Year ended December 31, 2023 2022 2021 Revenues $4,578,041 $3,864,324 $3,003,610 Costs and expenses: Cost of goods sold $2,227,189 $2,089,089 $2,005,691 Selling and administrative 922,261 836,212 664,061 Interest 29,744 32,966 30,472 Other expenses (income) 1,475 2,141 (43) Total costs and expenses $3,180,669 $2,960,408 $2,700,181 Income before income taxes $1,397,372 $903,916 $303,429 Income taxes 229,500 192,600 174,700 Net income $1,167,872 $711,316 $128,729 Venus Industries Consolidated Balance Sheets (in thousands) December 31, ASSETS 2023 2022 Current assets: Cash and equivalents $291,284 $260,050 Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046 826,977 616,064 Inventories 592,986 512,917 Deferred income taxes 26,378 28,355 Prepaid expenses 40,663 32,977 Total current assets $1,778,288 $1,450,363 Property, plant, and equipment $571,032 $497,795 Less accumulated depreciation (193,037) (151,758) Net property, plant, and equipment $377,995 $346,037 Goodwill 174,326 110,363 Other assets 30,927 24,701 Total assets $2,361,536 $1,931,464 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $52,985 $3,652 Notes payable 108,165 105,696 Accounts payable 135,701 134,729 Accrued liabilities 138,563 134,089 Income taxes payable 17,150 42,422 Total current liabilities $452,564 $420,588 Long-term debt 15,033 77,022 Noncurrent deferred income taxes 29,965 27,074 Other noncurrent liabilities 43,575 23,728 Commitments and contingencies 0 0 Redeemable preferred stock 300 300 Total liabilities $541,437 $548,712 Stockholders’ equity: Common stock at stated value: Class A convertible—26,691 and 26,919 shares outstanding $155 $161 Class B—49,161 and 48,591 shares outstanding 2,720 2,716 Capital in excess of stated value 108,451 93,799 Treasury stock (common at cost) (7,790) (6,860) Retained earnings 1,716,563 1,292,936 Total stockholders’ equity $1,820,099 $1,382,752 Total liabilities and stockholders’ equity $2,361,536 $1,931,464 Required: Question Content Area 1. Prepare common size income statements to be used for horizontal analysis for Venus for 2021 to 2023. Enter your answers in percentage terms, rounded to two decimal places, and do not include the "%" sign with your answer. For example, "100.00" or "28.72". Utilize 2021 as the base year for both 2022 and 2023. You do not need to include the actual dollar amounts shown above. Venus IndustriesConsolidated Income StatementsYear ending December 31, Divide the numbers from 2021 to get the percentages blank 2023 2022 2021 Revenues Costs and expenses: Cost of goods sold Selling and administrative Interest Other expenses (income) Total costs and expenses Income before income taxes Income taxes Net income Question Content Area 2. Prepare common size balance sheets to be used for vertical analysis for 2023 and 2022. Enter your answers in percentage terms, rounded to two decimal places, and do not include the "%" sign with your answer. For example, "100.00" or "28.72". Percentages may not calculate down because of rounding. You do not need to include the actual dollar amounts shown above. If an answer box does not require an entry enter "0". Venus IndustriesConsolidated Balance Sheetblank ASSETS December 31, 2023 December 31, 2022 Current assets: Cash and equivalents Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046 Inventories Deferred income taxes Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Goodwill Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt Notes payable Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long-term debt Noncurrent deferred income taxes Other noncurrent liabilities Commitments and contingencies Redeemable preferred stock Total liabilities Stockholders' equity: Common stock at stated value: Class A convertible-26,691 and 26,919 shares outstanding Class B-49,161 and 48,591 shares outstanding Capital in excess of stated value Treasury stock (common at cost) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity

Year ended December 31, 2023 2022 2021 Revenues $4,578,041 $3,864,324 $3,003,610 Costs and expenses: Cost of goods sold $2,227,189 $2,089,089 $2,005,691 Selling and administrative 922,261 836,212 664,061 Interest 29,744 32,966 30,472 Other expenses (income) 1,475 2,141 (43) Total costs and expenses $3,180,669 $2,960,408 $2,700,181 Income before income taxes $1,397,372 $903,916 $303,429 Income taxes 229,500 192,600 174,700 Net income $1,167,872 $711,316 $128,729 Venus Industries Consolidated Balance Sheets (in thousands) December 31, ASSETS 2023 2022 Current assets: Cash and equivalents $291,284 $260,050 Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046 826,977 616,064 Inventories 592,986 512,917 Deferred income taxes 26,378 28,355 Prepaid expenses 40,663 32,977 Total current assets $1,778,288 $1,450,363 Property, plant, and equipment $571,032 $497,795 Less accumulated depreciation (193,037) (151,758) Net property, plant, and equipment $377,995 $346,037 Goodwill 174,326 110,363 Other assets 30,927 24,701 Total assets $2,361,536 $1,931,464 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $52,985 $3,652 Notes payable 108,165 105,696 Accounts payable 135,701 134,729 Accrued liabilities 138,563 134,089 Income taxes payable 17,150 42,422 Total current liabilities $452,564 $420,588 Long-term debt 15,033 77,022 Noncurrent deferred income taxes 29,965 27,074 Other noncurrent liabilities 43,575 23,728 Commitments and contingencies 0 0 Redeemable preferred stock 300 300 Total liabilities $541,437 $548,712 Stockholders’ equity: Common stock at stated value: Class A convertible—26,691 and 26,919 shares outstanding $155 $161 Class B—49,161 and 48,591 shares outstanding 2,720 2,716 Capital in excess of stated value 108,451 93,799 Treasury stock (common at cost) (7,790) (6,860) Retained earnings 1,716,563 1,292,936 Total stockholders’ equity $1,820,099 $1,382,752 Total liabilities and stockholders’ equity $2,361,536 $1,931,464 Required: Question Content Area 1. Prepare common size income statements to be used for horizontal analysis for Venus for 2021 to 2023. Enter your answers in percentage terms, rounded to two decimal places, and do not include the "%" sign with your answer. For example, "100.00" or "28.72". Utilize 2021 as the base year for both 2022 and 2023. You do not need to include the actual dollar amounts shown above. Venus IndustriesConsolidated Income StatementsYear ending December 31, Divide the numbers from 2021 to get the percentages blank 2023 2022 2021 Revenues Costs and expenses: Cost of goods sold Selling and administrative Interest Other expenses (income) Total costs and expenses Income before income taxes Income taxes Net income Question Content Area 2. Prepare common size balance sheets to be used for vertical analysis for 2023 and 2022. Enter your answers in percentage terms, rounded to two decimal places, and do not include the "%" sign with your answer. For example, "100.00" or "28.72". Percentages may not calculate down because of rounding. You do not need to include the actual dollar amounts shown above. If an answer box does not require an entry enter "0". Venus IndustriesConsolidated Balance Sheetblank ASSETS December 31, 2023 December 31, 2022 Current assets: Cash and equivalents Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046 Inventories Deferred income taxes Prepaid expenses Total current assets Property, plant, and equipment Less accumulated depreciation Net property, plant, and equipment Goodwill Other assets Total assets LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long-term debt Notes payable Accounts payable Accrued liabilities Income taxes payable Total current liabilities Long-term debt Noncurrent deferred income taxes Other noncurrent liabilities Commitments and contingencies Redeemable preferred stock Total liabilities Stockholders' equity: Common stock at stated value: Class A convertible-26,691 and 26,919 shares outstanding Class B-49,161 and 48,591 shares outstanding Capital in excess of stated value Treasury stock (common at cost) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Question Content Area

1. Prepare common size income statements to be used for horizontal analysis for Venus for 2021 to 2023. Enter your answers in percentage terms, rounded to two decimal places, and do not include the "%" sign with your answer. For example, "100.00" or "28.72". Utilize 2021 as the base year for both 2022 and 2023. You do not need to include the actual dollar amounts shown above.

Venus IndustriesConsolidated Income StatementsYear ending December 31, Divide the numbers from 2021 to get the percentages

blank	2023	2022	2021
Revenues
Costs and expenses:
Cost of goods sold
Selling and administrative
Interest
Other expenses (income)
Total costs and expenses
Income before income taxes
Income taxes
Net income

Question Content Area

2. Prepare common size balance sheets to be used for vertical analysis for 2023 and 2022. Enter your answers in percentage terms, rounded to two decimal places, and do not include the "%" sign with your answer. For example, "100.00" or "28.72". Percentages may not calculate down because of rounding. You do not need to include the actual dollar amounts shown above. If an answer box does not require an entry enter "0".

Venus IndustriesConsolidated Balance Sheetblank

ASSETS	December 31, 2023	December 31, 2022
Current assets:
Cash and equivalents
Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046
Inventories
Deferred income taxes
Prepaid expenses
Total current assets
Property, plant, and equipment
Less accumulated depreciation
Net property, plant, and equipment
Goodwill
Other assets
Total assets
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt
Notes payable
Accounts payable
Accrued liabilities
Income taxes payable
Total current liabilities
Long-term debt
Noncurrent deferred income taxes
Other noncurrent liabilities
Commitments and contingencies
Redeemable preferred stock
Total liabilities
Stockholders' equity:
Common stock at stated value:
Class A convertible-26,691 and 26,919 shares outstanding
Class B-49,161 and 48,591 shares outstanding
Capital in excess of stated value
Treasury stock (common at cost)
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity

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	Year ended December 31,
	2023	2022	2021
Revenues	$4,578,041	$3,864,324	$3,003,610
Costs and expenses:
Cost of goods sold	$2,227,189	$2,089,089	$2,005,691
Selling and administrative	922,261	836,212	664,061
Interest	29,744	32,966	30,472
Other expenses (income)	1,475	2,141	(43)
Total costs and expenses	$3,180,669	$2,960,408	$2,700,181
Income before income taxes	$1,397,372	$903,916	$303,429
Income taxes	229,500	192,600	174,700
Net income	$1,167,872	$711,316	$128,729

Venus Industries Consolidated Balance Sheets (in thousands)
	December 31,
ASSETS	2023	2022
Current assets:
Cash and equivalents	$291,284	$260,050
Accounts receivable, less allowance for doubtful accounts of $19,447 and $20,046	826,977	616,064
Inventories	592,986	512,917
Deferred income taxes	26,378	28,355
Prepaid expenses	40,663	32,977
Total current assets	$1,778,288	$1,450,363
Property, plant, and equipment	$571,032	$497,795
Less accumulated depreciation	(193,037)	(151,758)
Net property, plant, and equipment	$377,995	$346,037
Goodwill	174,326	110,363
Other assets	30,927	24,701
Total assets	$2,361,536	$1,931,464
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$52,985	$3,652
Notes payable	108,165	105,696
Accounts payable	135,701	134,729
Accrued liabilities	138,563	134,089
Income taxes payable	17,150	42,422
Total current liabilities	$452,564	$420,588
Long-term debt	15,033	77,022
Noncurrent deferred income taxes	29,965	27,074
Other noncurrent liabilities	43,575	23,728
Commitments and contingencies	0	0
Redeemable preferred stock	300	300
Total liabilities	$541,437	$548,712
Stockholders’ equity:
Common stock at stated value:
Class A convertible—26,691 and 26,919 shares outstanding	$155	$161
Class B—49,161 and 48,591 shares outstanding	2,720	2,716
Capital in excess of stated value	108,451	93,799
Treasury stock (common at cost)	(7,790)	(6,860)
Retained earnings	1,716,563	1,292,936
Total stockholders’ equity	$1,820,099	$1,382,752
Total liabilities and stockholders’ equity	$2,361,536	$1,931,464