Decrease) Amount Percent
Transcribed Image Text:Problem 17-1B Name: Megan Lynch Section: Key Code: [Key code here] Instructions Score: 0% 1. Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. 2. Sales Sales returns and allowances Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other income Income before income tax Income tax expense Net income [Key essay answer here] MACKLIN INC. Comparative Income Statement For the Years Ended December 31, 2014 and 2013 2014 Amount $ 936,000 26,000 $ 910,000 441,000 $ 469,000 $ 139,150 99,450 $ 238,600 $ 230,400 65,000 $ 295,400 65,000 $ 230,400 For use with Accounting, 25e and Financial Accounting, 13e by Warren/Reeve/Duchac 2013 Amount $ 720,000 20,000 $ 700,000 350,000 $ 350,000 $ 115,000 85,000 $ 200,000 $ 150,000 50,000 $ 200,000 50,000 $ 150,000 Increase (Decrease) Amount Percent
826 Chapter 17 Financial Statement Analysis Problems Series B 1. Net sales, 30.0% increase SPREADSHEET GENERAL LEDGER 1. Net income, 2013, 14.0% SPREADSHEET GENERAL LEDGER PR 17-1B Horizontal analysis of income statement For 2014, Macklin Inc. reported its most significant increase in net income in years. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement: Sales. Sales returns and allowances.. Net sales....... Cost of goods sold.. Gross profit.... Selling expenses Administrative expenses. Total operating expenses Income from operations Other income.. Income before income tax Income tax expense Net income 2. Macklin Inc. Comparative Income Statement For the Years Ended December 31, 2014 and 2013 Instructions 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2013 as the base year. Round to one decimal place. Adminstrative expenses Total operating expenses Income from operations. Other income..... Income before income tax Income tax expense. Net income 2014 $936,000 26,000 $910,000 441,000 $469,000 $ 139,150 99,450 $238,600 $230,400 Sales Sales returns and allowances. Net sales........ Cost of goods sold..... Gross profit.... Selling expenses 2. 65,000 $295,400 65,000 $230,400 Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 2014 and 2013 Cita Case To the extent the data permit, comment on the significant relationships re- vealed by the horizontal analysis prepared in (1). PR 17-2B Vertical analysis of income statement For 2014, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, the president, is presented with the following condensed comparative income statement: 2013 $720,000 20,000 $700,000 350,000 $350,000 $115,000 85,000 $200,000 $150,000 50,000 $200,000 50,000 $150,000 2014 $1,325,000 25,000 $1,300,000 682,500 617,500 260,000 169,000 429,000 188,500 78,000 $ 266,500 117,000 $ 149,500 2013 $1,200,000 20,000 $1,180,000 613,600 $ 566,400 $ 188,800 177,000 $365,800 $ 200,600 70,800 $ 271,400 106,200 $ 165,200 Instructions 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to net sales for each of the years. Round to one decimal place. To the extent the data permit, comment on the significant relationships re- vealed by the vertical analysis prepared in (1).
Transcribed Image Text:826 Chapter 17 Financial Statement Analysis Problems Series B 1. Net sales, 30.0% increase SPREADSHEET GENERAL LEDGER 1. Net income, 2013, 14.0% SPREADSHEET GENERAL LEDGER PR 17-1B Horizontal analysis of income statement For 2014, Macklin Inc. reported its most significant increase in net income in years. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement: Sales. Sales returns and allowances.. Net sales....... Cost of goods sold.. Gross profit.... Selling expenses Administrative expenses. Total operating expenses Income from operations Other income.. Income before income tax Income tax expense Net income 2. Macklin Inc. Comparative Income Statement For the Years Ended December 31, 2014 and 2013 Instructions 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 2013 as the base year. Round to one decimal place. Adminstrative expenses Total operating expenses Income from operations. Other income..... Income before income tax Income tax expense. Net income 2014 $936,000 26,000 $910,000 441,000 $469,000 $ 139,150 99,450 $238,600 $230,400 Sales Sales returns and allowances. Net sales........ Cost of goods sold..... Gross profit.... Selling expenses 2. 65,000 $295,400 65,000 $230,400 Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 2014 and 2013 Cita Case To the extent the data permit, comment on the significant relationships re- vealed by the horizontal analysis prepared in (1). PR 17-2B Vertical analysis of income statement For 2014, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, the president, is presented with the following condensed comparative income statement: 2013 $720,000 20,000 $700,000 350,000 $350,000 $115,000 85,000 $200,000 $150,000 50,000 $200,000 50,000 $150,000 2014 $1,325,000 25,000 $1,300,000 682,500 617,500 260,000 169,000 429,000 188,500 78,000 $ 266,500 117,000 $ 149,500 2013 $1,200,000 20,000 $1,180,000 613,600 $ 566,400 $ 188,800 177,000 $365,800 $ 200,600 70,800 $ 271,400 106,200 $ 165,200 Instructions 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to net sales for each of the years. Round to one decimal place. To the extent the data permit, comment on the significant relationships re- vealed by the vertical analysis prepared in (1).
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