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?
-
What kind of restaurant location can exist without parking?
-
Here is a simple example of mutually exclusive events, which are used quite frequently. Let \(X\) denote the \(\mathrm{pH}\) of a sample. Consider the event that \(X\) is greater than 6.5 but less...
-
Washington City created an Information Technology department in 2013 to centralize information technology (IT) functions for the city. The goal of the department was to reduce costs, avoid...
-
Lily Corporation has 100,000 shares of $40 par value preferred stock authorized. During the year, it had the following transactions related to its preferred stock. (a) Issued 25,000 shares at $60 per...
-
Old MathJax webview Reading the case study ROCKET INTERNET - WILL THE COPYCAT BE IMITATED? by: Patrick regnr answer the ff questions: 1. Based on the data from the case (and any other sources...
-
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...
-
Suppose that the government imposes a specific of T dollars on a good sold by a monopolist. Does it matter for the amount bought and sold, and the total cost per unit to consumers, whether the tax is...
-
Utah Technology, a mobile technology provider, just paid a dividend of 1.35 per share. The company plans to increase its dividends by 3% each year for the next 5 years, then reduce the annual...
-
35.) A digital camera is on sale for $400. This price is 15% off the original price. What was the original price? Round to the nearest cent.
-
In accordance to MFRS 1 0 1 , Presentation of Financial Statements, describe presentation requirements relating to the statement of profit or loss and other comprehensive income. Please give...
-
Find the value of if sin x = y, then (A) 0 y (B) (c) 0 < y < (D) 22
-
9 months ago, you went long 3 Lithium future contracts at a price of $481705 per 1000 kg. You put down a margin of 10% and are about to go short the same number of contracts but at a price of...
-
Use the following SELECT statement to answer. 1 SELECT customer#, COUNT(*) 2 FROM customers JOIN orders USING (customer#) 3 WHERE orderdate > '02-APR-09' 4 GROUP BY customer# 5 HAVING COUNT(*) > 2;...
-
(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...
-
State the dividend irrelevance proposition. What are the assumptions behind this proposition? Explain why this proposition does not hold in the real world. (20 marks)
-
How many monthly withdrawals of $1,400 will an investment of $75,000 sustain if the first withdrawal is made 12 months from now and the money earns 8.4% compounded monthly
-
1. You buy a bond with 3 years left to maturity and a yield to maturity of 6% for $920. After 1 year you receive a coupon payment of $30 and sell the bond for $940. What was your rate of return on...
Study smarter with the SolutionInn App