Question

In: Accounting

Carolina Products Income Statement Years Ended 12/31/2016 & 12/31/2015 Horizontal Analysis 2016 2015 $ Change %...

Carolina Products
Income Statement
Years Ended 12/31/2016 & 12/31/2015
Horizontal Analysis
2016 2015 $ Change % Change
Sales $272,500 $270,010
Cost of Goods Sold $157,472 $154,589
Gross Profit $115,028 $115,421
Operating Expenses:
Selling Expense $49,675 $48,500
Salary Expense $30,000 $28,000
Administrative Expense $15,500 $15,400
Advertising Expense $3,400 $3,200
Utilities Exp $1,100 $1,000
Depreciation Exp $1,620 $1,450
Total Operating Expenses $101,295 $97,550
Net Income $13,733 $17,871

Solutions

Expert Solution

Solution

Carolina Products
Income Statement
Years Ended 12/31/2016 & 12/31/2015
Horizontal Analysis
2016 2015 $ Change % Change
Sales $272,500.00 $270,010.00 $ 2,490.00 0.9%
Cost of Goods Sold $157,472.00 $154,589.00 $ 2,883.00 1.9%
Gross Profit $115,028.00 $115,421.00 $   (393.00) -0.3%
Operating Expenses:
Selling Expense $ 49,675.00 $ 48,500.00 $ 1,175.00 2.4%
Salary Expense $ 30,000.00 $ 28,000.00 $ 2,000.00 7.1%
Administrative Expense $ 15,500.00 $ 15,400.00 $    100.00 0.6%
Advertising Expense $    3,400.00 $    3,200.00 $    200.00 6.3%
Utilities Exp $    1,100.00 $    1,000.00 $    100.00 10.0%
Depreciation Exp $    1,620.00 $    1,450.00 $    170.00 11.7%
Total Operating Expenses $101,295.00 $ 97,550.00 $ 3,745.00 3.8%
Net Income $ 13,733.00 $ 17,871.00 $(4,138.00) -23.2%

Alternate answer with percentage in 2 decimal place

Carolina Products
Income Statement
Years Ended 12/31/2016 & 12/31/2015
Horizontal Analysis
2016 2015 $ Change % Change
Sales $272,500.00 $270,010.00 $ 2,490.00 0.92%
Cost of Goods Sold $157,472.00 $154,589.00 $ 2,883.00 1.86%
Gross Profit $115,028.00 $115,421.00 $   (393.00) -0.34%
Operating Expenses:
Selling Expense $ 49,675.00 $ 48,500.00 $ 1,175.00 2.42%
Salary Expense $ 30,000.00 $ 28,000.00 $ 2,000.00 7.14%
Administrative Expense $ 15,500.00 $ 15,400.00 $    100.00 0.65%
Advertising Expense $    3,400.00 $    3,200.00 $    200.00 6.25%
Utilities Exp $    1,100.00 $    1,000.00 $    100.00 10.00%
Depreciation Exp $    1,620.00 $    1,450.00 $    170.00 11.72%
Total Operating Expenses $101,295.00 $ 97,550.00 $ 3,745.00 3.84%
Net Income $ 13,733.00 $ 17,871.00 $(4,138.00) -23.15%

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Carolina Products Balance Sheet 12/31/2016 & 12/31/2015 Horizontal Analysis Assets 2016 2015 $ Change % Change...
Carolina Products Balance Sheet 12/31/2016 & 12/31/2015 Horizontal Analysis Assets 2016 2015 $ Change % Change Cash $108,886 $107,455 Accounts Receivable $105,650 $112,420 Prepaid Insurance $1,100 $1,000 Inventory $205,000 $189,350 Prepaid Expenses $1,200 $1,050 Land $80,000 $80,000 Office Equipment $10,500 $10,500 Accum Depr-Office Equip ($2,000) ($2,200) Total Assets $510,336 $501,590 Liabilities Accounts Payable $72,090 $70,005 Sales Tax Payable $3,500 $3,450 Interest Payable $860 $825 Total Liabilities $76,450 $74,280 Stockholders Equity Common Stock $60,000 $58,000 Paid in Capital in Excess of...
Pinnacle Manufacturing Company Income Statement For the Year ended December 31 2016 2015 2014      ...
Pinnacle Manufacturing Company Income Statement For the Year ended December 31 2016 2015 2014       Net sales $150,737,628 $148,586,037 $144,686,413 Cost of goods sold 109,284,780 106,255,499 101,988,165      Gross profit 41,452,848 42,330,538 42,698,248 Operating expenses 37,177,738 38,133,969 37,241,108      Income from operations 4,275,110 4,196,569 5,457,140 Other revenues and gains — — — Other expenses and losses 2,181,948 2,299,217 2,397,953 Income before income tax   2,093,162 1,897,352 3,059,187     Income tax 883,437 858,941 1,341,536 Net income for the year   1,209,725 1,038,411...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 397,455 $ 304,483 $ 211,300 Cost of goods sold 239,268 192,738 135,232 Gross profit 158,187 111,745 76,068 Selling expenses 56,439 42,019 27,892 Administrative expenses 35,771 26,795 17,538 Total expenses 92,210 68,814 45,430 Income before taxes 65,977 42,931 30,638 Income taxes 12,272 8,801 6,220 Net income $ 53,705 $ 34,130 $ 24,418 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015 2015 2014   Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015 2015 2014   Gross sales $ 19,000    $ 15,000   Sales returns and allowances 1,000    100   Net sales $ 18,000    $ 14,900   Cost of merchandise (goods) sold 12,000    9,000   Gross profit $ 6,000    $ 5,900   Operating expenses:      Depreciation $ 700    $ 600      Selling and administrative 2,200    2,000      Research 550    500      Miscellaneous 360    300        Total operating expenses $ 3,810    $...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015 2015 2014   Gross...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015 2015 2014   Gross sales $ 19,000     $ 15,000   Sales returns and allowances 1,000     100   Net sales $ 18,000     $ 14,900   Cost of merchandise (goods) sold 12,000     9,000   Gross profit $ 6,000     $ 5,900   Operating expenses:      Depreciation $ 700     $ 600      Selling and administrative 2,200     2,000      Research 550     500      Miscellaneous 360     300        Total operating expenses $ 3,810     $...
5. Horizontal Analysis 12/31/17 12/31/16 Dollar Change Percentage Change Sales $9,550,000 $6,582,000 Net Income $775,000 $620,000...
5. Horizontal Analysis 12/31/17 12/31/16 Dollar Change Percentage Change Sales $9,550,000 $6,582,000 Net Income $775,000 $620,000 Complete the variance and percentage change for items above. (Round % to one decimal place) b.   Interpret your findings:   Accy 306 Quiz #5, page 2 of 2 6. Happy Days, Inc. Comparative Balance Sheet December 31, 2017 and 2016 Assets Increase (Decrease) 2017 2016 Amount Percent Current assets 225,000 $180,000 Property, plant, and equipment 450,000 410,000 Intangible assets 20,700 30,000 Total Assets 75,700 12.2%...
ABC Company Income Statement For the 12 month period ended 12/31/2016 Net Sales Cost of Sales...
ABC Company Income Statement For the 12 month period ended 12/31/2016 Net Sales Cost of Sales $            450,000 Gross Profit $            500,000 Operating Expenses: Depreciation $               75,000 Amortization $               25,000 Other Operating Expenses Total Operating Expenses $            400,000 Income From Operations Interest Expense Net Income Before Taxes $               80,000 Taxes- 30% Net Income EBITDA
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows:     Current Year     Previous Year Sales $925,000 $740,000 Cost of goods sold 780,800 640,000 Gross profit $144,200 $100,000 Selling expenses $41,400 $36,000 Administrative expenses 36,900 30,000 Total operating expenses $78,300 $66,000 Income before income tax $65,900 $34,000 Income tax expenses 26,400 13,600 Net income $39,500 $20,400 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease)...
Horizontal Analysis of the Income Statement Income statement data for Boone Company for two recent years...
Horizontal Analysis of the Income Statement Income statement data for Boone Company for two recent years ended December 31, are as follows:     Current Year     Previous Year Sales $546,000 $420,000 Cost of goods sold 473,600 370,000 Gross profit $72,400 $50,000 Selling expenses $21,600 $18,000 Administrative expenses 19,200 15,000 Total operating expenses $40,800 $33,000 Income before income tax $31,600 $17,000 Income tax expenses 12,600 6,800 Net income $19,000 $10,200 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease)...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years...
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows:     Current Year     Previous Year Sales $806,000 $650,000 Cost of goods sold 683,200 560,000 Gross profit $122,800 $90,000 Selling expenses $35,340 $31,000 Administrative expenses 31,720 26,000 Total operating expenses $67,060 $57,000 Income before income tax $55,740 $33,000 Income tax expenses 22,300 13,200 Net income $33,440 $19,800 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease)...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT