Need help completing part 1 and 2 with the percentages not already completed.. Please provide explanation with formula used. Appreciate your help!! 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 shouldbe indicated by a minus sign. Round your percentage answers to 1 decimal place.)Net salesCost of goods soldGross profitOperating expensesOperating incomeOther income (expense)Income before taxIncome tax expenseNet incomeAnswer is not complete.GALAXY TENNISIncome StatementsFor the Years Ended December 31Increase (Decrease)Amount20242023$ 6,250,000$ 6,330,000 $ (80,000)2,890,0002,940,000(50,000)3,360,0003,390,000(30,000)1,530,0001,406,000124,0001,830,0001,984,00064,00093,0001,894,0002,077,000398,000439,000$ 1,496,000 $ 1,638,000(154,000)(29,000)(183,000)(41,000)$ (142,000)%(1.3)(1.7)(0.9) 2. Prepare a horizontal analysis of Fantasy Football's 2024 balance sheet using 2023 as the base year. (Values to be deducted anddecreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.)AssetsCurrent assets:CashAccounts receivableInventorySuppliesLong-term assets:EquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equityAnswer is not complete.FANTASY FOOTBALLBalance SheetsDecember 312024Year20232,028,0002,028,000(936,000)(468,000)$ 6,500,000 $ 6,000,000338,000 $ 426,000 $ (88,000)1,475,5001,728,000(252,500)3,315,0002,076,0001,239,000279,500210,00069,500279,500 $ 150,0006,00078,000078,0001,248,0001,248,000Increase (Decrease)%1,344,0001,344,0003,550,5003,174,000$ 6,500,000 $ 6,000,000Amount0(468,000)500,000129,500(6,000)00376,500$ 500,0000.00.00.00.0

Name: Need help completing part 1 and 2 with the percentages not already com
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Need help completing part 1 and 2 with the percentages not already completed.. Please provide explanation with formula used. Appreciate your help!! The income statements for Galaxy Tennis for the years ending December 31, 2024 and 2023, are provided

The horizontal analysis is comparing the previous year financial statements with the current year…

Business

Accounting

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 sh 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 $ 6,250,000 Answer is not complete. 2,890,000 3,360,000 1,530,000 1,830,000 64,000 1,894,000 398,000 $ 1,496,000 2023 $ 6,330,000 2,940,000 3,390,000 1,406,000 1,984,000 93,000 2,077,000 439,000 $ 1,638,000 Increase (Decrease) % Amount $ (80,000) (50,000) (30,000) 124,000 (154,000) (29,000) (183,000) (41,000) $ (142,000) (1.3) (1.7) (0.9)

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 sh 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 $ 6,250,000 Answer is not complete. 2,890,000 3,360,000 1,530,000 1,830,000 64,000 1,894,000 398,000 $ 1,496,000 2023 $ 6,330,000 2,940,000 3,390,000 1,406,000 1,984,000 93,000 2,077,000 439,000 $ 1,638,000 Increase (Decrease) % Amount $ (80,000) (50,000) (30,000) 124,000 (154,000) (29,000) (183,000) (41,000) $ (142,000) (1.3) (1.7) (0.9)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 12PB: The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use...

See similar textbooks

Similar questions

The following select account data is taken from the records of Carnival Express 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.
Complete this question by entering your answers in the tabs below. Analysis Analysis Bal Sheet Inc Stmt Prepare a vertical analysis of an income statements for Year 4 and Year 3. (Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45).) Revenues Sales (net) Other revenues Total revenues Expenses Cost of goods sold FANNING COMPANY Vertical Analysis of Income Statements Year 4 Selling, general, and administrative expense Interest expense Income tax expense Total expenses Net income Amount $ 231,900 9,300 241,200 118,800 54,200 6,800 22,800 202,600 $ 38,600 Percentage of Total Analysis Bal Sheet % % Year 3 Amount $ 211,200 6,400 217,600 102,100 49,100 6,000 21,800 179,000 $ Percentage of Total % % 38,600 Analysis Inc Stmt > Show less
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.…
Obtain Target Corporation's annual report for its 2018 fiscal year (year ended February 2, 2019) at http://investors.target.com a. What was Target's gross margin percentage for the fiscal year ended February 2, 2019 (2018) and 2017? Use "Sales" for these computations b. What was Target's Return on Sales percentage for 2018 and 2017? Use "Total Revenue" for these computations. c. Target's return on ales percentage for 2017 was higher than it was in 2018. Ignoring taxes, how much higher would Target's 2018 net income have been if it's return on sales percentage in 2018 had been the same as for 2017?
The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, 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.) GALAXY TENNIS Income Statements For the Years Ended December 31 Increase (Decrease) 2021 2020 Amount % Net sales $6,030,000 $6,170,000 Cost of goods sold 2,810,000 2,900,000 Gross profit 3,220,000 3,270,000 Operating expenses 1,490,000 1,374,000 Operating income 1,730,000 1,896,000 Other income (expense) 56,000 77,000 Income before tax 1,786,000 1,973,000 Income tax expense 382,000 431,000 Net income $1,404,000 $1,542,000
Compute the component percentages for Trixy Magic's Income statement below. (Enter your answers as a percentage rounded to 2 decimal place (i.e. 0.1234 should be entered as 12.34). Enter all answers as positive values.) Net sales Cost of sales Gross margin Expenses Selling, general, and administrative Depreciation Interest-net Total expenses Pre-tax earnings Income tax provision Net earnings TRIXY MAGIC, INC. Consolidated Statements of Earnings (in millions) Fiscal 2018 $ $ 48,236 31,732 16,504 11,093 1,547 294 12,934 3,570 1,328 2,242 % Sales 100.00 % % Fiscal Years Ended on % Sales Fiscal 2017 $ $ 48,284 31,558 16,726 10,534 1,373 201 12,108 4,618 1,719 2,899 100.00 % % Fiscal 2016 % Sales S 46,930 30.741 16,198 ३ 9,746 1,171 156 11,073 5,125 1,910 3.215 100.00 %
Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,242. Ending inventory was $1,594. Note: Input all amounts as positive values. Sales Sales returns and allowances Sales discount Purchases Purchase discounts Depreciation expense Salary expense Insurance expense Utilities expense Plumbing expense Rent expense HANSEN REALTY Income Statement For Year Ended December 31, 2023 Gross profit from sales Operating expenses: $ 34,300 1,086 1,146 10,212 Total operating expenses 534 109 4,900 2,300 204 244 174
For this question, calculate all values to 2 decimal places of £M (e.g. £123.45M) unless otherwise specified, and all ratios to 2 decimal places of percentage (e.g. 9.87%). You are given the following income statements and balance sheets for Freddie M Corporation for fiscal years 2045 and 2046 (all figures are in £ million), Income Statement Balance Sheet Sales Cost of goods sold Gross margin Wage & salaries expense Depreciation expense Earnings before interest and tax Interest expenses Taxes Net income Dividends Change in shareholder's equity Assets: Cash & equivalents Receivables Inventories Current Assets Property, plant & equipment Accumulated depreciation Net property, plant & equip Total Assets 2045 400.00 -200.00 200.00 -50.00 -25.00 125.00 -25.00 -60.00 40.00 -16.00 24.00 2045 2046 480.00 -240.00 240.00 -60.00 -25.00 155.00 -20.00 -70.00 65.00 -26.00 39.00 2046 Liabilities: 30.00 36.00 Payables 60.00 Short-term debt 50.00 50.00 60.00 Long-term debt 130.00 156.00 Total…
6. The following is the adjusted trial balance data for Nino's Pizzenia as of December 31, 2019. NINO'S PIZZERIA Adjusted Trlal Balance Year Ended December 31,2019 Debit Credit S 775,984 45,688 200,460 135,624 Cash Accounts Receivable Buildings Merchandise Inventory Accounts Payable Common Stock Sales Interest Revenue Rent Revenue Sales Salaries Expense office Supplies Expense Sales Discounts Interest Expense Sales Returns and Allowances, Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals $437,880 410,542 555,696 84,652 86,900 24,500 6,270 102,890 4,577 105.854 122,853 20.000 10.555 2,780 17:635 $1,575,670 $1,575,670
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % % % Cost of goods sold -1 -1 -1 Gross profit Selling expenses -1 -1 -1 Administrative expenses -1 -1 -1 Total expenses Income before taxes -1 -1 -1 Income tax expense -1 -1 -1 Net income % % % See picture
The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth) D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.
Use the following income statement of Elliott Game Theory Consulting to determine its net operating profit after taxes (NOPAT). Use 25% as the tax rate. Elliott Game Theory Consulting Income Statement for Year Ending December 31