Homework Help is Here – Start Your Trial Now!
Business
Accounting
With the given statement of comprehensive income below, conduct a horizontal analysis.

With the given statement of comprehensive income below, conduct a horizontal analysis.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
With the given statement of comprehensive income below, conduct a horizontal analysis.
YEAR 1 YEAR 2 Net Sales 2,516,720 3,864,950 Less: Cost of Goods Sold -1,547,160 969,560 2,483,765 1,381,185 Gross Profit Less: Expenses Salaries Expense Rent Expense Supplies Expense Depreciation Expense- Store Equipment Interest Expense Doubtful Accounts Expense 116,000 127,000 45,000 130,000 58,000 115,000 15,000 18,000 10,000 8,500 6,000 10,000 Utilities Expense 12,000 14,500 NET INCOME 635,560 1,030,185
Transcribed Image Text:YEAR 1 YEAR 2 Net Sales 2,516,720 3,864,950 Less: Cost of Goods Sold -1,547,160 969,560 2,483,765 1,381,185 Gross Profit Less: Expenses Salaries Expense Rent Expense Supplies Expense Depreciation Expense- Store Equipment Interest Expense Doubtful Accounts Expense 116,000 127,000 45,000 130,000 58,000 115,000 15,000 18,000 10,000 8,500 6,000 10,000 Utilities Expense 12,000 14,500 NET INCOME 635,560 1,030,185
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS