Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year Amount Amount (Decrease) (Decrease) Amount year Percent Sales $851,400 $660,000 $ 191,400 29 % Cost of goods sold 718,200 570,000 648,200 % Gross profit $133,200 $90,000 $ 43,200 % Selling expenses $39,270 $33,000 $ 6,270 % Administrative expenses 35,560 28,000 7,560 % Total operating expenses $74,830 $61,000 $ 13,830 Income before income tax $58,370 $29,000 $ 29,370 % Income tax expense 23,300 11,600 11,700 Net income $35,070 $17,400 $ 17,670 %

Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year Amount Amount (Decrease) (Decrease) Amount year Percent Sales $851,400 $660,000 $ 191,400 29 % Cost of goods sold 718,200 570,000 648,200 % Gross profit $133,200 $90,000 $ 43,200 % Selling expenses $39,270 $33,000 $ 6,270 % Administrative expenses 35,560 28,000 7,560 % Total operating expenses $74,830 $61,000 $ 13,830 Income before income tax $58,370 $29,000 $ 29,370 % Income tax expense 23,300 11,600 11,700 Net income $35,070 $17,400 $ 17,670 %

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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