Prepare a horizontal analysis of the income statement data for Georgia Development Corporation using 2016 as a base. (If amount and percentage are adecrease show the numbers as negative, e.g. -55,000, -12.1% or (55,000), (12.1%). Round percentages to 1 decimal place, e.g. 12.1%.)GEORGIA DEVELOPMENT CORPORATIONCondensed Income StatementsIncrease or (Decrease) During2017December 31, 2017December 31, 2016AmountPercentageNet sales$600,000$500,000%24Cost of goods sold414,000350,000Gross profit186,000150,000Operating expenses150,000120,000%Net income$36,000$30,000%SHOW SOLUTIONSHOW ANSWERLINK TO TEXT Prepare12.1%.)vertical analysis of the income statement data for Georgia Development Corporation for both years. (Round percentages to 1 decimal place, e.g.GEORGIA DEVELOPMENT CORPORATIONCondensed Income Statements20172016PercentPercentNet sales$600,000$500,000Cost of goods sold414,000%350,000Gross profit186,000150,000Operating expenses 150,000%120,000Net income$36,000%$30,000Click if you would like to Show Work for this question: Open Show WorkSHOW SOLUTIONSHOW ANSWER

Following formula is used for computing the change in dollar amount of items in the income statement…

Answered: Prepare a horizontal analysis of the…

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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Prepare a horizontal analysis of the following comparative income statement for the Buff Bodies Corporation. Round percentage changes to the nearest one-hundredth percent. Buff Bodies Corporation Comparative Income Statement for the Years Ended December 31, 2020 and 2019 2020 2019 Total revenue $1,450,000 $1,300,000 Expenses: Cost of goods sold $ 1,023,000 $ 930,000 Operating expenses 310,000 275,000 Interest expense 12,000 10,000 Income tax expense 48,300 38,000 Total expenses $1,393,300 $1,253,000 Net income $ 56,700 $ 47,000
Manero Company included the following information in its annual report: 2019 2018 Sales $178,400 $162,500 102,500 Cost of goods sold 115,000 Operating expenses 50,000 50,000 Operating income 13,400 10,000 In a trend income statement for 2017, where 2017 is the base year, sales are expressed as: Multiple Choice 150.5% O100.0% 84,4% 92.6% 2017 $155,500 100,000 45,000 10,500
Selected information from Bigg Company's financial statements follows: Fiscal Year Ended December 31 2019 2018(in thousands) 2017 Gross sales $2,004,719 $1,937,021 $1,835,987 Less: Sales discounts 4,811 4,649 4,406 Less: Sales returns and allowances 2,406 2,324 2,203 Net sales $1,997,502 $1,930,048 $1,829,378 Cost of goods sold 621,463 619,847 660,955 Gross profit $1,376,039 $1,310,201 $1,168,423 Operating expenses 577,369 595,226 583,555 Operating income $798,670 $714,975 $584,868 Other income (expenses) 15,973 (6,140) (8,773) Net income $814,643 $708,835 $576,095 At December 31 2019 2018(in thousands) 2017 Accounts receivable $201,290 $195,427 $182,642 Less: Allowance for doubtful accounts 2,516 2,736 2,192 Net accounts receivable $198,774 $192,691 $180,450 Required: 1. Calculate the following ratios for 2018 and 2019. Round your answers…
The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…
Comparative Income Statements Consider the following income statement data from the Mono Company: Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense 2019 2018 $600,000 $450,000 336,000 279,000 105,000 99,000 60,000 50,000 4,000 3,000 Prepare a contparative income statement, showing increases, and decreases in dollars and in percentages. Note: Round "Percent Change" answers to one decimal place (ex: 0.2345 = 23.5%). Sales Revenue Cost of Goods Sold MONO COMPANY Comparative Income Statements ♦ Selling Expenses Administrative Expenses Total Income before Income Taxes ◆ → $ $ 2019 0 $ 0 0 0 0 oooo 0 0 $ 2018 Increase (Decrease) 0 $ 0 0 0 0 0 0 0 0 $ 0 0 0 0 0 0 0 0 0 Percent Change 0% 0% 0% 0% 0% 0% 0% 0% 0 %
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Operating data for Joshua Corporation are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense 2022 Net income $800,000 520,000 120,000 60,000 30,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) 70,000 Amount $800,000 520,000 280,000 120,000 60,000 180,000 100,000 30,000 2021 $70,000 $600,000 408,000 72,000 48,000 24,000 48,000 JOSHUA CORPORATION Condensed Income Statement 2022 Percent % % % % % % % % % Amount $600,000 408,000 192,000 72,000 48,000 120,000 72,000 24,000 $48,000 2021 Percent % % % % % % % % % SUPPOI
Bramble Corp. reported the following in its 2025 and 2024 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income Gross profit rate 2025 $154,000 86,240 27,720 21,560 $18,480 (a1) Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg. 52.7%) Profit margin 2024 $124,000 69,440 16,120 13,640 $24,800 2025 2024 %

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