Oak Nursery Companys single-step income statements for 2011 and 2010 follow. Required 1. From the information provided,
Question:
Required
1. From the information provided, prepare multistep income statements for 2010 and 2011 showing percentages of net sales for each component.
2. Did income from operations increase or decrease from 2010 to 2011? Write a short explanation of why this changeoccurred.
Transcribed Image Text:
Oak Nursery Company Income Statements For the Years Ended Aprll 30, 2011 and 2010 2011 2010 Revenues Net sales Interest income Total revenues $525,932 1,800 527,732 $475,264 850 476,114 Costs and expenses Cost of goods sold Selling expenses General and administrative expenses Interest expense $234,948 161,692 62,866 3,600 $463,106 64,626 $171,850 150,700 42,086 1,700 366,336 Total costs and expenses Net income 109,778
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
1 Multistep income statements prepared Oak Nursery Company Income Statements For the Years Ended Apr...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Accounting questions
-
Elm Nursery Corporation's single-step income statements for 2011 and 2010 follow. Elm Nursery Corporation had 20,000 shares of common stock outstanding during both 2011 and 2010. REQUIRED 1. From the...
-
The following information was in the annual report of Rover Company: Required a. Based on these data, compute the following for 2011, 2010, and 2009: 1. Percentage of earnings retained 2....
-
From the information provided in the chapter example, identify how Western Digital Thailand used both the prevention and the preparation stages of crisis planning.
-
To eliminate service inconsistencies, companies rely on ___________ and ___________.
-
Explain Congress's rationale for depreciation recapture.
-
In certain states, savings banks are permitted to sell life insurance. The approval process consists of underwriting, which includes a review of the application, a medical information bureau check,...
-
Honda Civic Crash Test In Data Set 13 of Appendix B, the measured chest deceleration of a Honda Civic in a crash test is 39 g, where g is a force of gravity. Determine whether the given values are...
-
On January 1, 2014, LeMay-Finn, Co., signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on December 31 of $40,000 principal plus interest. Requirements 1. Journalize...
-
For me, x's are Cenova Italy and t's are erzurum palandoken QUESTION The construction of the TC Eti University campus in TTTTTT founded by Eti Foundation is about to be finished. All of the...
-
Netflix sent out a survey to a random sample of their customers. The following table contains some of the data they collected. Use this table to answer the following questions. Last Name Age Number...
-
In each case below, accounting conventions may have been violated. 1. Rhondas Manufacturing Company uses the cost method for computing the balance sheet amount of inventory unless the market value of...
-
The following information is from the June 30, 2011, post-closing trial balance of Mike's Hardware Company. Required 1. From the information provided, prepare a classified balance sheet for Mike's...
-
Assume that Yvonne Dauphin, accounts payable clerk for Bedell Inc., stole $73,250 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the names of the...
-
The taxpayer may have to file a Form 1099-MISC if he or she sold what amount or more of consumer products to a person on a buy-sell, deposit-commission, or other similar basis for resale?
-
Bill invests $50,000 in an oil partnership. He has taxable income (loss) and investments (withdrawals) as follow: Year 1: Income $10,000, withdrawal ($5,000) Year 2: Loss ($3,000) investment $4,000...
-
Sheila sold her house. Her amount realized after selling expenses was $385,000. At the time of the sale, the adjusted basis for the house was $300,000. If all of other conditions are met, what is the...
-
DM used $45,000 - Direct Labor $30,000 - Fixed factory Overhead $42,000 - google - Fixed Selling and Administrative expenses $8,000 - Variable Factory Overhead $28,000 - Variable Selling and...
-
Carl, a single filer, has $145,000 in self-employment income and $130,000 in wages. Carl's employer did not withhold Additional Medicare Tax. Therefore, Carl is liable to pay Additional Medicare Tax...
-
For WEP, data integrity and data confidentiality are achieved using the RC4 stream encryption algorithm. The transmitter of an MPDU performs the following steps, referred to as encapsulation: 1. The...
-
The swap spread is the difference between the swap rate and the equivalent-maturity Treasury bond yield. Explain why a widening swap spread may be a signal of deteriorating economic conditions. Plot...
-
For calculating adjusted EPS which out of the following is used as numerator? (a) Equity earning as at the beginning of the year (b) Equity earning as at the end of the year (c) Equity earning with...
-
The stockholders equity section of Plaka Corporations balance sheet follows. Assuming one years dividend in arrears, determine the book value per share for both the preferred and the common stock....
-
In 2014, Konstan Corporation earned $4.40 per share and paid a dividend of $2.00 per share. At year-end, the price of its stock was $66 per share. Calculate the dividend yield and the price/earnings...
-
On March 1, 2014, Kissell Corporation began operations with a charter from the state that authorized 100,000 shares of $4 par value common stock. Over the next quarter, the company engaged in the...
-
What are the uses of recombinant DNA pharmaceuticals?
-
on Project Risk Management, and describe how each of the 6 elements of project and portfolio risk management work together. In addition, do you see a need for a seventh element? Briefly explain why....
-
Distinguish between a small business and an entrepreneurial venture. If you were to start your own business, which would you wish it to be? Why? Discussion Requirements: Initial response is due by...
Study smarter with the SolutionInn App