Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Textbook Question
Chapter 16, Problem 4EA
Express Rivera Company’s partial comparative income statements as common-size statements, and comment on the changes from 2013 to 2014.
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Instruction: (Vertical Analysis) Present an interpretation and conclusions about the result of "Riel Corporation Comparative Income Statements For the years Ended December 31, 2015 & 2014" computations and analysis.
*refer to the pic*
Perform a horizontal and vertical analysis. Use 1 decimal place for percentage result on vertical analysis.
epare an income statement for the year ended December 31, 2018, which includes amounts
gross profit, income before income taxes, and net income. List expenses (other than cost of
for
goods sold and income tax expense) in order, from the largest to the smallest dollar balance.
You may ignore earnings per share.
pare a statement of retained earnings for the year ending December 31, 2018.
Prepare
thes a statement of financial position (balance sheet) as of December 31, 2018, following
Include separate asset and liability categories for those items that are "current."
Include and label amounts for total assets, total liabilities, total stockholders' equity, and
total liabilities and stockholders' equity.
Present deferred income taxes as a noncurrent liability.
To the extent information is available that should be disclosed, include the parenthetical
disclosure of that information.
Chapter 16 Solutions
Principles of Accounting
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- (a) Prepare comparative condensed income statements for 2017 under FIFO and LIFO. (Round answers to 0 decimal places, e.g. 5,125.)arrow_forwardRefer to the information for Cuneo Company above.Required:1. Prepare a common-size income statement for Year 2 by expressing each line item for Year2 as a percentage of that same line item from Year 1. (Note: Round percentages to thenearest tenth of a percent.)2. Prepare a common-size income statement for Year 3 by expressing each line item for Year3 as a percentage of that same line item from Year 1. (Note: Round percentages to thenearest tenth of a percent.)arrow_forwardThe following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.arrow_forward
- The comparative financial statements of Global Technology are as follows: Review the worksheet RATIOA that follows these requirements. You have been asked to perform a ratio analysis of this company for 2012.arrow_forwardLiverton Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows in the images. Calculate for the financial year ended 31 March 2019 and, where possible, for 31 March 2018, the following ratios: i) Gross profit marginii) Assets usageiii) Current ratioiv) Acid testv) Inventories holding periodvi) Debt to Equity ratioarrow_forwardUse the income statement and the list of changes to answer the question. Lightspeed Industries Income Statement Revenue Cost of Goods Sold (COGS) Gross Income Sales, General, & Administrative Expenses (SG&A) Depreciation Expense Other Expenses Earnings Before Interest & Taxes (EBIT) Interest January 1 to December 31, 2022 (amounts in thousands) Pre-Tax Income Income Taxes Net Income 9,800 1,960 7,840 980 800 400 5,660 170 5,490 2,196 3,294 Between January 1 and December 31, 2022: 1. Accounts Receivable increase by $500,000 2. Accounts Payable increase by $700,000 3. Gross Property, Plant, & Equipment increase by $9,400,000 4. Long Term Debt decreases by $400,000 Assume no other changes What is the Net Cash Flow? Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars. Please specify your answer in the same units as the financial statements (i.e., enter the number from your completed statement of cash flows).arrow_forward
- The following selected information is for Okanagan Company for the year ended January 31, 2024: The following selected information is for Okanagan Company for the yar ended January 31, 2024: (a) Y Your answer is partially correct. Prepare a multiple - step income statement. (Enter negative amounts using either a negative sign preceding the number es. .45 or parentheses e.g. (45)arrow_forwardUsing the consolidated income statement, identify two items that may result in adjusting entries for accruals.arrow_forwardComparative income statement for Deep Sea Company for 2016 and 2015 are given below: Prepare the common size income statement of Deep Sea Company for 2016 and 2015. Enter the numbers without decimals. Do not round off the numbers. Add % sign after the numbers. Revenue unanswered unanswered Cost Of goods sold unanswered unanswered Gross profit unanswered unanswered Selling and general expenses unanswered unanswered Operating profit unanswered unanswered Interest expense unanswered unanswered Income before tax unanswered unanswered Income tax expenses unanswered unanswered Net Profit unanswered unansweredarrow_forward
- Access the February 21, 2017, filing of the December 31, 2016, 10-K report of The Hershey Company (ticker: HSY) at SEC.gov and complete the following requirements. Required Compute or identify the following profitability ratios of Hershey for its years ending December 31, 2016, and December 31, 2015. Interpret its profitability using the results obtained for these two years. 1. Profit margin ratio (round the percent to one decimal). 2. Gross profit ratio (round the percent to one decimal). 3. Return on total assets (round the percent to one decimal). (Total assets at year-end 2014 were $5,622,870 in thousands.) 4. Return on common stockholders’ equity (round the percent to one decimal). (Total shareholders’ equity at year-end 2014 was $1,519,530 in thousands.) 5. Basic net income per common share (round to the nearest cent).arrow_forwardUse the information provided below to prepare the pro forma statement of comprehensive income for the year ended 31 December 2023. (Note the statement must reflect the gross profit,operating profit, profit before tax and profit after taxarrow_forwardUsing the following selected items from the comparative balance sheet of Oriole Products.Determine the horizontal analysis. (Round percentages to 2 decimal places, e.g. 12.21%. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) ORIOLEPRODUCTSComparative Balance SheetDecember 31 2014 2013 Horizontal analysis Amount Percentage Amount Percentage Current assets $110,880 enter percentages % $128,216 enter percentages % Long-term assets 174,240 enter percentages % 117,304 enter percentages % Total assets 3,168,000 enter percentages % 2,728,000 enter percentages % Determine the vertical analysis. (Round percentages to 1 decimal place, e.g. 12.2%.) ORIOLEPRODUCTSComparative Balance SheetDecember 31 2014 2013 Vertical analysis Amount Percentage Amount Percentage Current assets $110,880…arrow_forward
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