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- Required information Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 (The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 442,035 $ 338,635 212,324 126, 311 $ 235,000 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes 266, 105 150,400 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 84,600 31,020 46,732 29,800 76,532 49,779 19,505 50,525 34,075 Income tax expense 10, 205 6,917 Net income $ 39,574 $ 27,158 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 55,578 $ 37, 199 $ 49,726 Long-term investments Plant assets, net 900 4,570 56,095 104,820 $ 160,398 95,143 Total assets $ 133, 242 $ 110,391 Liabilities and Equity Current liabilities $ 19,853 $ 23,418 68,000 8,500…Required Information P13-6 (Algo) Computing Comparative Financial Statements and ROA Profit Driver Ratios LO 13-3. 13-4. 13-5 [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax $ 284,000 Year 2 Year 1 $ 178,500 115,500 101,400 88,500 69,100 57,400 53,700 31,100 Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 12%) Common stock ($5 par value, 6,780 shares outstanding) Retained earnings Total liabilities and stockholders' equity P13-6 Part 1 9,400 $ 21,700 $ 5,400 14,700 15,400 4,700 $ 10,700 $ 7,700 18,700 36,800 41,400 47,100 39,400 $ 108,600 $ 102,600 $ 16,700 $ 17,700 45,700 33,500 12,700 $ 108,600 Required: 1. Compute component percentages for…TB Problem Qu. 13-176 (Algo) Common-size percents - Income statement Compute common-size percents for the following comparative Income statements spanning 2 years. Comparative Incore Statements For Year's Ended December 31 Cost of goods sold Gross profit Operating expenses Net Income Cost of goods sold Gross profit Operating expenses Net income Comparative Income Statements For Years Ended December 11 Current Year S 51 1.230,000 799,500 430,500 307 500 percent M Th Prior Year 1.030.000 848.800 113.300 percent
- Required information E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income Statement [LO 6-6] [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 164,000 Income Tax Expense 17,470 Merchandise Sales (gross revenue) for Cash 238,000 Merchandise Sales (gross revenue) on Credit 41,600 Office Expenses 18,900 Sales Returns and Allowances 6,990 Salaries and Wages Expense 39,800 E6-17 Part 2 2-a. What was the amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.)S18-4 Common-size income statement Data for Muller Pty Ltd and Rose Pty Ltd follow: Muller Rose $18 600 $10 600 6 455 3 541 Net sales Cost of sales Other expenses 13 522 4 185 Profit $ 604 $ 893 Requirements 1 Prepare common-size income statements. 2 Which company earns more profit? 3 Which company's profit is a higher percentage of its net sales?Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements. For Years Ended December 31 2021 Sales: Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 2020 $436,580 $ 334,456 262,821 173,759 61,994 39,292 Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets December 31 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 212,045 122,411 46, 155 101,286 72,473 13,480 $ 58,993 $ 37,225 29,432 75,587 46,824 9,599 2021 $ 54,789 0 100, 200 $154,989 $ 22,628 72,000 9,000 51,361 2019 $ 232,100 148,544 83,556 30,637 19,264 49,901 33,655 6,832 $ 26,823 2020 $36,670 900 91,178…
- ↓ #becausesneaker... HW CH 17 v2.cengagenow.com/ilrn/take... Custom Order Vertical Analysis Income statement information for Ivanoff Corporation follows: Sales Cost of goods sold Gross profit Sales Cost of goods sold Gross profit $428,000 154,080 273,920 Prepare a vertical analysis of the income statement for Ivanoff Corporation. If required, round percentage answers to the nearest whole number. Ivanoff Corporation Vertical Analysis of the Income Statement Amount Percentage $428,000 154,080 $273,920 % % 11 % +Required information E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income Statement [LO 6-6] [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 175,000 Income Tax Expense 20,700 Merchandise Sales (gross revenue) for Cash 260,000 Merchandise Sales (gross revenue) on Credit 46,000 Office Expenses 20,000 Sales Returns and Allowances 7,650 Salaries and Wages Expense 44,200 E6-17 Part 1 Required: Prepare a multistep income statement.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
- Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000 $610,000 Cost of goods sold 434,620 347,700 Selling expenses 105,150 103,700 Administrative expenses 119,170 122,000 Income tax expense 21,030 12,200 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent $fill in the blank 6de34503cfdf061_2 fill in the blank 6de34503cfdf061_3% $fill in the blank 6de34503cfdf061_4 fill in the blank 6de34503cfdf061_5% fill in the blank 6de34503cfdf061_7 fill in the blank 6de34503cfdf061_8% fill in the blank 6de34503cfdf061_9 fill in the blank 6de34503cfdf061_10% Gross profit $fill in the blank…a. Prepare a common-sized income statement comparing the results of operations for Dawg Electronics Company with the industry average. If required, round percentages to one decimal place. Dawg Electronics Company Common-Sized Income Statement Dawg Electronics Dawg Electronics Electronics Industry Company Amount Company Percent Average Sales $3,750,000 100.0 % 100.0% Cost of goods sold (2,062,500) 550.0 % (61.0)% Gross profit $1,687,500 45.0 % 39.0% Selling expenses $(1,125,000) 0.3 % (23.0)% Administrative expenses (262,500) 0.7 % (10.0)% Total operating expenses $(1,387,500) 37.0 % (33.0)% Operating income $300,000 8.0 % 6.0% Other revenue and expense: Other revenue 15,000 0.4 % 3.0% Other expense (3,750) 0.1 % (1.0)% Income before income tax $311,250 8.3 % 8.0% Income tax expense (93,750) 25 % (2.5)% Net income $217,500 5.8 % 5.5%Exercise 17-5 (Algo) Determining income effects from common-size and trend percents LO P1, P2 Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow. Common-Size Percents 1 Year Ago 100.0% 61.2 13.8 Sales Cost of goods sold Operating expenses Current Year 100.0% 63.4 14.3 Change in Net Income Net Income Trend Percents 1 Year Ago 103.4% 109.5 101.2 2 Years Current Ago Year 100.0% 104.6% 57.8 114.7 14.1 106.2 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period? Complete this question by entering your answers in the tabs below. Did the net income increase, decrease, or remain unchanged in this three-year period? Did the net income increase, decrease, or remain unchanged in this three-year period?