ASSIGNMENT 1 Managerial Accounting Horizontal Analysis Page - perform a horizontal analysis on the Income Statement...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
ASSIGNMENT 1 Managerial Accounting Horizontal Analysis Page - perform a horizontal analysis on the Income Statement and Balance Sheet Jane's Wedding Centre Condensed Income Statement For the Periods Ending December 31, Last Year and This Year INCOME STATEMENT Sales Cost of Sales Gross Profit Operating Expenses (Excluding Depreciation) Depreciation Operating Income (EBIT) Interest Income Before Income Taxes Income Taxes (40%) Net Income Last Year ($) This Year ($) $ Change % Change 552,500 227,075 325,425 160,225 60,000 105,200 34,000 71,200 28,480 42,720 742,205 259,800 482,405 280,275 59,000 143,130 15,863 127,267 50,907 76,360 ASSETS Current Assets Cash Marketable Securities Net Receivables Inventories Jane's Wedding Centre Balance Sheets December 31, Last Year and This Year Total Current Assets Property and Equipment Less Accumulated Depreciation Net Property and Equipment TOTAL ASSETS LIABILITIES AND OWNERS' EQUITY Current Liabilities Accounts Payable Notes Payable Accrued Wages Total Current Liabilities Long-Term Liabilities Long-Term Debt Total Liabilities Owners' Equity Capital Stock Retained Earnings Last Year (S) Total Owners' Equity TOTAL LIABILITIES AND OWNERS' EQUITY 42,000 93,000 138,000 5,000 278,000 1,200,000 200,000 1,000,000 1,278,000 107,000 15,000 38,000 160,000 340,800 500,800 600,000 177,200 777,200 1,278,000 This Year ($) $ Change % Change 30,000 80,000 152,000 6,000 268,000 1,091,760 141,000 950,760 1,218,760 45,000 59,000 23,000 127,000 138,200 265,200 750,000 203,560 953,560 1,218,760 ASSIGNMENT 1 Managerial Accounting Horizontal Analysis Page - perform a horizontal analysis on the Income Statement and Balance Sheet Jane's Wedding Centre Condensed Income Statement For the Periods Ending December 31, Last Year and This Year INCOME STATEMENT Sales Cost of Sales Gross Profit Operating Expenses (Excluding Depreciation) Depreciation Operating Income (EBIT) Interest Income Before Income Taxes Income Taxes (40%) Net Income Last Year ($) This Year ($) $ Change % Change 552,500 227,075 325,425 160,225 60,000 105,200 34,000 71,200 28,480 42,720 742,205 259,800 482,405 280,275 59,000 143,130 15,863 127,267 50,907 76,360 ASSETS Current Assets Cash Marketable Securities Net Receivables Inventories Jane's Wedding Centre Balance Sheets December 31, Last Year and This Year Total Current Assets Property and Equipment Less Accumulated Depreciation Net Property and Equipment TOTAL ASSETS LIABILITIES AND OWNERS' EQUITY Current Liabilities Accounts Payable Notes Payable Accrued Wages Total Current Liabilities Long-Term Liabilities Long-Term Debt Total Liabilities Owners' Equity Capital Stock Retained Earnings Last Year (S) Total Owners' Equity TOTAL LIABILITIES AND OWNERS' EQUITY 42,000 93,000 138,000 5,000 278,000 1,200,000 200,000 1,000,000 1,278,000 107,000 15,000 38,000 160,000 340,800 500,800 600,000 177,200 777,200 1,278,000 This Year ($) $ Change % Change 30,000 80,000 152,000 6,000 268,000 1,091,760 141,000 950,760 1,218,760 45,000 59,000 23,000 127,000 138,200 265,200 750,000 203,560 953,560 1,218,760
Expert Answer:
Answer rating: 100% (QA)
To compute for change we subtract last year balance with this year balance change This Year Last Yea... View the full answer
Related Book For
Accounting Principles Part 3
ISBN: 978-1118306802
6th Canadian edition Volume 1
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow
Posted Date:
Students also viewed these accounting questions
-
For Fielder Enterprises, indicate how each of the following usually should be classified. If an item should appear in a note to the financial statements, select "Note to Financial Statement" to...
-
eBook Videos Print BE12-42.Rand.02 Question 6 Partially correct Mark 1.04 out of 1.25 Recording Impairment Loss on Asset Held for Sale Flag question WellCon Corporation, a calendar-year corporation,...
-
The following is Folex Company's income statement and balance sheet (in millions): The following additional information is available: i) Operating expenses include $35 million of depreciation. ii)...
-
Delmott sells a snowboard, Xpert that is popular with snowboard enthusiasts. Below is information relating to Delmotts purchases of Xpert snowboards during September. During the same month, 102 Xpert...
-
The following income statement and balance sheet for The Athletic Attic are provided. Required: Assuming that all sales were on account, calculate the following risk ratios for 2012: 1. Receivables...
-
Briefly state the Nyquist criterion.
-
In a laboratory test of a new automobile engine design carried out at the Colorado School of Mines, the emission rate (in milligrams per second) of oxides of nitrogen was measured for 32 engines at...
-
Merger Co. has ten employees, each of whom earns $ 2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $ 110,100 paid to each employee, and FICA...
-
Explain the following to Bettina and Gordon: (a) What authorisations is Winsome likely to need in its Australian financial services licence (AFSL) and why? (5 marks) (b) (i) (c) (d) (e) (ii) What...
-
The American black bear (Ursus americanus) is one of eight bear species in the world. It is the smallest North American bear and the most common bear species on the planet. In 1969, Dr. Michael R....
-
(Round your calculations to 4 decimal places.) (Note: If you invest equal dollar amounts in the 4,400 stocks traded publicly in the US, the X i of any stock is 1/4400 or 0.000227.) You are curious...
-
You represent a dentist who is accused of performing an unnecessary root canal which went bad, resulting in the patient losing the tooth and having to get an implant. During settlement discussions,...
-
How do the principles of comparative anatomy contribute to our understanding of evolutionary relationships and adaptations across species, and how can they inform biomedical research and clinical...
-
A, B, and C are forming a new partnership each contributing cash of 200,000 and their respective office equipment and supplies valued at 100,000, 200,000, and 300,000 respectively. A's noncash...
-
Furniture priced at $20,000 is purchased. A deposit of 15% is paid. The balance is borrowed using a flatrate loan at 19% per annum interest, to be repaid in equal monthly instalments over five years....
-
You have been asked to estimate the cost of capital for the UTX corporation. The company has 7 million shares and 150,000 bonds outstanding at par value $10,000. In addition, it has $300 million in...
-
From the relation between the Reimann Sum and the definite integral, we see that (8.1 + 3/5=([ 15 SC dx, 2 n /=1 and the value of the integral is lim 348
-
Provide an example of an aggressive accounting practice. Why is this practice aggressive?
-
Flambeau Corporation has paid 40 consecutive quarterly cash dividends (10 years' worth). Increasing competition over the last six months has greatly squeezed profit margins. With only enough cash to...
-
Identify two situations that might lead management to overstate profits. Identify two ways the profit could be overstated by applying the recognition criteria incorrectly.
-
Assume the same information as BEPV10, except that the interest rate is 9% instead of 8%. What is the annual payment that Marsdon will receive from its customer? Refer in BEPV-10, Marsdon Company...
-
The response of a damped single-degree-of-freedom system is given by Determine the natural frequency, damping constant, initial displacement, and initial velocity of the system. x(t) = 0.05 e...
-
A spring-mass system is found to vibrate with a frequency of 120 cycles per minute in air and 100 cycles per minute in a liquid. Find the spring constant \(k\), the damping constant \(c\), and the...
-
A damped system has the following parameters: \(m=2 \mathrm{~kg}, c=3 \mathrm{~N}-\mathrm{s} / \mathrm{m}\), and \(k=40 \mathrm{~N} / \mathrm{m}\). Determine the natural frequency, damping ratio, and...
Study smarter with the SolutionInn App