Question
In: Accounting
Income statements for Burch Company for 2018 and 2019 follow: BURCH COMPANY Income Statements 2019 2018...
Income statements for Burch Company for 2018 and 2019 follow:
|
BURCH COMPANY Income Statements |
|||||||
| 2019 | 2018 | ||||||
| Sales | $ | 240,000 | $ | 200,000 | |||
| Cost of goods sold | 180,000 | 124,000 | |||||
| Selling expenses | 26,000 | 20,000 | |||||
| Administrative expenses | 12,000 | 18,000 | |||||
| Interest expense | 7,500 | 8,000 | |||||
| Total expenses | $ | 225,500 | $ | 170,000 | |||
| Income before taxes | 14,500 | 30,000 | |||||
| Income taxes expense | 1,200 | 3,000 | |||||
| Net income | $ | 13,300 | $ | 27,000 | |||
Required
a. Perform a horizontal analysis, showing the percentage change in each income statement component between 2018 and 2019.
b. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Income statements for Benson Company for 2018 and 2019 follow: BENSON COMPANY Income Statements 2019 2018...
Income statements for Benson Company for 2018 and 2019 follow:
BENSON COMPANY
Income Statements 2019 2018
Sales $ 201,800 $ 181,800
Cost of goods sold 142,800 120,800
Selling expenses 21,500 19,500
Administrative expenses 12,800 14,800
Interest expense 3,300 5,300
Total expenses $ 180,400 $ 160,400
Income before taxes 21,400 21,400
Income taxes expense 6,500 3,600
Net income $ 14,900 $ 17,800
Required Perform a horizontal analysis, showing the percentage
change in each income statement component between 2018 and
2019.
Perform...
The consolidated 2019, 2018, and 2017 income statements for Butler Corporation follow. Butler Corporation Consolidated Income...
The consolidated 2019, 2018, and 2017 income statements for
Butler Corporation follow.
Butler Corporation
Consolidated Income Statements
(in millions except per share amounts)
1
December 31
December 31
December 31
2
2019
2018
2017
3
Net sales
$25,020.70
$21,970.00
$19,292.20
4
Costs and expenses:
5
Cost of goods sold
(11,946.10)
(10,611.70)
(9,366.20)
6
Selling, general, and administrative
(9,864.40)
(8,721.20)
(7,605.90)
7
Amortization of intangible assets
(303.70)
(265.90)
(208.30)
8
Operating income
$2,906.50
$2,371.20
$2,111.80
9
Interest expense
(572.70)
(586.10)
(613.70)...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018...
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2019, 2018, and
2017
2019
2018
2017
Sales
$
446,549
$
342,093
$
237,400
Cost of goods sold
268,822
213,808
151,936
Gross profit
177,727
128,285
85,464
Selling expenses
63,410
47,209
31,337
Administrative expenses
40,189
30,104
19,704
Total expenses
103,599
77,313
51,041
Income before taxes
74,128
50,972
34,423
Income tax expense
13,788
10,449
6,988
Net income
$
60,340
$
40,523
$
27,435
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018,...
Financial statements for Baird Company follow. BAIRD COMPANY Balance Sheets As of December 31 2019 2018...
Financial statements for Baird Company follow.
BAIRD COMPANY
Balance Sheets
As of December 31
2019
2018
Assets
Current assets
Cash
$
17,000
$
13,000
Marketable securities
20,200
6,200
Accounts receivable (net)
43,000
35,000
Inventories
128,000
136,000
Prepaid items
27,000
12,000
Total current assets
235,200
202,200
Investments
32,000
25,000
Plant (net)
265,000
250,000
Land
28,000
23,000
Total assets
$
560,200
$
500,200
Liabilities and Stockholders’ Equity
Liabilities
Current liabilities
Notes payable
$
18,800
$
12,500
Accounts payable
113,800
100,000
Salaries payable...
Financial statements for Allendale Company follow: ALLENDALE COMPANY Balance Sheets As of December 31 2019 2018...
Financial statements for Allendale Company follow:
ALLENDALE COMPANY
Balance Sheets
As of December 31
2019
2018
Assets
Current assets
Cash
$
40,000
$
36,000
Marketable securities
20,000
6,000
Accounts receivable (net)
54,000
46,000
Inventories
135,000
143,000
Prepaid items
25,000
10,000
Total current assets
274,000
241,000
Investments
27,000
20,000
Plant (net)
270,000
255,000
Land
29,000
24,000
Total assets
$
600,000
$
540,000
Liabilities and Stockholders’
Equity
Liabilities
Current liabilities
Notes payable
$
17,000
$
6,000
Accounts payable
113,800
100,000
Salaries payable...
Financial statements for Allendale Company follow: ALLENDALE COMPANY Balance Sheets As of December 31 2019 2018...
Financial statements for Allendale Company follow:
ALLENDALE COMPANY
Balance Sheets
As of December 31
2019
2018
Assets
Current assets
Cash
$
40,000
$
36,000
Marketable securities
20,000
6,000
Accounts receivable (net)
54,000
46,000
Inventories
135,000
143,000
Prepaid items
25,000
10,000
Total current assets
274,000
241,000
Investments
27,000
20,000
Plant (net)
270,000
255,000
Land
29,000
24,000
Total assets
$
600,000
$
540,000
Liabilities and Stockholders’
Equity
Liabilities
Current liabilities
Notes payable
$
17,000
$
6,000
Accounts payable
113,800
100,000
Salaries payable...
Financial statements for Allendale Company follow: ALLENDALE COMPANY Balance Sheets As of December 31 2019 2018...
Financial statements for Allendale Company follow:
ALLENDALE COMPANY
Balance Sheets
As of December 31
2019
2018
Assets
Current assets
Cash
$
40,000
$
36,000
Marketable securities
20,000
6,000
Accounts receivable (net)
54,000
46,000
Inventories
135,000
143,000
Prepaid items
25,000
10,000
Total current assets
274,000
241,000
Investments
27,000
20,000
Plant (net)
270,000
255,000
Land
29,000
24,000
Total assets
$
600,000
$
540,000
Liabilities and Stockholders’
Equity
Liabilities
Current liabilities
Notes payable
$
17,000
$
6,000
Accounts payable
113,800
100,000
Salaries payable...
Financial statements for Allendale Company follow: ALLENDALE COMPANY Balance Sheets As of December 31 2019 2018...
Financial statements for Allendale Company follow: ALLENDALE
COMPANY Balance Sheets As of December 31 2019 2018 Assets Current
assets Cash $ 40,000 $ 36,000 Marketable securities 20,000 6,000
Accounts receivable (net) 54,000 46,000 Inventories 135,000 143,000
Prepaid items 25,000 10,000 Total current assets 274,000 241,000
Investments 27,000 20,000 Plant (net) 270,000 255,000 Land 29,000
24,000 Total assets $ 600,000 $ 540,000 Liabilities and
Stockholders’ Equity Liabilities Current liabilities Notes payable
$ 17,000 $ 6,000 Accounts payable 113,800 100,000 Salaries payable...
Comparative financial statements for Wing Company follow: Wing Company Balance Sheets December 31, 2018 and 2019...
Comparative financial statements for Wing Company follow:
Wing Company
Balance Sheets
December 31, 2018 and 2019
Current assets:
Cash $18,000 $15,000
Accounts receivable 25,000 22,000
Inventory 22,000 20,000
Prepaid expenses 10,000
14,000
Total current assets 75,000 71,000
Long‐term assets 25,000 7,000
Property, plant, and equipment 80,000
77,000
Less: Accumulated depreciation (64,000) (61,000)
Net property, plant, and equipment 16,000
16,000
Total assets 116,000 94,000
Liabilities and Stockholdersʹ Equity Current liabilities:
Accounts payable $8,000 6,000 ...
Balance sheets and income statements for 3M Company follow. 3M Company Consolidated Statements of Income For...
Balance sheets and income statements for 3M Company follow.
3M Company
Consolidated Statements of Income
For Years Ended Dec. 31 ($ millions)
2015
2014
2013
Net sales
$30,274
$31,821
$30,871
Operating expenses
Cost of sales
15,383
16,447
16,106
Selling, general & administrative expenses
6,182
6,469
6,384
Research, development & related expenses
1,763
1,770
1,715
Total operating expenses
23,328
24,686
24,205
Operating income
6,946
7,135
6,666
Interest expense and income
Interest expense
149
142
145
Interest income
(26)
(33)
(41)
Total...
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