Using the comparative income statement, prepare a horizontal analysis of all items on the income statement for
Question:
Transcribed Image Text:
Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019 1635750 9 6750 1539000 106 6 300 4 72700 2 15000 2 10000 Sales Less Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit on Sales Selling Expenses General Expenses Total Expenses 150095o 82950 14 18000 992600 | 4 25400 205000 190000 395000 30400 45 60 425000 4 7700 7 155 4 0545 Net Income before Income Taxes Income Tax Expense Net Income after Income Taxes 25840
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (9 reviews)
2019 2018 Change Percent Sales 1635750 1500950 134800 90 Less Sales Returns and Allowances 96750 82...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina
Question Posted:
Students also viewed these Business questions
-
Prepare a horizontal analysis of all items on the comparative balance sheet for the years shown. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019...
-
Prepare a horizontal analysis of all items on the comparative balance sheet for the years 2016 and 2015. Austin, Ind Comparative Income Statement Years Ended December 31, 2016 and 2015 Amounts 2016...
-
Prepare a horizontal analysis of the following comparative income statement of Mariner Designs. Why did net income increase by a higher percentage than net sales revenue during2014? Mariner Designs...
-
You require inventory and accounts receivable collateral for all C&I loans. You have a guideline of an advance rate of 70% for customer receivables of less than 60 days of age. Older receivables get...
-
What are the differences among valid, void, voidable, and unenforceable contracts?
-
Solve Prob. 8-63 using Castigliano's theorem. Data From Problem 8.63 2 L 'B- L A
-
Refer to Exercise 5. a. Is the multiple regression equation useful for prediction? Explain. Use the = 0.05 level. b. Is the multiple regression equation useful for prediction? Explain. Use the =...
-
CircuitTown commenced a gift card program in January 2013 and sold $10,000 of gift cards in January, $15,000 in February, and $16,000 in March of 2013 before discontinuing further gift card sales....
-
On December 3 1 , 2 0 2 5 , Ford issues $ 5 , 0 0 0 , 0 0 0 face value, 5 % , 5 - year bonds. Interest is paid semiannually each June 3 0 & December 3 1 . The bonds sell at a price of 9 6 ; Sunset...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Prepare a vertical analysis of all asset items on the comparative balance sheet for these years. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019...
-
Calculate the rate of net income on sales for these two years. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019 1635750 9 6750 1539000 106 6 300 4...
-
Does the move \(L^{-1} R^{-1}\) reverse the move \(L R\) ? Would it also reverse the move \(R L\) ? Why or why not?
-
The preferred stock of the Luxemburg Mining Corporation pays a $3.25 dividend. What is the value of the stock if your required rate of return is 8 percent?
-
Using a data flow diagram, capture the data and functional requirements for monitoring the entry, exit, and traversal of aircraft in a busy airspace. Aircraft entering the space are sensed by the...
-
What is the sample proportion of the ROAs of the 37 companies that are negative in 2011? Please use the sample means and variances of the above six financial variables in 2011 as an estimate of the...
-
An economic variable is persistent if declines in the variable tend to be followed by more declines, and increases by more increases. This question asks you to study the persistence of the civilian...
-
Kubotathe Japanese manufacturer of tractors and small earthmoving equipmentis considering building an assembly plant in Da Nang (Vietnam). The initial investment would amount to dong (VND) 200...
-
Construct a probability model for the experiment. Tossing a fair coin, a fair die, and then a fair coin
-
(a) How far away can a human eye distinguish two ear headlights 2.0 m apart? Consider only diffraction effects and assume an eye pupil diameter of 5.0 mm and a wavelength of 550 nm. (b) What is the...
-
In preparing the standard cost for each unit of Q245, the company's only product, the accountant for Commerce Chemicals Corporation, has developed the following data for the year 2016: Total budgeted...
-
Calculate the total variance between the actual cost and the standard cost for the month. The standard cost card for a unit of product at the Cleaner Corp. shows the following standard cost...
-
Calculate the quantity variance for materials for the month. The standard cost card for a unit of product at the Cleaner Corp. shows the following standard cost information: Materials: 2 gallons at...
-
The normal freezing point of ethanol (CH3CH2OH) is -117.30 C and its Kfp value is 1.99 C/m. A nonvolatile, nonelectrolyte that dissolves in ethanol is testosterone . How many grams of testosterone,...
-
Farmhill Ltd . had 1 , 5 6 5 , 3 0 0 common shares outstanding on 1 January 2 0 X 6 , the beginning of its 2 0 X 6 fiscal year. During the year, on 1 May, the company issued 5 0 9 , 0 0 0 preferred...
-
Be sure to answer all parts. Balance the following equations and write the corresponding ionic and net ionic equations (if appropriate). Include phase abbreviations: Part 1 out of 2 (a) Provide the...
Study smarter with the SolutionInn App