Using the comparative income statement, prepare a vertical analysis of all items from sales through gross profit
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: 88% (9 reviews)
2019 2018 Sales 1635750 1063 1500950 1059 L...View the full answer
Answered By
Arujun Komere
Now I'm persuing mtech transportation in jntuceh Hyderabad and in weekends I'm taking tutoring classes to btech students
0.00
0 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 the comparative income statement of Keesha Shoes Inc. Round percentage changes to the nearest one-tenth percent (three decimal places). Why was the percentage...
-
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...
-
Prepare a vertical analysis for this condensed balance sheet: Year 2 Year 1 $ 60,000 142,500 195,000 352,500 $56,000 136,000 178,000 252,000 Cash Accounts receivable Inventory Property, plant, and...
-
Given that log (2) 0.91 and log (5) 2.1, evaluate each of the following. Hint: use the properties of logarithms to rewrite the given logarithm in terms of the the logarithms of 2 and 5. a) log(0.4)~...
-
Who may accept an offer?
-
The following balance sheet has been submitted to you by an inexperienced bookkeeper. List your suggestions for improvements in the format of the balance sheet. Consider both terminology deficiencies...
-
Again consider the 400 parts in Table 2.2. From this table, \[ P(D \mid F)=\frac{P(D \cap F)}{P(F)}=\frac{10}{400} / \frac{40}{400}=\frac{10}{40} \] Note that in this example all four of the...
-
During the first year of operation, 2012, Martin's Appliance recognized $292,000 of service revenue on account. At the end of 2012, the accounts receivable balance was $57,400. Even though this is...
-
Big Data and Business Intelligence in Amazon (MO2-3) Amazon, one of the world's leading e-commerce platforms, serves millions of customers each day. The amount of data generated from customers'...
-
D The following four question relate to these three bonds: Issuer: US Treasury Microsoft Merck Issuer Credit Rating Face Amount Term Semi-Annual Coupon Question 21 Choose th AAA $1,000 5 years $45...
-
What is the procedure for measuring earnings per share of common stock?
-
Using the comparative income statement, prepare a horizontal analysis of all items on the income statement for years displayed. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019...
-
The area that falls above a positive z score is the same as the area that falls ____ a negative z score.
-
Record each transaction. Post each transaction to T - accounts and calculate the ending balance for each account. At the beginning of September, the company had the following account balances: Cash,...
-
6x-2x For the function f(x) = determine each of the following: x+1 a) b) CY Without using a calculator evaluate f(-5). You must show your work in the Show Your Work window. f(-5)=(Enter answer as a...
-
Solve for y in terms of x. log 3x+log 3y=3 y= (Simplify your answer.)
-
5. Find the solution and give a physical interpretation of the problem Vxx=441, (0,1) = (2,1) = 0, 0 0 t>0 y(x,0)=2sin-sinx+4sin2x, 0
-
What's the numerator for the following rational expression? | > y + 8 ? yy Enter the correct answer.
-
Which of the following is not a valid SELECT statement? a. SELECT STDDEV (retail) FROM books; b. SELECT AVG (SUM (retail)) FROM orders NATURAL JOIN orderitems NATURAL JOIN books GROUP BY customer#;...
-
If there is an unrealized holding gain on available-for-sale investments, it is reported as?
-
What are the possible causes of labor variances?
-
What are the possible causes of overhead variances?
-
Alpha Company's records show the following data for the four quarters of 2016: Quarter Direct Labor Hours Utilities Cost First..........................11,000...........................$4,800...
-
Sandy Bank, Incorporated, makes one model of wooden canoe. Partial information is given below. Required: 1. Complete the following table. 2. Suppose Sandy Bank sells its canoes for $510 each....
-
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: 29 units at $44 Beginning inventory Sale 26 units at $64 First purchase 15...
-
Pie Corporation acquired 75 percent of Slice Company's ownership on January 1, 20X8, for $93,000. At that date, the fair value of the noncontrolling interest was $31,000. The book value of Slice's...
Study smarter with the SolutionInn App