Cornerstones of Financial Accounting
4th Edition
ISBN: 9781337690881
Author: Jay Rich, Jeff Jones
Publisher: Cengage Learning
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- Comparative Income Statement Use the following comparative income statement form to enter amounts you identify from the computations on the Liquidity and Solvency Measures part and on the Profitability Measures part. Compute any missing amounts and complete the horizontal analysis columns. Enter percentages as decimal amounts, rounded to one decimal place. When rounding, look only at the figure to the right of one decimal place. If 5, round up. For example, for 32.048% enter 32.0%. For 32.058% enter 32.1%. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other expense (interest) Income before income tax expense Income tax expense Net income Comparative Income Statement For the Years Ended December 31, 20Y6 and 20Y5 $ 20Y6 8,250,000 X (1,242,000) 20Y5 $7,287,000 (3,444,000) $3,843,000 $(1,457,600) (1,106,000) $(2,563,600) $1,279,400 (120,600) $1,158,800 (181,980) $976,820 $ $ $ Increase/(Decrease) Amount 823,000 X…arrow_forwardExpress the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Reason for Income Decline in Net Statement Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales $ 760,000 100.0 $ 670,000 Cost of goods sold 565,400 291,000 Gross profit 194,600 379,000 Operating expenses 130,400 227,600 Net income $ 64,200 $ 151,400arrow_forwardExpress the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Reason for Income Decline in Net Statement Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales 2$ 750,000 $ 690,000 Cost of goods sold 560,000 288,800 Gross profit 190,000 401,200 Operating expenses 129,200 219,200 Net income $ 60,800 $ 182,000 Income Statement Reason for Decline in Net Income >arrow_forward
- Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales $ 725,000 100.0 $ 665,000 Cost of goods sold 562,700 1.0 291,000 Gross profit 162,300 0.4 374,000 Operating expenses 129,200 268,400 Net income 33,100 $ 105,600 Income Statement Reason for Decline in Net Income >arrow_forwardExpress the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Reason for Decline in Net Income Statement Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales $ 795,000 $ 665,000 Cost of goods sold 568,100 288,800 Gross profit 226,900 376,200 Operating expenses 129,200 234,800 Net income $ 97,700 $ 141,400 < Income Statement Reason for Decline in Net Incomearrow_forwardFork Saved Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales $ 775,000 $ 635,000 Cost of goods sold 570,800 284,400 Gross profit 204,200 350,600 Operating expenses 129,200 248,000 Net income $ 75,000 $ 102,600arrow_forward
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- Express the following comparative income statements in common-size percents.Using the common-size percentages, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year $ % $ % Sales $740,000 100.0 $625,000 100.0 Cost of goods sold 560,300 290,800 Gross profit 179,700 334,200 Operating expenses 128,200 218,500 Net income $51,500 $115,700 Using the common-size percentages, which item is most responsible for the decline in net income? Using the common-size percentages, which item is most…arrow_forward1. Do the current Ration part 2. Please do a common-size comparative income statements for years Ended December 31,2022, 2019, and 2018 3. Do a balance sheet data in Trend Percents for December 31,2020, 2019, and 2018 Thank youarrow_forwardAnswer all questions. View the screenshot.arrow_forward
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