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- Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales $2,240,000 $2,000,000 Cost of goods sold (1,925,000) (1,750,000) Gross profit $315,000 $250,000 Selling expenses $(152,500) $(125,000) Administrative expenses (118,000) (100,000) Total operating expenses $(270,500) $(225,000) Income before income tax expense $44,500 $25,000 Income tax expense (17,800) (10,000) Net income $26,700 $15,000 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place.The Year 2 fiscal year-end financial statements for Walter Co. report revenues of $55,743 million, net operating profit after tax of $9,954 million, net operating assets of $58,720 million. The Year 1 fiscal year-end balance sheet reports net operating assets of $59,197 million.Walter's Year 2 net operating profit margin (NOPM) is:Byers Company presents the following condensed income statement for 2019 and condensed December 31, 2019, balance sheet: Compute the following ratios for Byers ( round all computations to two decimals): ( 1) earnings per share, ( 2) gross profit margin, ( 3) operating profit margin, ( 4) net profit margin, ( 5) total asset turnover, ( 6) return on assets, (7) return on common equity, (8) receivables turnover (in days), and (9 ) interest coverage.
- Fitz Company reports the following information. Selected Annual Income Statement Data Selected Year-End Balance Sheet Data Net income $ 391,000 Accounts receivable decrease $ 27,200 Depreciation expense 44,200 Inventory decrease 46,000 Amortization expense 8,000 Prepaid expenses increase 6,400 Gain on sale of plant assets 7,100 Accounts payable decrease 8,200 Salaries payable increase 1,900 Use the indirect method to prepare the operating activities section of its statement of cash flows for the year ended December 31. Note: Amounts to be deducted should be indicated with a minus sign.The balance sheet of ATLF, Inc. reports total assets of $950,000 and $1,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $100,000 and $800,000, respectively. What is ATLF's profit margin? Select one: a. 8% b. 15% c. 10% d. 80% e. 12.5%Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $ 2,720,000 $2,050,000 Cost of goods sold 1,675,520 1,111,100 Selling expenses 320,960 319,800 Administrative expenses 424,320 262,400 Income tax expense 152,320 118,900 A. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers. B. Comment on the significant changes disclosed by the comparative income statement.
- Waller Company does business in two regional segments: North and South. The following annual revenue information was determined from the accounting system's invoice data: Current Year Prior Year Segment North South $ 80,000 260,000 $100,000 200,000 Total revenues $340,000 $300,000 Using horizontal analysis, determine the percentage change in revenues for the North region. Round to one decimal place. Oa. (20.0)% Ob. (22.4)% Oc. 22.4% Od. 20.0%For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income Statement: McDade CompanyComparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales.......................... $16,800,000 $15,000,000 Cost of goods sold.............. 11,500,000 10,000,000 Gross profit.................... $ 5,300,000 $ 5,000,000 Selling expenses............... $ 1,770,000 $ 1,500,000 Administrative expenses........ 1,220,000 $ 1,000,000 Total operating expenses....... $ 2,990,000 $ 2,500,000 Income from operations........ $ 2,310,000 $ 2,500,000 Other revenue................. 256,950 225,000 Income before income tax...... $ 2,566,950 $ 2,725,000 Income tax expense............ 1,413,000 1,500,000 Net income.................... $ 1,153,950 $ 1,225,0000 Instructions1. Prepare a comparative income statement with horizontal analysis for the…In its income statement for the year ended December 31, 2022, Cullumber Company reported the following condensed data. Operating expenses $ 710,000 Interest revenue $ 23,000 Cost of goods sold 1,246,000 Loss on disposal of plant assets 7,000 Interest expense 60,000 Net sales 2,190,000 Income tax expense 35,000 Other comprehensive income (net of $1,200 tax) 7,300 (a) Prepare a multiple-step income statement.
- Selected income statement data follow for Harper, Inc., for the year ended December 31 (in thousands). What is the company's times interest earned ratio? Operating income before interest Interest expense Operating income after interest Income tax Income after tax 35.6 30.6 11.2 24.4 6,617 189 6.428 1,607 4,821Nueva Company reported the following pretax data for its first year of operations. Net sales 7,460 Cost of goods available for sale 5,850 Operating expenses 1,758 Effective tax rate 25 % Ending inventories: If LIFO is elected 648 If FIFO is elected 828 What is Nueva's net income if it elects LIFO?(Click the icon to view the information.) The company is subject to a 40% income tax rate. Read the requirements. Requirements a. Prepare a single statement of comprehensive income beginning with operating income. b. Prepare separate statements of net income and comprehensive income. Print - X Done More info 1. Operating income amounted to $310,000. 2. The company sold investments in bonds at a pre-tax loss of $19,000. 3. Tall reported a $5,800 unrealized loss on an available-for-sale portfolio that is included in other comprehensive income. 4. The company reported a $17,000 unrealized gain on its trading portfolio, which is included in net income. 5. Tall committed to discontinue its retail lumber stores division on January 1 of the current year. The retail lumber stores meet the criteria to be presented as a discontinued operation. The retail lumber stores accounted for 25% of the company's operating income. The stores were operated all year. 6. The retail lumber stores division was…