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Where the red * is means it is incorrect. Could someone please give me the correct answers?

Where the red * is means it is incorrect. Could someone please give me the correct answers?

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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Where the red * is means it is incorrect. Could someone please give me the correct answers? 

PR 17-1B Template 25ed (1) complete - Compatibility Mode - O Search (Alt+Q) AutoSave Off courtny baker CB File Home Insert Page Layout Formulas Data Review View Help P Comments A Share E AutoSum v 10 - A A 22 Wrap Text Arial LG Paste V Fill v Sort & Find & Filter v Select v BIUV A E Merge & Center $ • % 9 8 00 Conditional Format as Cell Insert Delete Format Analyze Formatting Table v Styles v O Clear v Data Undo Clipboard Font Alignment Number Styles Cells Editing Analysis P28 v: X fx A В D F G H J K M N P R V Y 13 14 1. MACKLIN INC. 15 Comparative Income Statement For the Years Ended December 31, 2014 and 2013 16 17 2014 2013 Increase (Decrease) 18 Amount Amount Amount Percent 19 Sales $ 936,000 $ 720,000 $ 216,000 30.0% 20 Sales returns and allowances 26,000 20,000 6,000 30.0% 21 Net sales $ 910,000 $ 700,000 $ 210,000 30.0% 22 Cost of goods sold 441,000 350,000 91,000 26.0% $ 469,000 $ 139,150 $ 350,000 $ 115,000 23 Gross profit $ 119,000 34.0% 24 Selling expenses $ 24,150 21.0% 85,000 $ 200,000 $ 150,000 25 Administrative expenses 99,450 14,450 17.0% Total operating expenses Income from operations $ 238,600 $ 230,400 $ 38,600 $ 80,400 26 19.0% 27 54.0% | Other income 15,000 $ 95,400 28 65,000 50,000 30.0% 29 Income before income tax $ 295,400 $ 200,000 48.0% 65,000 $ 230,400 15,000 $ 80,400 30 Income tax expense 50,000 30.0% 31 Net income $ 150,000 54.0% 32 33 34 2. The net sales increased by 30 percent from 2013 to 2014 which led to an increase in gross profit by 34 percent. The net income will increase by about 54 percent. 35 36 37 38 39 Pr. 17-1B +) Ready Accessibility: Unavailable 100% 6:43 PM O Type here to search w Rain coming 3/22/2022
Transcribed Image Text:PR 17-1B Template 25ed (1) complete - Compatibility Mode - O Search (Alt+Q) AutoSave Off courtny baker CB File Home Insert Page Layout Formulas Data Review View Help P Comments A Share E AutoSum v 10 - A A 22 Wrap Text Arial LG Paste V Fill v Sort & Find & Filter v Select v BIUV A E Merge & Center $ • % 9 8 00 Conditional Format as Cell Insert Delete Format Analyze Formatting Table v Styles v O Clear v Data Undo Clipboard Font Alignment Number Styles Cells Editing Analysis P28 v: X fx A В D F G H J K M N P R V Y 13 14 1. MACKLIN INC. 15 Comparative Income Statement For the Years Ended December 31, 2014 and 2013 16 17 2014 2013 Increase (Decrease) 18 Amount Amount Amount Percent 19 Sales $ 936,000 $ 720,000 $ 216,000 30.0% 20 Sales returns and allowances 26,000 20,000 6,000 30.0% 21 Net sales $ 910,000 $ 700,000 $ 210,000 30.0% 22 Cost of goods sold 441,000 350,000 91,000 26.0% $ 469,000 $ 139,150 $ 350,000 $ 115,000 23 Gross profit $ 119,000 34.0% 24 Selling expenses $ 24,150 21.0% 85,000 $ 200,000 $ 150,000 25 Administrative expenses 99,450 14,450 17.0% Total operating expenses Income from operations $ 238,600 $ 230,400 $ 38,600 $ 80,400 26 19.0% 27 54.0% | Other income 15,000 $ 95,400 28 65,000 50,000 30.0% 29 Income before income tax $ 295,400 $ 200,000 48.0% 65,000 $ 230,400 15,000 $ 80,400 30 Income tax expense 50,000 30.0% 31 Net income $ 150,000 54.0% 32 33 34 2. The net sales increased by 30 percent from 2013 to 2014 which led to an increase in gross profit by 34 percent. The net income will increase by about 54 percent. 35 36 37 38 39 Pr. 17-1B +) Ready Accessibility: Unavailable 100% 6:43 PM O Type here to search w Rain coming 3/22/2022
Ch. 17 - Financial Statement Anal x Bb 2193517 + i learn-us-east-1-prod-fleet02-xythos.content.blackboardcdn.com/5f7ce11c673e5/2193517?X-Blackboard-Expiration=1648004400000&X-Blackboard-Signature=JN20DGrMNpdS8d1.. E * * O w WordCounter - Cou... y! Yahoo A Regions Bank | Che. Welcome, Justin – B. * eBooks, Textbooks... O Jefferson State Co... Electronics, Cars, Fa. C Home | Chegg.com 2193517 1 / 1 | 100% + | 826 Chapter 17 Financial Statement Analysis Problems Series B PR 17-1B Horizontal analysis of income statement ов. 1 V 1. Net sales, 30.0% increase 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: 1 SPREADSHEET Macklin Inc. Comparative Income Statement 2itilid For the Years Ended December 31, 2014 and 2013 GENERALLEDGER 2014 2013 Sales ..... $936,000 $720,000 Sales returns and allowances 26,000 20,000 Net sales..... $910,000 $700,000 350,000 441,000 Cost of goods sold. Gross profit ... Selling expenses.... $350,000 $115,000 $469,000 $ 139,150 Administrative expenses 99,450 85,000 Total operating expenses Income from operations $200,000 $150,000 $238,600 $230,400 Other income 65,000 50,000 Income before income tax $295,400 $200,000 Income tax expense 65,000 50,000 Net income $230,400 $150,000 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. To the extent the data permit, comment on the significant relationships re- vealed by the horizontal analysis prepared in (1). 2. oros Tros 000 88 2 amo 000,20A 000,0a1 PR 17-2B Vertical analysis of income statement OBJ. 1 V 1. Net income, For 2014, Fielder Industries Inc. initiated a sales promotion campaign that included the 2013, 14.0%AEAS expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, SPREADSHEET the president, is presented with the following condensed comparative income statement: 6:43 PM O Type here to search 日 Rain coming 3/22/2022 *.. ...
Transcribed Image Text:Ch. 17 - Financial Statement Anal x Bb 2193517 + i learn-us-east-1-prod-fleet02-xythos.content.blackboardcdn.com/5f7ce11c673e5/2193517?X-Blackboard-Expiration=1648004400000&X-Blackboard-Signature=JN20DGrMNpdS8d1.. E * * O w WordCounter - Cou... y! Yahoo A Regions Bank | Che. Welcome, Justin – B. * eBooks, Textbooks... O Jefferson State Co... Electronics, Cars, Fa. C Home | Chegg.com 2193517 1 / 1 | 100% + | 826 Chapter 17 Financial Statement Analysis Problems Series B PR 17-1B Horizontal analysis of income statement ов. 1 V 1. Net sales, 30.0% increase 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: 1 SPREADSHEET Macklin Inc. Comparative Income Statement 2itilid For the Years Ended December 31, 2014 and 2013 GENERALLEDGER 2014 2013 Sales ..... $936,000 $720,000 Sales returns and allowances 26,000 20,000 Net sales..... $910,000 $700,000 350,000 441,000 Cost of goods sold. Gross profit ... Selling expenses.... $350,000 $115,000 $469,000 $ 139,150 Administrative expenses 99,450 85,000 Total operating expenses Income from operations $200,000 $150,000 $238,600 $230,400 Other income 65,000 50,000 Income before income tax $295,400 $200,000 Income tax expense 65,000 50,000 Net income $230,400 $150,000 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. To the extent the data permit, comment on the significant relationships re- vealed by the horizontal analysis prepared in (1). 2. oros Tros 000 88 2 amo 000,20A 000,0a1 PR 17-2B Vertical analysis of income statement OBJ. 1 V 1. Net income, For 2014, Fielder Industries Inc. initiated a sales promotion campaign that included the 2013, 14.0%AEAS expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, SPREADSHEET the president, is presented with the following condensed comparative income statement: 6:43 PM O Type here to search 日 Rain coming 3/22/2022 *.. ...
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