UUsing the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place. LOCKEY FENCING CORPORATION Income Statements For the year ended December 31 2013 2012 Amounts Amounts Net Sales $100,000.00 $75,000.00 Cost of Goods Sold $58,000.00 $45,000.00 Gross Profit $42,000.00 $30,000.00 Selling, General, and Administrative Expenses $9,000.00 $4,500.00 Income from Operations$33,000.00 $25,500.00 Interest Expense $3,000.00 $3,750.00 Income before Income Tax $30,000.00 $21,750.00 Income Tax Expense $9,000.00 $6,525.00 Net Income $21,000.00 $15,225.00
UUsing the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place. LOCKEY FENCING CORPORATION Income Statements For the year ended December 31 2013 2012 Amounts Amounts Net Sales $100,000.00 $75,000.00 Cost of Goods Sold $58,000.00 $45,000.00 Gross Profit $42,000.00 $30,000.00 Selling, General, and Administrative Expenses $9,000.00 $4,500.00 Income from Operations$33,000.00 $25,500.00 Interest Expense $3,000.00 $3,750.00 Income before Income Tax $30,000.00 $21,750.00 Income Tax Expense $9,000.00 $6,525.00 Net Income $21,000.00 $15,225.00
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 40E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...
Related questions
Question
UUsing the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place.
LOCKEY FENCING CORPORATION
Income Statements
For the year ended December 31
2013 2012
Amounts Amounts
Net Sales $100,000.00 $75,000.00
Cost of Goods Sold $58,000.00 $45,000.00
Gross Profit $42,000.00 $30,000.00
Selling, General, and Administrative Expenses $9,000.00 $4,500.00
Income from Operations$33,000.00 $25,500.00
Interest Expense $3,000.00 $3,750.00
Income before Income Tax $30,000.00 $21,750.00
Income Tax Expense $9,000.00 $6,525.00
Net Income $21,000.00 $15,225.00
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning