Homework Help is Here – Start Your Trial Now!
Business
Accounting
YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,295,000 Gross profit 6,550,000 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 Rent Expense Insurance Expence Utilities Expense 960,000 1,050,000 250,000 310,750 160,000 175,500 Miscellaneous Expense 80,000 97,800 Advertising Expense Supplies Expense Depreciation Expense- Office Equipment 140,000 155,000 180,000 198,000 160,000 185,000 Interest Expense 60,000 68,500 Net Income 1,150,000 1,832,950

YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,295,000 Gross profit 6,550,000 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 Rent Expense Insurance Expence Utilities Expense 960,000 1,050,000 250,000 310,750 160,000 175,500 Miscellaneous Expense 80,000 97,800 Advertising Expense Supplies Expense Depreciation Expense- Office Equipment 140,000 155,000 180,000 198,000 160,000 185,000 Interest Expense 60,000 68,500 Net Income 1,150,000 1,832,950

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
With the statement of comprehensive income below, conduct a horizontal analysis.
YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,295,000 Gross profit 6,550,000 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 Rent Expense 960,000 1,050,000 Insurance Expence 250,000 310,750 Utilities Expense Miscellaneous Expense Advertising Expense Supplies Expense Depreciation Expense- Office Equipment 160,000 175,500 80,000 97,800 140,000 155,000 180,000 198,000 160,000 185,000 Interest Expense 60,000 68,500 Net Income 1,150,000 1,832,950
Transcribed Image Text:YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,295,000 Gross profit 6,550,000 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 Rent Expense 960,000 1,050,000 Insurance Expence 250,000 310,750 Utilities Expense Miscellaneous Expense Advertising Expense Supplies Expense Depreciation Expense- Office Equipment 160,000 175,500 80,000 97,800 140,000 155,000 180,000 198,000 160,000 185,000 Interest Expense 60,000 68,500 Net Income 1,150,000 1,832,950
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
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