For 2012, Macklin Inc. reported a significant decrease in net income. At the end of the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
For 2012, Macklin Inc. reported a significant decrease in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue Income before income tax expense Income tax expense Net income Required: 20Y2 20Y1 $510,284 $446,000 (364,000) (280,000) $146,284 $166,000 $(52,250) $(38,000) (30,480) (24,000) $(82,730) $(62,000) $63,554 $104,000 2,392 1,900 $65,946 $105,900 (18,500) $47,446 (31,800) $74,100 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Use the minus sign to indicate a decrease in the "Increase/(Decrease)" columns. If required, round percentages to one decimal place. For 2012, Macklin Inc. reported a significant decrease in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other revenue Income before income tax expense Income tax expense Net income Required: 20Y2 20Y1 $510,284 $446,000 (364,000) (280,000) $146,284 $166,000 $(52,250) $(38,000) (30,480) (24,000) $(82,730) $(62,000) $63,554 $104,000 2,392 1,900 $65,946 $105,900 (18,500) $47,446 (31,800) $74,100 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Use the minus sign to indicate a decrease in the "Increase/(Decrease)" columns. If required, round percentages to one decimal place.
Expert Answer:
Answer rating: 100% (QA)
Macklin Inc Comparative Income Statement with Horizontal Analysis For the Years Ended December 31 ... View the full answer
Posted Date:
Students also viewed these accounting questions
-
This assignment requires you to complete the 2022 tax reporting for a fictional woman named Anna Smith. Question 1 T1 - step 4 - line 66 This is Anna's taxable income Answer: Question 2 T1 - step...
-
Simplify: x 5/4 y 1/6 1/4 x1/8yx1 Entry Tip: put the numerator and denominator in parenthesis. Also put the exponents in 1 a 2 parenthesis. To type type (a)^(1/2)/(b^(2/3)). Be sure to use the...
-
Inferring Investing and Financing Transactions and Preparing a Balance Sheet During its first week of operations ending January 7, 2011, FastTrack Sports Inc. completed six transactions with the...
-
The Lake Tahow Ski Resort is comparing a half dozen capital improvement projects. It has allocated $1 million for capital budgeting purposes. The following proposals and associated profitability...
-
A dive bomber has a velocity of 280 m/s at an angle below the horizontal. When the altitude of the aircraft is 2.15 km, it releases a bomb, which subsequently hits a target on the ground. The...
-
During 2005 , Liberty's days' sales in receivables ratio was a. 39 day's b. 37 day's c. 35 day's d. 30 days
-
Plastic Products, LLC, manufactures plastic beverage bottles. The division that manufactures water bottles for the North American market has two plants that operate 24 hours a day, 365 days a year....
-
Based on "The founder" movie, describe Ray Croc's personality and the traits of successful leader. Second question, "speed is the name of game" , describe this notion and explain how this was...
-
Brooks Clinic is considering investing in a new heart monitoring equipment . It has two Options A which is a lower initial investment but would be a significant expenditure for rebuilding after 4...
-
What is \(K\)-factor? Illustrate the importance of \(K\)-factor.
-
Discuss the methods involved in checking the thermodynamic consistency of the vapour-liquid equilibrium data of a binary system.
-
How does the Gibbs-Duhem equation play a significant role for the thermodynamic consistency of VLE data?
-
Edwina bought a chargeable asset in August 2012 for 240,000, paying acquisition costs of 12,000. In June 2019 she sold a one-quarter interest in the asset for 100,000 and incurred disposal costs of...
-
David was given a chargeable asset in November 2017 at which time the asset had a market value of 7,500. He sold the asset in January 2024. Compute the chargeable gain or the allowable loss if his...
-
Research a U.S.-based company that manufactures technology products. Recommend one (1) approach that your selected company can take in order to lower the direct labor costs of technology products...
-
Find the work done in pumping all the oil (density S = 50 pounds per cubic foot) over the edge of a cylindrical tank that stands on one of its bases. Assume that the radius of the base is 4 feet, the...
-
The W14 \(\times 26\) structural A-36 steel member is used as a column that is assumed to be fixed at its top and pinned at its bottom. If the 15-kip load is applied at an eccentric distance of 10...
-
The W14 \(\times 26\) structural A-36 steel member is used as a 20 -ft-long column that is assumed to be fixed at its top and fixed at its bottom. If the 15-kip load is applied at an eccentric...
-
Determine the maximum eccentric load \(P\) the 2014-T6aluminum-alloy strut can support without causing it either to buckle or yield. The ends of the strut are pin connected. a $150 mm 150 mm 100 mm...
Study smarter with the SolutionInn App