The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a horizontal analysis for 2025 using 2024 as the base year. (Decreases should be indicated with a minus sign percentage answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income Income Statement For the Years Ended December 31 Year $ FEDERER SPORTS APPAREL $ 2025 2024 18,700,000 $ 13,239,600 5,460,400 1,570,800 972,400 187,000 1,477,300 308,000 1,252,900 6,003,800 430,100 1,971,200 822,800 $ 4,032,600 15,400,000 6,945,400 8,454,600 1,170,400 972,400 Increase (Decrease) Amount %

The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a horizontal analysis for 2025 using 2024 as the base year. (Decreases should be indicated with a minus sign percentage answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income Income Statement For the Years Ended December 31 Year $ FEDERER SPORTS APPAREL $ 2025 2024 18,700,000 $ 13,239,600 5,460,400 1,570,800 972,400 187,000 1,477,300 308,000 1,252,900 6,003,800 430,100 1,971,200 822,800 $ 4,032,600 15,400,000 6,945,400 8,454,600 1,170,400 972,400 Increase (Decrease) Amount %

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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Exercise 12-2 (Algo) Prepare vertical analysis (LO12-1) The income statements for Federer Sports Apparel for 2025 and 2024 are presented below. Required: Prepare a vertical analysis of the data for 2025 and 2024. (Round your percentage answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 2025 $ $ Amount 19,000,000 13,110,000 5,890,000 1,653,000 1,045,000 247,000 1,558,000 1,387,000 494,000 893,000 % $ $ Amount 2024 15,700,000 7,127,800 8,572,200 1,240,300 1,051,900 0 329,700 5,950,300 2,056,700 3,893,600 %
Question (1) The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. (A) Required: Prepare a vertical analysis of the data for 2022 and 2021. (Round your percentage answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income before tax Income tax expense Net income FEDERER SPORTS APPAREL Net sales Cost of goods sold Gross profit Operating expenses Depreciation expense Inventory write-down Loss (litigation) Income Statement For the Years Ended December 31 Income before tax Income tax expense Net income Amount $18,800,000 $ 2022 13,200,000 5,600,000 1,600,000 1,000,000 200,000 1,500,000 1,300,000 450,000 850,000 % (B) Required: Prepare a horizontal analysis for 2022 using 2021 as the base year.…
ASSESSMENT: Problem #1: On June 30, 2020, PSA Trading Co. has the following informatign: revenue from sales is Po8,760; sales return is P35,50o; cost of goods sold is P8.490: salaries cost P 14,600; rent is P8,090; light and water expenses are P7.550 and miscellaneous expenses are Po,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss Problem #2: AMA 6operative store had the following activities for year ended 2021: gross sales amounting to Po4,653, the cost of goods sold was P48,923, the operating expensés were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income slatemeni and find: a. Net Sales b. Gross Profit c. Net Profit Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales…
Problem 12-2B (Algo) Perform horizontal analysis (LO12-2) The income statements for Galaxy Tennis for the years ending December 31, 2024 and 2023, are provided below. Required: 1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income GALAXY TENNIS Income Statements For the Years Ended December 31 2024 2023 $ 6,090,000 $ 6,210,000 2,830,000 2,910,000 3,260,000 3,300,000 1,500,000 1,382,000 1,760,000 1,918,000 58,000 81,000 1,818,000 1,999,000 386,000 433,000 $ 1,432,000 $ 1,566,000 Increase (Decrease) Amount %
Use the following Income Statement and Balance Sheet Information for 2018 to answer the question below. This is a Retail Company. All numbers are in Millions. Income Statement Total Sales213.8 Cost of Sales151.3 Gross Profit213.8-151.3 Selling and Administrative Expenses22.3 Research and Development 7.7 Depreciation and Amortization4.5 Other Income2.4 EBIT213.8-151.3-22.3-7.7-4.5+2.4 Interest Expense5.8 Pretax Income213.8-151.3-22.3-7.7-4.5+2.4-5.8 Taxes( 213.8-151.3-22.3-7.7-4.5+2.4-5.8 )*0.30 Net Income( 213.8-151.3-22.3-7.7-4.5+2.4-5.8 )*0.70 Balance Sheet Assets Liabilities Cash65.8Accounts Payable43.3Accounts Receivable54.4Notes Payable/Short term debt1.6Inventories4.4 Total Current Assets65.8+54.4+4.4Total Current Liabilities43.3+1.6 Net property, plant and equipment103.4Long-term debt80.0Total long-term assets103.4Total long-term debt liabilities80.0 Total Liabilities43.3+1.6+80.0 Stockholders' Equity (Total Equity)65.8+ 54.4+4.4+103.4-43.3-1.6-80.0Total…
Problem 12-2A (Algo) Perform horizontal analysis (LO12-2) The income statements for Anything Outdoors for the years ending December 31, 2024 and 2023, are provided below. Required: 1. Complete the "Amount" and "%" columns to be used in a horizontal analysis of the income statements for Anything Outdoors. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income ANYTHING OUTDOORS Income Statements For the Years Ended December 31 2024 2023 $ 3,350,000 $2,520,000 $ 2,100,000 1,250,000 785,000 465,000 9,000 474,000 97,500 376,500 $ $ 1,355,000 1,165,000 610,000 555,000 5,500 560,500 135,000 425,500 $ Increase (Decrease) Amount 830,000 745,000 85,000 175,000 (90,000) 3,500 (86,500) (37,500) (49,000) % 32.9
Use the given statement of comprehensive income below in answering the question. DEF Company, Income Statement 2021 2020 Sales P10,200.00 P9,600.00 Cost of Goods Sold P3,000.00 P2,600.00 Gross Profit P7,200.00 P7,000.00 Operating Expenses P2,400.00 P2,200.00 Operating Profit P4,800.00 P4,800.00 Interest Expense P900.00 P800.00 Earnings before tax P3,900.00 P4,000.00 Income Tax P1,560.00 P1,600.00 Net Profit P2,340.00 P2,400.00 How many percent of the sales is the operating expenses in 2021 and 2020? A 8.82% and 8.33% 70.59% and 72.92% 29.41% and 27.08% 23.53% and 22.92%
Use the given statement of comprehensive income below in answering the question. DEF Company, Income Statement 2021 2020 Sales P10,200.00 P9,600.00 Cost of Goods Sold P3,000.00 P2,600.00 Gross Profit P7,200.00 P7,000.00 Operating Expenses P2,400.00 P2,200.00 Operating Profit P4,800.00 P4,800.00 Interest Expense P900.00 P800.00 Earnings before tax P3,900.00 P4,000.00 Income Tax P1,560.00 P1,600.00 Net Profit P2,340.00 P2,400.00 What is the percent change of net profit? А -3.5% В 12.5% C) -12.5% -2.5%
Vertical analysis (common-size) percentages for Cullumber Company’s sales revenue, cost of goods sold, and expenses are listed here. Vertical Analysis 2022 2021 2020 Sales revenue 100.0 % 100.0 % 100.0 % Cost of goods sold 60.0 64.2 65.6 Expenses 24.7 27.1 29.5 Calculate Cullumber’s net income as a percent of sales. (Round answers to 1 decimal place, e.g. 5.2.) 2022 2021 2020 Net income Enter percentages rounded to 1 decimal place. Enter percentages rounded to 1 decimal place. Enter percentages rounded to 1 decimal place. Did Cullumber’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period? Cullumber’s net income as a percent of sales Choose the correct answer increaseddecreasedremained unchanged
Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) Year End 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost of Sales -679.1 -659 -681.3 -667 Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Income Taxes -56.8 -64.2 -67.5 -72.6 Dividends -38.3 -38.7 -39.8 -40.1 CHOICES: A. 108.7B. 132.7C. No choice givenD. 132.8E. 121.8
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Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) YEAR END YEAR END YEAR END YEAR END 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1 Addition to Retained Earnings