Create an Income Statement for both years and conduct a financial analysis. (Unaudited) Income Statement for 2010
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Create an Income Statement for both years and conduct a financial analysis.
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(Unaudited) Income Statement for 2010 Revenue Sandwich sales Drink sales Total Revenue Variable Cost of Sales Material costs-sandwiches Material costs - drinks Direct labour costs Total Variable Costs Contribution Margin Fixed Manufacturing Costs Rent Property taxes Business insurance Utilities Security monitoring Waste management and maintenance Amortization Total Fixed Manufacturing Costs Operating Expenses Office expenses Legal Accounting Management salaries Sales and marketing costs Litigation Total Fixed Operating Expenses Total Fixed Costs Operating Income Income Tax Expense Net Income 2010 $1,819,003 281,686 $2,100,689 $852,404 80,482 55,907 $988,793 $1,111,896 $ 66,000 20,000 25,000 55,000 4,500 26,750 25,000 $222,250 $ 13,650 145,000 15,000 180,000 30,000 500,000 $883,650 $1,105,900 $5,996 1,199 $4,797 (Unaudited) Income Statement for 2010 Revenue Sandwich sales Drink sales Total Revenue Variable Cost of Sales Material costs-sandwiches Material costs - drinks Direct labour costs Total Variable Costs Contribution Margin Fixed Manufacturing Costs Rent Property taxes Business insurance Utilities Security monitoring Waste management and maintenance Amortization Total Fixed Manufacturing Costs Operating Expenses Office expenses Legal Accounting Management salaries Sales and marketing costs Litigation Total Fixed Operating Expenses Total Fixed Costs Operating Income Income Tax Expense Net Income 2010 $1,819,003 281,686 $2,100,689 $852,404 80,482 55,907 $988,793 $1,111,896 $ 66,000 20,000 25,000 55,000 4,500 26,750 25,000 $222,250 $ 13,650 145,000 15,000 180,000 30,000 500,000 $883,650 $1,105,900 $5,996 1,199 $4,797
Expert Answer:
Answer rating: 100% (QA)
To create an Income Statement for 2011 well use the 2010 Income Statement as a base and adjust the fixed costs for 2011 as provided Note that all fixe... View the full answer
Related Book For
Accounting Volume 2
ISBN: 978-0176509743
2nd Canadian edition
Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren
Posted Date:
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