PR 17-2B Vertical analysis of income statement OBJ. 2 For 20Y2, 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: Sales. Cost of goods sold... Gross profit...... Selling expenses Adminstrative expenses Total operating expenses Income from operations Other revenue ******* Income before income tax Income tax expense. Net income... Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 ..... 20Y2 $1,300,000 682,500 $ 617,500 $ 260,000 169,000 $ 429,000 $ 188,500 78,000 $ 266,500 117,000 $ 149,500 20Y1 $1,180,000 613,600 $ 566,400 $ 188,800 177,000 $365,800 $ 200,600 70,800 $ 271,400 106,200 $ 165,200

PR 17-2B Vertical analysis of income statement OBJ. 2 For 20Y2, 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: Sales. Cost of goods sold... Gross profit...... Selling expenses Adminstrative expenses Total operating expenses Income from operations Other revenue ******* Income before income tax Income tax expense. Net income... Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 ..... 20Y2 $1,300,000 682,500 $ 617,500 $ 260,000 169,000 $ 429,000 $ 188,500 78,000 $ 266,500 117,000 $ 149,500 20Y1 $1,180,000 613,600 $ 566,400 $ 188,800 177,000 $365,800 $ 200,600 70,800 $ 271,400 106,200 $ 165,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

I, J, K
What is the difference between a Form 10–K and a Form 10–Q?
3. What is the NAV?
Required information [The following information applies to the questions displayed below.) Watercraft's predetermined overhead rate is 200% of direct labor. Information on the company's production activities during May follows. a. Purchased raw materials on credit, $220,000. b. Materials requisitions record use of the following materials for the month. Job 136 Job 137 Job 138 Job 139 Job 140 Total direct materials Indirect materials $ 49,500 34,000 20,000 22,800 6,400 132,700 20,500 Total materials requisitions $ 153,200 c. Time tickets record use of the following labor for the month. These wages were paid in cash. Job 136 Job 137 $ 12,100 Job 138 Job 139 Job 140 Total direct labor Indirect labor Total labor cost 10,700 37,900 39,000 4,000 103,700 26,500 $ 130,200 d. Applied overhead to Jobs 136, 138, and 139. e. Transferred Jobs 136, 138, and 139 to Finished Goods Inventory. f. Sold Jobs 136 and 138 on credit at a total price of $540,000. g. Recorded the cost of goods sold for Jobs…
7-3 A