Chrome File Edit View History Bookmarks People Window Help ®8296 Sun 8:30 PM ann

Question

Chrome File Edit View History Bookmarks People Window Help ®8296 Sun 8:30 PM annacercopely E 00 Q Clemson Consumer Bx Q MKT final chp 13-16) Assignmerts: S1708 × > D ch13 Homework Using The Following i × Using The Following I C Not Secure ezto.mheducation.com.hm.tpx a t: Ch13 Homework instructions I help Question 1 (of 10) Save & Exit Submit Time remaining: 3:28:30 velue 1.25 points Using the following income statements, perform the calculations needed for horizontal analyses. (Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Current Previous Dollars Percentage Net Sales Cost of Gcods Sold Gross Profit Selling, General, and Administrative Expenses Income from Operations Interest Expense Income before Income Tax Income Tax Expense Net Income $ 100,000 75,000 25,000 13,000 12,000 4,500 7.500 (750) 8,250 2,475 $ 21,00015,225: S 5,775 58,000 42,000 9,000 33,000 3,000 30,000 9,000 45,000 30,000 4,500 25,500 3,750 21,750 6,525

Explanation / Answer

LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Change in Current Previous Dollars Percentage Net sales 100000 75000 25000 33.33% (25000/75000) Cost of goods sold 58000 45000 13000 28.89% (13000/45000) Gross profit 42000 30000 12000 40.00% (12000/30000) Selling, general and administrative expenses 9000 4500 4500 100.00% (4500/4500) Income from operations 33000 25500 7500 29.41% (7500/25500) Interest expense 3000 3750 -750 -20.00% (-750/3750) Income before income tax 30000 21750 8250 37.93% (8250/21750) Income tax expense 9000 6525 2475 37.93% (2475/6525) Net income 21000 15225 5775 37.93% (5775/15225)\

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.