Income statement data for Boone Company for the years ended December 31, 2012 and 2011, are as
Question:
Income statement data for Boone Company for the years ended December 31, 2012 and 2011, are as follows:
a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 2012 when compared with 2011. Round to one decimal place.b. What conclusions can be drawn from the horizontalanalysis?
Transcribed Image Text:
2012 2011 Sales $446,400 $360,000 Cost of goods sald Gross profit Selling expenses Administrative expenses 387,450 315,000 $ 58,950 $ 27,900 21,960 $ 49,860 $ 9,090 5,400 $ 3,690 $ 45,000 $ 22,500 18,000 Total operating expenses $ 40,500 $ 4,500 Income before income tax Income tax expenses 2,700 $ 1,800 Net income
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 70% (10 reviews)
a BOONE COMPANY Comparative Income Statement For the Years Ended December 31 2012 and 2011 2012 2011 ...View the full answer
Answered By
Fahmin Arakkal
Tutoring and Contributing expert question and answers to teachers and students.
Primarily oversees the Heat and Mass Transfer contents presented on websites and blogs.
Responsible for Creating, Editing, Updating all contents related Chemical Engineering in
latex language
4.40+
8+ Reviews
22+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Managerial Accounting questions
-
What conclusions can be drawn from a feasibility analysis?
-
Based on the information below, what is the answer to this give me a process. Answer Section Liquidity ratios: Acid-test (quick) ratio FORMULA1 Current ratio FORMULA2 Activity ratios: Accounts...
-
Income statement data for Grendel Images Company for the years ended December 31, 2010 and 2009, are as follows: a. Prepare a comparative income statement with horizontal analysis, indicating the...
-
Pls Show the answers and explanation 5. AJD Company had a production run of 8,000 pairs of jeans during the last week of June, with the following unit costs: Final inspection revealed that 600 pairs,...
-
Mila Company discovers in 2017 that its ending inventory at December 31, 2016, was overstated by $5,000. What effect will this error have on (a) 2016 profit, (b) 2017 profit, and (c) The combined...
-
It has become fashionable to show tables of the market valuations of supposed legacy companies like Marriott International (referred to here as pipeline businesses) and compare them to their...
-
Miles per hour at which a car is traveling Classify the variable as qualitative or quantitative.
-
The following activities occur at Greenwich Corporation, a company that manufactures a variety of products. a. Receive raw materials from suppliers. b. Manage parts inventories. c. Do rough milling...
-
1. Describe how the close-up image below of an alpine meadow represents a community 2. The figure below shows the components of a simple food chain. Use it to answer questions a. Identify the...
-
The separation of isopentane from n-pentane by distillation is difficult (approximately 100 trays are required), but is commonly practiced in industry. Using the extended Antoine vapor pressure...
-
Balance sheet data for Bryant company on December 31, the end of the fiscal year, are shown below. Prepare a comparative balance sheet for 2012 and 2011, stating each asset as a percent of total...
-
The following data were taken from the balance sheet of Beatty Company: a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal...
-
What is the connection between financial crowding out and resource crowding out?
-
A network admin is configuring a VPN server for a secure connection between the headquarters and a branch office. Which configuration option should be checked in the Routing and Remote Access Server...
-
Explain the traits that would characterize a servant leader and discuss the strengths and weaknesses of the servant leadership style on employees and organizations, as a whole. Be sure to support...
-
Suppose you bought a bond from Apple Inc. for $100 in 2009, in 2019 you sold it at $400. 100% inflation and your capital gain is taxed at a rate of 40%. 1). What is the pre-tax return? 2). What is...
-
In a forward propagation mechanism for a neural network with 2 input nodes, 1 hidden layer with 2 nodes, and 2 output values and a logistic activation function, we have the following input data: x1 =...
-
Explain what the wholesale price is. Why must manufacturers make sure that their initial costs are accurate?
-
Suppose the marginal revenue product of all workers in a particular labor market is MRP L = 20 - L, where L = the number of workers. Suppose women are receiving $8 per hour and 10 women are hired....
-
A manufacturer can sell product 1 at a profit of $20 per unit and product 2 at a profit of $40 per unit. Three units of raw material are needed to manufacture one unit of product 1, and six units of...
-
Random number tables are ineffective and should not be used when selecting random samples from a population. (True/False)
-
On-line Learning Corporation obtained a charter at the start of 2011 that authorized 52,000 shares of nopar common stock and 23,000 shares of preferred stock, par value $10. The corporation was...
-
The stockholders equity section on the December 31, 2011, balance sheet of American Corporation follows: Stockholders Equity ___________________________________________________________ Contributed...
-
Procter & Gamble is a $77 billion company that sells products that are part of most of our daily lives, including Mr. Clean, Cheer, Crest, Vicks, Scope, Pringles, Folgers, Vidal Sassoon, Zest, and...
-
ONAL BONUS: Review questions 8 & 9 again. How long would it take you to pay off your debt, and how much total est would you pay, if you had used the cash advance option instead of charging the laptop?
-
Why do channels using marketing intermediaries for distribution?
-
Costs of Quality Amount (AUD) Repair of customer returns/ warranty 3,800 Material review and corrective action costs (including disposition costs) 7,000 Rework due to design changes 2,400 Vendor...
Study smarter with the SolutionInn App