10 points 1 eBook M13-1 (Algo) Calculations for Horizontal Analyses (LO 13-2] Required: Using the following...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664862286f256_752664862280d610.jpg)
Transcribed Image Text:
10 points 1 eBook M13-1 (Algo) Calculations for Horizontal Analyses (LO 13-2] Required: Using the following income statements, perform the calculations needed for horizontal analyses. Note: Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place. LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Print References Change in Current Previous Dollars Net Sales $ 104,000 $ 77,000 $ (50,000) Percentage 11.1 % Cost of Goods Sold 60,000 46,000 20,000 % Gross Profit 44,000 31,000 30,000 % Selling, General, and Administrative Expenses 8,200 4,100 % Income from Operations 35,800 26,900 % Interest Expense 3,200 4,150 7.1 % Income before Income Tax 32,600 22,750 % Income Tax Expense 9,780 6,825 % Net Income $ 22,820 $ 15.925 17.6 % 10 points 1 eBook M13-1 (Algo) Calculations for Horizontal Analyses (LO 13-2] Required: Using the following income statements, perform the calculations needed for horizontal analyses. Note: Decreases should be indicated by a minus sign. Round percentage values to 1 decimal place. LOCKEY FENCING CORPORATION Income Statements For the Years Ended December 31 Print References Change in Current Previous Dollars Net Sales $ 104,000 $ 77,000 $ (50,000) Percentage 11.1 % Cost of Goods Sold 60,000 46,000 20,000 % Gross Profit 44,000 31,000 30,000 % Selling, General, and Administrative Expenses 8,200 4,100 % Income from Operations 35,800 26,900 % Interest Expense 3,200 4,150 7.1 % Income before Income Tax 32,600 22,750 % Income Tax Expense 9,780 6,825 % Net Income $ 22,820 $ 15.925 17.6 %
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Tom Jones, the mechanic at Golden Muffler Shop, is able to install new mufflers at an average rate of 4 per hour (or about 1 every 15 minute), according to a negative exponential distribution....
-
Calculate the present value of a $1,000 zero-coupon bond with five years to maturity if the yield to maturity is 6%.
-
On December 31, 2008, Sorenson Financing Corporation borrowed $90,000 cash on a $110,300, 24-month zero coupon note. Sorenson uses the straight-line method of amortization. Required: 1. Record the...
-
You are the chief information security officer for a small company. You are asked to design appropriate controls for the payroll and inventory management sys tems. Following is a list of users and...
-
Multiple Choice- On December 1, 2008, Tuscano Corp. entered into a transaction to import raw materials from a foreign company. The account is to be settled on February 1 with the payment of 60,000...
-
Section 1: Five (5) Multiple-Choice Questions (5 marks -1 mark each) Highlight AND underline your response. 1) Leo has never invested before yet after his thorough research of mutual funds and their...
-
5. PRICES The Consumer Price Index (CPI) gives the relative price for a fixed set of goods and services. The CPI from September, 2000 to July, 2001 is shown in the graph. Source: U. S. Bureau of...
-
Use the Internet to look for templates and other aids that would help in creating a marketing research proposal. Analyze and assess five of them. In your view, are these standardized formats suitable...
-
What is a linguistic variable? Give 10 examples of linguistic variables that you might use to describe a building.
-
What is the law of the excluded middle? Argue against the need for this law.
-
What is case-based reasoning? From which attributes of human intelligence do you think it is derived? Describe the last time you used case-based reasoning in your normal life.
-
Can semantic networks be used to represent anything that can be represented using temporal logic? Explain your answer.
-
On December 1 of the current year, Prepaid Rent was debited $ 8 400 for three months of rent, to cover the period December 1 to February 28. The amount of the adjusting entry on December 31 is:
-
on 8 For the following set of lengths 130, 170, 160, 160, 150, 190 Third quartile is: et red d out of Select one: O a. 160 a question O b. 145 O c. 175 O d. 180
-
What was the firm's return on assets for 2018? a. 6.0 percent c. 7.5 percent b. 7.0 percent d. 8.0 percent
-
What was the firm's return on sales for 2018? a. 4.0 percent c. 5.0 percent b. 4.5 percent d. 5.5 percent Sales revenues for 2018 were \(\$ 800,000\), gross profit was \(\$ 320,000\), and net income...
-
Financial statement disclosures include each of the following except: a. notes to the financial statements. b. parenthetical disclosures. c. supplementary information. d. promotional giveaways.
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App