Sigma Companys single-step income statements for 2014 and 2013 follow. Required 1. Prepare multistep income statements for
Question:
Required
1. Prepare multistep income statements for 2013 and 2014 showing percentages of net sales for each component (e.g., cost of goods sold divided by net sales). (Round percentages to one decimal place.)
2. Did income from operations increase or decrease from 2013 to 2014? Write a short explanation of why this changeoccurred.
Transcribed Image Text:
Sigma Company Income Statements For the Years Ended April 30, 2014 and 2013 2014 2013 Revenues: Net sales Interest income Total revenues $1,051,864 3,600 $1,055,464 $950,528 1,700 $952,228 Costs and expenses: Cost of goods sold Selling expenses General and administrative expenses Interest expense Total costs and expenses 469,896 323,384 125,732 7,200 $926,212 129,252 $343,700 301,400 84,172 3,400 $732,672 $219,556 Net income
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 52% (17 reviews)
1 Sigma Company Income Statements For the Years Ended April 30 2014 and 2013 2014 2013 Net sales 105...View the full answer
Answered By
Joseph Mwaura
I have been teaching college students in various subjects for 9 years now. Besides, I have been tutoring online with several tutoring companies from 2010 to date. The 9 years of experience as a tutor has enabled me to develop multiple tutoring skills and see thousands of students excel in their education and in life after school which gives me much pleasure. I have assisted students in essay writing and in doing academic research and this has helped me be well versed with the various writing styles such as APA, MLA, Chicago/ Turabian, Harvard. I am always ready to handle work at any hour and in any way as students specify. In my tutoring journey, excellence has always been my guiding standard.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Question Posted:
Students also viewed these Accounting questions
-
Sigma Company's single-step income statements for 2014 and 2013 follow. Required 1. Prepare multistep income statements for 2013 and 2014 showing percentages of net sales for each component (e.g.,...
-
Problem #5 Net Present Value, you the tables at the end of Chapter 16 - You are thinking about buying a new machine which will cost you $75,000. It will last for seven years and save you $18,000 a...
-
The Barden Corporations comparative balance sheets for 2014 and 2013 are presented below .:. The income statement of Barden Corporation for the year ended December 31, 2014, is as follows: .:....
-
What is the purpose of a Notice of Assessment?
-
Graph the line corresponding to the equation y + 2x + 1 by graphing the points corresponding to x = 0, 1, and 2. Give the y-intercept and slope for the line.
-
Multiply or divide as indicated. 57.116 100
-
Consider the inspection described in Example 2.11. Six parts are selected randomly without replacement from a bin of 50 parts. The bin contains 3 defective parts and 47 nondefective parts. Let \(A\)...
-
Crunchem Cereal Company incurred the following actual costs during 20x4. Direct material used..................................................................$412,500 Direct...
-
Present Porcelain Company produces and sells kitchen utensils. Last year Present Porcelain sold 10,000 knives and 5,000 forks. Information on the two products is as follows: Knives Forks Price $12...
-
Comprehensive Problem; Second Production DepartmentWeighted-Average Method Old Country Links Inc. produces sausages in three production departmentsMixing, Casing and Curing, and Packaging. In the...
-
Teague Company engaged in the following transactions in October 2014: Oct. 7 Sold merchandise on credit to Mel Forde, terms n/30, FOB shipping point, $12,000 (cost, $7,200). 8 Purchased merchandise...
-
Selected accounts from Keystone Furnitures adjusted trial balance as of August 31, 2014, the end of the fiscal year, follow. Required 1. Prepare a multistep income statement for Keystone. Store...
-
How has globalization impacted the transportation managers job?
-
An individual is borrowing $165,000 for a 25 year loan at 4.0% per year compounded monthly. Compute the monthly payment. Immediately after his 108th monthly payment he decides to refinance at a lower...
-
At the end of 10 years, Grokster Investments plans to sell its interest in One City Tower, an office building in Miami, FL. In year 10 the building is expected to generate an annual cash flow of $27...
-
Suppose you are a farmer with 20 hectares of land on which you could grow either wheat or barley. You can allocate however much land you want to each crop. a) Draw a Production Possibilities Frontier...
-
2. Consider a Universal Basic Income (UBI) program: every person over age 18 is given $10,000 per year, regardless of their labor income or assets. Suppose there is no other welfare system or...
-
Monopolies reduce consumer surplus and create a deadweight loss. This segment talks about several other dynamic costs of monopoly industries. Pick two and discuss why monopolies (versus competitive...
-
A small undergraduate college with a new physical fitness center decided to introduce a health enhancement program for faculty and staff. The program is designed to take one semester to complete with...
-
Ashlee, Hiroki, Kate, and Albee LLC each own a 25 percent interest in Tally Industries LLC, which generates annual gross receipts of over $10 million. Ashlee, Hiroki, and Kate manage the business,...
-
Consider a straight fin with the trapezoidal shape sketched in Fig. P.4.9. Assuming that the temperature in the fin is only a function of the axial coordinate x (i.e., it is uniform at each vertical...
-
The comparative income statements and balance sheets of Sarot, Inc., Compute the amount and percentage changes for the income statement, and comment on the changes from 2011 to 2012. Sarot, Inc....
-
Express the comparative balance sheets of Sarot, Inc., as common size statement, and comment on the changes from 2011 to 2012. Sarot, Inc. Comparative Income Statements For the Years Ended December...
-
Using the information for Sarot, Inc., in SE. 4 and SE 5, compute the current ratio, quick ratio, receivable turnover, day's sales uncollected, inventory turnover, days' inventory on hand, payables...
-
What is one specific security tactics to protect the network. Identify specific tools selections to accomplish compliance and audit requirement Describe how alerts would be collected and presented...
-
1. Solve each equation for x, where 0x & a) sin x-= 0 b) cosx-3 cosx+2=0
-
Explain Article III Standing, and explain how to achieve standing. b) Explain Negligence, and provide an example of a Negligence claim. c) What happened in the case of Genesco v. Visa? d) Explain the...
Study smarter with the SolutionInn App