Rotorua Products, Limited, of New Zealand markets agricultural products for the burgeoning Asian consumer market. The company'scurrent assets, current liabilities, and sales over the last five years (Year 5 is the most recent year) are as follows:SalesCashAccounts receivable, netInventoryTotal current assetsCurrent liabilitiesSainsCurrent assetsCashAccounts receivable, netinventoryTotal current assesCument labesYear 1%%%Year 1$4,599,170$ 98,780403,731806,316$1,308,827$ 307,643Required:1, Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. (Round your percentage answersto 1 decimal place (.e., 0.1234 should be entered as 12.3).)%Year 2%%%%%Year 2$4,766,250$89,994431,432869,464$1,390,890$336,456Year 3%%%%%Year 3$ 5,097,530$91,640435,815826,871$1,354,326$330,139Year 4%%%Year 4$ 5,467,000$84,639511,755890,352$1,486,746Year 5Year 5$ 5,812,500%%%64,779560,003911,752$1,544,534$ 407,308 A comparative Income statement is given below for McKenzie Sales, Limited, of Toronto:McKenzie Sales, LimitedComparative Income StatementSalesCost of goods soldGross marginSelling and administrative expenses:Selling expensesAdministrative expensesTotal expensesNet operating incomeInterest expenseNet incone before taxesSalesCost of goods soldGross marginSelling and administrative expensesSelling expensesAdministrative expensesTotal selling and administrative expensesThis Year$ 7,360,0004,740,0002,620,000Net operating incomeInterest expenseNet income before taxesThis YearMembers of the company's board of directors are surprised to see that net income increased by only $134,900 when sales increasedbyRequired:1 Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (ie..0.1234 should be entered as 12.3).)0.0 %%%0.0 %0.0 %1,374,000703,0002,077,000%543,000100,0000443,0000.0 %Last YearLast Year$5,593,6003,514,0002,079,60000%%1,073,500600,0001,681,5000.0 %0,0 %%0.0 %398,10090,000$300,100

“Since you have asked multiple question, we will solve the first question for you. If you want any…

Rotorua Products, Limited, of New Zealand markets agricultural products for the burgeoning Asian consumer market. The company's current assets, current liabilities, and sales over the last five years (Year 5 is the most recent year) are as follows: Sales cash Accounts receivable, net Inventory Total current assets Current liabilities Sales Current assets Accounts receivable net Total curent asses Cument abs Year 1 $4,599,170 $ 98,780 403,731 806,316 $1,308,827 $ 307,643 Required: 1 Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. (Round your percentage answers to 1 decimal place (.e., 0.1234 should be entered as 12.3).) % % 1% Year 2 Year 2 $4,766,250 $89,994 431,432 869,464 $ 1,390,890 $336,456 Year 3 % % % Year 3 $5,097,530 $ 91,640 435,015 826,871 $1,354,326 $ 330,139 Year 4 % % Year 4 $ 5,467,000 $84,639 511,755 890,352 $ 1,486,746 $ 328,184 Year 5 Tear 5 $ 5,812,500 $ 64,779 568,003 911,752 $1,544,534 $ 407,388 %

Rotorua Products, Limited, of New Zealand markets agricultural products for the burgeoning Asian consumer market. The company's current assets, current liabilities, and sales over the last five years (Year 5 is the most recent year) are as follows: Sales cash Accounts receivable, net Inventory Total current assets Current liabilities Sales Current assets Accounts receivable net Total curent asses Cument abs Year 1 $4,599,170 $ 98,780 403,731 806,316 $1,308,827 $ 307,643 Required: 1 Express all of the asset, liability, and sales data in trend percentages. Use Year 1 as the base year. (Round your percentage answers to 1 decimal place (.e., 0.1234 should be entered as 12.3).) % % 1% Year 2 Year 2 $4,766,250 $89,994 431,432 869,464 $ 1,390,890 $336,456 Year 3 % % % Year 3 $5,097,530 $ 91,640 435,015 826,871 $1,354,326 $ 330,139 Year 4 % % Year 4 $ 5,467,000 $84,639 511,755 890,352 $ 1,486,746 $ 328,184 Year 5 Tear 5 $ 5,812,500 $ 64,779 568,003 911,752 $1,544,534 $ 407,388 %

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

See similar textbooks

Similar questions

A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses come Statement L Administrative expenses Total expenses Net operating income Interest expense Net income before taxes $ This Year 7,350,000 4,750,000 2,600,000 1,386,000 708,000 2,094,000 506,000 98,000 $408,000 Last Year. $ 5,586,000 3,512,500 2,073,500 1,081,500 608,000 1,689,500 384,000 89,000 $ 295,000 Members of the company's board of directors are surprised to see that net income increased by only $113,000 when sales increased by $1,764,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e..
A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes This Year $ 7,400,000 4,730,000 2,670,000 This Year The company's board of directors is surprised to see net income increased by only $124,000 when sales increased by $1,776,000. Required: 1. Express each year's income statement in common-size percentages. Note: Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3). % % 0.0% 1,393,000 711,000 2,104,000 566,000 104,000 $ 462,000 % % 0.0 % 0.0 % % 0.0 % Last…
A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes This Year $ 7,300,000 4,640,000 2,660,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes 1,391,000 702,500 2,093,500 566,500 106,000 $ 460,500 Members of the company's board of directors are surprised to see that net income increased by only $204,000 when sales increased by $1,752,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year % % % Last Year $…
A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Total expenses Net operating income Interest expense Net income before taxes This Year $ 7,310,000 4,620,000 2,690,000 Last Year $ 5,555,600 3,515,500 2,040,100 1,386,000 1,079,500 709,500 611,000 2,095,500 1,690,500 594,500 98,000 $ 496,500 349,600 91,000 $ 258,600 Members of the company's board of directors are surprised to see that net income increased by only $237,900 when sales increased by $1,754,400. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) × Answer is complete but not entirely correct. This Year Last Year Sales 100.0 % 100.0 % Cost of goods sold 63.5 % 63.2 % Gross margin 36.5 % 36.8 % Selling and…
A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes This Year $ 7,350,000 4,610,000 2,740,000 1,390,000 706,000 2,096,000 644,000 101,000 $ 543,000 Last Year $ 5,586,000 3,511,500 2,074,500 1,079,500 613,500 1,693,000 381,500 87,000 $ 294,500 Members of the company's board of directors are surprised to see that net income increased by only $248,500 when sales increased by $1,764,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).)
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year $7,350, 000 4,630,000 2,720, 000 $5,586,000 3,510, 000 2,076,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 1,074,500 615, 500 Total expenses Net operating income Interest expense 1, 382, 000 703,500 2,085,500 634,500 105, 000 1,690, 000 386, 000 91, 000 Net income before taxes 529, 500 $4 295, 000 Members of the company's board of directors are surprised to see that net income increased by only $234,500 when sales increased by $1,764,000. %24
A comparative income statement follows for Martine Ltd. of Montreal: MARTINE LTD. Comparative Income Statement For the Years Ended October 31, Year 1 and Year 2 Sales Less: Cost of goods sold Gross margin Less: Operating expenses: Selling expenses Administrative expenses Total expenses Net operating income Less: Interest expense Net income before taxes Year 2 Year 1 S s 8,050,000 5,095,650 2,954,350 1,529,500 756,700 2,286,200 668,150 136,850 531,300 $ 6,050,000 3,605,800 2,444,200 1,131,350 726,000 1,857,350 586,850 114,950 $ 471,900 Members of the company's board of directors are surprised to see that net income increased by only $59,400 when sales increased by $2,000,000. Required: 1. Express each year's income statement in common-size percentages. (Round your answers to 1 decimal place.)
es A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold. Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income This Year $ 7,390,000 4,630,000 2,760,000 Members of the company's board of directors are surprised to see that net income increased by only $232,600 when sales increased by $1,773,600. Interest expense Net income before taxes Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year % % 0.0% Last Year $ 5,616,400 3,512,000 2,104,400 % % 0.0 % 0.0 % % 0.0%…
Consider the following income statement data from the Ross Company: Current Year Prior Year $962,500 $720,000 582,960 440,820 182,175 156,420 104,100 79,000 13,533 8,532 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Prepare a comparative income statement, showing increases and decreases in dollars and in percentages. (Round percentages to one decimal.) Ross Company Comparative Income Statements Sales revenue Cost of goods sold Gross profit on sales Operating expenses Selling expenses Administrative expenses Total Income before income taxes Income tax expense Net income $ $ LA Current Year Prior Year (Decrease) $ $ Increase Percent Change $ LA
Income statements for Fanning Company for Year 3 and Year 4 follow. FANNING COMPANY Income Statements. Sales Cost of goods sold. Selling expenses Administrative expenses. Interest expense Total expenses Income before taxes Income taxes expense Net income Year 4 $200,200 143,800 20,500 12,500 3,500 $180, 300 19,900 5,900 $14,000 Year 3 $180, 200 121,800 18,500 14,500 5,500 $160,300 19,900 3,100 $16,800 Required a. Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.
A comparative income statement is given below for McKenzie Sales, Ltd., of Toronto: McKenzie Sales, Ltd. Comparative Income Statement This Year Last Year $6,000,000 3,516,000 2,484,000 Sales $8,000, 000 4,984,000 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 3,016,000 1,480,000 1,092,000 712,000 2,192,000 618,000 1,710,000 774,000 84,000 Total expenses Net operating income Interest expense 824,000 96,000 $ 728,000 Net income before taxes $ 690,000 Members of the company's board of directors are surprised to see that net income increased by only $38,000 when sales increased by $2,000,00O. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year Last Year Sales % % Cost of goods sold % % Gross margin % % Selling and administrative expenses: Selling expenses % % % Administrative expenses % Total selling…
Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000 $610,000 Cost of goods sold 434,620 347,700 Selling expenses 105,150 103,700 Administrative expenses 119,170 122,000 Income tax expense 21,030 12,200 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent $fill in the blank 6de34503cfdf061_2 fill in the blank 6de34503cfdf061_3% $fill in the blank 6de34503cfdf061_4 fill in the blank 6de34503cfdf061_5% fill in the blank 6de34503cfdf061_7 fill in the blank 6de34503cfdf061_8% fill in the blank 6de34503cfdf061_9 fill in the blank 6de34503cfdf061_10% Gross profit $fill in the blank…