For 20Y2, McDade Company reported a decline in net income. At the end of the year, T. Burrows, the president, is presented with the following condensed comparative income statement: McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1   20Y2 20Y1 Sales $ 16,800,000 $ 15,000,000 Cost of goods sold (11,500,000) (10,000,000) Gross profit $ 5,300,000 $ 5,000,000 Selling expenses $ (1,770,000) $ (1,500,000) Administrative expenses (1,220,000) (1,000,000) Total operating expenses $ (2,990,000) $ (2,500,000) Operating income $ 2,310,000 $ 2,500,000 Other revenue 256,950 225,000 Income before income tax expense $ 2,566,950 $ 2,725,000 Income tax expense (1,413,000) (1,500,000) Net income $ 1,153,950 $ 1,225,000 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place. For those boxes in which you must enter subtracted or negative numbers use a minus sign. McDade Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1       Increase/(Decrease)     20Y2 20Y1 Amount Percent Sales $fill in the blank 13c617f4b05a06d_1 $fill in the blank 13c617f4b05a06d_2 $fill in the blank 13c617f4b05a06d_3 fill in the blank 13c617f4b05a06d_4% Cost of goods sold fill in the blank 13c617f4b05a06d_5 fill in the blank 13c617f4b05a06d_6 fill in the blank 13c617f4b05a06d_7 fill in the blank 13c617f4b05a06d_8% Gross profit $fill in the blank 13c617f4b05a06d_9 $fill in the blank 13c617f4b05a06d_10 $fill in the blank 13c617f4b05a06d_11 fill in the blank 13c617f4b05a06d_12% Selling expenses $fill in the blank 13c617f4b05a06d_13 $fill in the blank 13c617f4b05a06d_14 $fill in the blank 13c617f4b05a06d_15 fill in the blank 13c617f4b05a06d_16% Administrative expenses fill in the blank 13c617f4b05a06d_17 fill in the blank 13c617f4b05a06d_18 fill in the blank 13c617f4b05a06d_19 fill in the blank 13c617f4b05a06d_20% Total operating expenses $fill in the blank 13c617f4b05a06d_21 $fill in the blank 13c617f4b05a06d_22 $fill in the blank 13c617f4b05a06d_23 fill in the blank 13c617f4b05a06d_24% Operating income $fill in the blank 13c617f4b05a06d_25 $fill in the blank 13c617f4b05a06d_26 $fill in the blank 13c617f4b05a06d_27 fill in the blank 13c617f4b05a06d_28% Other revenue fill in the blank 13c617f4b05a06d_29 fill in the blank 13c617f4b05a06d_30 fill in the blank 13c617f4b05a06d_31 fill in the blank 13c617f4b05a06d_32 Income before income tax expense $fill in the blank 13c617f4b05a06d_33 $fill in the blank 13c617f4b05a06d_34 $fill in the blank 13c617f4b05a06d_35 fill in the blank 13c617f4b05a06d_36% Income tax expense fill in the blank 13c617f4b05a06d_37 fill in the blank 13c617f4b05a06d_38 fill in the blank 13c617f4b05a06d_39 fill in the blank 13c617f4b05a06d_40% Net income $fill in the blank 13c617f4b05a06d_41 $fill in the blank 13c617f4b05a06d_42 $fill in the blank 13c617f4b05a06d_43 fill in the blank 13c617f4b05a06d_44% 2. To the extent the data permit, comment on the significant relationships revealed by the horizontal analysis prepared in (1). Net income has declined  from 20Y1 to 20Y2. Sales have increased ; however, the cost of goods sold has increased , causing the gross profit to increase at a slower  pace than sales. In addition, total operating expenses have increased  at a faster rate than sales. Increases  in costs and expenses that are higher than the increase in sales have caused the net income to decline .

Hi expart give correct answer

The balance sheet of ATLF, Inc. reports total assets of $950,000 and $1,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $100,000 and $800,000, respectively. What is ATLF's profit margin?   Select one: a. 8% b. 15% c. 10% d. 80% e. 12.5%

Vertical Analysis of Income Statement For 20Y2, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, the president, is presented with the following condensed comparative income statement: Fielder Industries Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y1   20Y2   20Y1 Sales $1,300,000    $1,180,000  Cost of goods sold (682,500)   (613,600) Gross profit $617,500    $566,400  Selling expenses $(260,000)   $(188,800) Administrative expenses (169,000)   (177,000) Total operating expenses $(429,000)   $(365,800) Operating income $188,500    $200,600  Other revenue 78,000    70,800  Income before income tax expense $266,500    $271,400  Income tax expense (117,000)   (106,200) Net income $149,500    $165,200  Required: Question Content Area 1.  Prepare a comparative income statement for the two-year period,…

Vertical Analysis of Income StatementFor 20Y2, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of theyear, Leif Grando, the president, is presented with the following condensed comparative income statement:3. PR.14-05BFielder Industries Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y120Y2 20Y1Sales $1,300,000 $1,180,000Cost of goods sold 682,500 613,600Gross profit $617,500 $566,400Selling expenses $260,000 $188,800Administrative expenses 169,000 177,000Total operating expenses $429,000 $365,800Income from operations $188,500 $200,600Other income 78,000 70,800Income before income tax $266,500 $271,400Income tax expense 117,000 106,200Net income $149,500 $165,200Required:1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round toone decimal place. Enter all amounts…

Long-Term Solvency Ratios Summary data from year-end financial statements of Palm Springs Company for the current year follow. Summary Income Statement Data Sales $10, 500, 600 Cost of goods sold 6, 050,000 Selling expenses 685,000 Administrative expenses 945,000 Interest expense 783, 500 Income tax expense 427,791 8,891,291 Net income $1,609,309 Summary Balance Sheet Data Cash $84, 700 Total liabilities $749,700 Noncash assets 885,500 Stockholders' equity 220, 500 Total assets $970, 200 Total liabilities and equity $970, 200 Round answers to one decimal place. a. Compute the ratio of times - interest - earned. Answer times b. Compute the debt-to-equity ratio. Answer

Ratios Analyzing Firm ProfitabilityThe following information is available for Buhler Company: Annual Data Current Year Previous Year Net sales $8,800,000 $8,200,000 Gross profit on sales 3,053,000 2,736,000 Net income 567,600 488,000     Dec. 31, Dec. 31, Year-End Data Current Year Previous Year Total assets $6,700,000 $6,300,000 Stockholders' equity 3,800,000 3,200,000 Calculate the following ratios for the current year:  Note: Round answers to one decimal place, unless otherwise noted. a. Gross profit percentageAnswer%b. Return on salesAnswer%c. Asset turnover (Round answer to two decimal places.)Answerd. Return on assetsAnswer%e. Return on common stockholders' equity (Buhler Company has no preferred stock.)Answer% PreviousSave AnswersNext

Comparative Income Statements Consider the following income statement data from the Ross Company: Current Year Previous Year $525,000 $451,000 336,000 280,000 105,000 100,000 60,000 55,000 7,800 6,400 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. Note: Round "Percent Change" answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANY Comparative Income Statements Sales Revenue Cost of Goods Sold Selling Expenses Administrative Expenses Total Income before Income Taxes Increase Current Year Previous Year (Decrease) $ $ $ $ $ $ Percent Change % % % % % % % % %