DREW SALES & SERVICE Comparative Income Statement For the Years Ended June 30, 20x2 and 20X1 Revenue Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Income from Operations before Income Taxes Income Tax Expense Net Income after Income Taxes Using the information shown, prepare a horizontal analysis. Note: Round your final answers to 1 decimal place. DREW SALES & SERVICE Comparative Income Statement (Horizontal analysis) For the Years Ended June 30, 20X2 and 20X1 Account name Revenue Sales Less: Sales returns and allowances Net sales Cost of goods sold Increase or (Decrease) Percent 0 Gross profit Operating expenses Selling expenses General and administrative expenses Total operating expenses 0 Income from operations before income taxes 0 Income tax expense Net income after income taxes 0 20X2 20X1 $ 1,459,000 69,900 1,389,100 $ 1,423,000 65,500 1,357,500 808,000 782,400 581,100 575,100 234,500 228,600 245,500 233,000 480,000 461,600 101,100 113,500 30,330 34,050 $ 70,770 $ 79,450

DREW SALES & SERVICE Comparative Income Statement For the Years Ended June 30, 20x2 and 20X1 Revenue Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Income from Operations before Income Taxes Income Tax Expense Net Income after Income Taxes Using the information shown, prepare a horizontal analysis. Note: Round your final answers to 1 decimal place. DREW SALES & SERVICE Comparative Income Statement (Horizontal analysis) For the Years Ended June 30, 20X2 and 20X1 Account name Revenue Sales Less: Sales returns and allowances Net sales Cost of goods sold Increase or (Decrease) Percent 0 Gross profit Operating expenses Selling expenses General and administrative expenses Total operating expenses 0 Income from operations before income taxes 0 Income tax expense Net income after income taxes 0 20X2 20X1 $ 1,459,000 69,900 1,389,100 $ 1,423,000 65,500 1,357,500 808,000 782,400 581,100 575,100 234,500 228,600 245,500 233,000 480,000 461,600 101,100 113,500 30,330 34,050 $ 70,770 $ 79,450

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
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