Prepare a multiple-step income statement for ABC Company from the following date:
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Prepare a multiple-step income statement for ABC Company from the following date:
Cost of goods sold $450
Interest expense 30
Depreciation expense 120
net sales 990
Interest income 80
Income tax expense 70
Advertising expense 100
General and administrative expenses 150
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- Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for Cuneo Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 3. Prepare a common-size income statement for Year 3 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for Sundahl Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)Jasmine Company provided the following income statements for its first 3 years of operation: Refer to the information for Jasmine Company above. Required: Prepare common-size income statements by using net sales as the base. (Note: Round answers to the nearest whole percentage.)
- Scherer Company provided the following income statements for its first 3 years of operation: Refer to the information for Scherer Company on the previous page. Required: Prepare common-size income statements by using net sales as the base. (Note: Round answers to the nearest whole percentage.)The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.Horizontal Analysis of the Income Statement Income statement data for Boone Company for the years ended December 31, 20Y5 and 20Y4, are as follows: Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expenses Net income 20Y5 $748,200 (622,300) $125,900 $(36,890) (33,020) $(69,910) $55,990 (22,400) $33,590 20Y4 Boone Company $580,000 (490,000) $90,000 $(31,000) (26,000) $(57,000) $33,000 (13,200) $19,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 20Y5 when compared with 20Y4. Round percentage answers to one decimal place.
- Assume the following sales data for a company: Line Item Description Amount Current year $883,993 Preceding year 542,076 What is the percentage increase in sales from the preceding year to the current year? a. 63.08% b. 61.32% c. 163.08% d. 38.68%Cochran corporation, Inc. has the following income statement: Cochran corporation, Inc. Income statement For the year ended December 31, 2021 net sales $240 Cost of goods sold $150 gross profit $90 Operating expenses $65 Net income $25 Using vertical analysis, what percentage is assigned to operating expenses? a. 27,1% b. 43.3% c. 72.2% d. 260.0%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%
- Assume a company's Income Statement for Year 9 is as follows: Year 9 (in 000s) Income Statement Data Total Revenues Cost of Goods Sold Delivery Costs Marketing Costs Administrative Expenses Operating Profit (Loss) Other Income (Expense) Interest Income (Expense) Pre-tax Profit (Loss) Income Taxes Net Profit (Loss) $ 650,000 380,000 45,000 53,000 11,000 161,000 -2,600 -10,800 147,600 44,280 $ 103,320 Based on the above income statement data, the company's interest coverage ratio and its operating profit margin are 14.91 and 24.8%. 17.22 and 24.6%. 19.29 and 21.4%. 16.71 and 23.3%. 13.67 and 15.9%.Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales $500,000 $440,000 Cost of goods sold 325,000 242,000 Selling expense 70,000 79,200 Administrative expenses 75,000 70,400 Income tax expense 10,500 16,400 Required: Question Content Area a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc.Comparative Income StatementFor the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent $- Select - - Select -% $- Select - - Select -% - Select - - Select -% - Select - - Select -% $- Select - - Select -% $- Select - - Select -% - Select - - Select -% - Select - - Select -% - Select - - Select -% - Select - - Select -% Total expenses $fill in the blank 3bd7f90c1fc4f97_26 fill in…What is the amount of Income from Operations that a company should report on its current year multiple-step income statement based on the following data? Cost of goods sold PHP 250,000 Net sales PHP 600,000 Income taxes expense PHP 50,000 Selling, general & Interest expense PHP 25,000 Administrative expenses PHP 150,000
