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YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,925,000 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 160,000 175,500

YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,925,000 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 160,000 175,500

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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With the give statement of comprehensive income below, conduct a horizontal analysis.
YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 3,387,650 6,550,000 Less: Cost of Goods Sold 4,925,000 Gross profit 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 960,000 Rent Expense Insurance Expence 1,050,000 250,000 310,750 Utilities Expense 160,000 175,500 Miscellaneous Expense 80,000 97,800 Advertising Expense 140,000 155,000 Supplies Expense 180,000 198,000 Depreciation Expense- Office Equipment 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 3,387,650 6,550,000 Less: Cost of Goods Sold 4,925,000 Gross profit 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 960,000 Rent Expense Insurance Expence 1,050,000 250,000 310,750 Utilities Expense 160,000 175,500 Miscellaneous Expense 80,000 97,800 Advertising Expense 140,000 155,000 Supplies Expense 180,000 198,000 Depreciation Expense- Office Equipment 160,000 185,000 Interest Expense 60,000 68,500 Net Income 1,150,000 1,832,950
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