Question
In: Accounting
Ansara Company had the following abbreviated income statement for the year ended December 31, 20Y2: (in...
Ansara Company had the following abbreviated income statement for the year ended December 31, 20Y2: (in millions) Sales $18,769 Cost of goods sold $15,471 Selling, administrative, and other expenses 2,049 Total expenses $17,520 Income from operations $1,249 Assume that there were $3,860 million fixed manufacturing costs and $1,170 million fixed selling, administrative, and other costs for the year. The finished goods inventories at the beginning and end of the year from the balance sheet were as follows: January 1 $2,354 million December 31 $2,408 million Assume that 30% of the beginning and ending inventory consists of fixed costs. Assume work in process and materials inventory were unchanged during the period. a. Prepare an income statement according to the variable costing concept for Ansara Company for 20Y2. Round to nearest million.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Ansara Company had the following abbreviated income statement for the year ended December 31, 20Y2: (in...
Ansara Company had the following abbreviated income statement
for the year ended December 31, 20Y2: (in millions) Sales $18,769
Cost of goods sold $15,471 Selling, administrative, and other
expenses 2,049 Total expenses $17,520 Income from operations $1,249
Assume that there were $3,860 million fixed manufacturing costs and
$1,170 million fixed selling, administrative, and other costs for
the year. The finished goods inventories at the beginning and end
of the year from the balance sheet were as follows: January 1
$2,354...
Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 Amount 20Y2 Percent...
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
20Y2 Amount
20Y2 Percent
20Y1 Amount
20Y1 Percent
Sales
$750,000
%
$645,000
%
Cost of goods sold
397,500
%
380,550
%
Gross profit
$352,500
%
$264,450
%
Selling expenses
142,500
%
116,100
%
Administrative expenses
75,000
%
77,400
%
Total operating expenses
$217,500
%
$193,500
%
Income from operations
$135,000
%
$70,950
%
Other income
22,500
%
19,350
%
Income before income tax
$157,500
%
$90,300
%
Income...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s): Net sales $
31,000 Cost of goods sold $ 17,000 Interest income 330 Selling and
administrative expenses 3,800 Interest expense 610 Restructuring
costs 2,100 In addition, during the year the company completed the
disposal of its plastics business and incurred a loss from
operations of $2.9 million and a gain on disposal of the
component’s assets of $4.6 million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s):
Net sales
$
33,000
Cost of goods sold
$
18,000
Interest income
350
Selling and administrative
expenses
4,000
Interest expense
650
Restructuring costs
2,300
In addition, during the year the company completed the disposal of
its plastics business and incurred a loss from operations of $3.1
million and a gain on disposal of the component’s assets of $5.0
million. 600,000...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2016 ($ in 000s):
Net sales
$
34,000
Cost of goods
sold
$
18,500
Interest income
360
Selling and
administrative expenses
4,100
Interest
expense
670
Restructuring
costs
2,400
In addition, during the year
the company completed the disposal of its plastics business and
incurred a loss from operations of $3.2 million and a gain on
disposal of the component’s assets of $5.2 million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s): Net sales $
27,000 Cost of goods sold $ 15,000 Interest income 290 Selling and
administrative expenses 3,400 Interest expense 530 Restructuring
costs 1,700 In addition, during the year the company completed the
disposal of its plastics business and incurred a loss from
operations of $2.5 million and a gain on disposal of the
component’s assets of $3.8 million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s):
Net sales
$
27,000
Cost of goods sold
$
15,000
Interest income
290
Selling and administrative
expenses
3,400
Interest expense
530
Restructuring costs
1,700
In addition, during the year the company completed the disposal of
its plastics business and incurred a loss from operations of $2.5
million and a gain on disposal of the component’s assets of $3.8
million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016...
Rembrandt Paint
Company had the following income statement items for the year ended
December 31, 2016 ($ in 000s):
Net
sales
$
20,000
Cost
of goods sold
$
11,500
Interest income
220
Selling and administrative expenses
2,700
Interest expense
390
Restructuring costs
1,000
In addition, during the year
the company completed the disposal of its plastics business and
incurred a loss from operations of $1.8 million and a gain on
disposal of the component’s assets of $2.4 million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2016...
Rembrandt Paint
Company had the following income statement items for the year ended
December 31, 2016 ($ in 000s):
Net
sales
$
20,000
Cost
of goods sold
$
11,500
Interest income
220
Selling and administrative expenses
2,700
Interest expense
390
Restructuring costs
1,000
In addition, during the year
the company completed the disposal of its plastics business and
incurred a loss from operations of $1.8 million and a gain on
disposal of the component’s assets of $2.4 million. 600,000 shares...
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2018...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2018 ($ in 000s):
Net sales
$
30,000
Cost of goods sold
$
16,500
Interest income
320
Selling and administrative expenses
3,700
Interest expense
590
Restructuring costs
2,000
In addition, during the year the company completed the disposal of
its plastics business and incurred a loss from operations of $2.8
million and a gain on disposal of the component’s assets of $4.4
million. 600,000 shares...
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