Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
| Current Year | Previous Year | |||
| Sales | $488,000 | $410,000 | ||
| Cost of goods sold | 287,920 | 217,300 | ||
| Selling expenses | 78,080 | 77,900 | ||
| Administrative expenses | 87,840 | 69,700 | ||
| Income tax expense | 14,640 | 16,400 | ||
a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
| Innovation Quarter Inc. | ||||
| Comparative Income Statement | ||||
| For the Years Ended December 31 | ||||
| Current year Amount | Current year Percent | Previous year Amount | Previous year Percent | |
| Sales | $488,000 | % | $410,000 | % |
| Cost of goods sold | 287,920 | % | 217,300 | % |
| Gross profit | $ | % | $ | % |
| Selling expenses | 78,080 | % | 77,900 | % |
| Administrative expenses | 87,840 | % | 69,700 | % |
| Total operating expenses | $ | % | $ | % |
| Income from operations | % | % | ||
| Income tax expense | 14,640 | % | 16,400 | % |
| Net income | $ | % | $ | % |
b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 6 percentage points, while selling expenses by 3 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales by 3 percentage points.
In: Accounting
14 Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
| Current Year | Previous Year | |||
| Sales | $544,000 | $495,000 | ||
| Cost of goods sold | 293,760 | 242,550 | ||
| Selling expenses | 97,920 | 99,000 | ||
| Administrative expenses | 108,800 | 94,050 | ||
| Income tax expense | 16,320 | 24,750 | ||
a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
| Innovation Quarter Inc. | ||||
| Comparative Income Statement | ||||
| For the Years Ended December 31 | ||||
| Current year Amount | Current year Percent | Previous year Amount | Previous year Percent | |
| Sales | $544,000 | % | $495,000 | % |
| Cost of goods sold | 293,760 | % | 242,550 | % |
| $ | % | $ | % | |
| Selling expenses | 97,920 | % | 99,000 | % |
| Administrative expenses | 108,800 | % | 94,050 | % |
| $ | % | $ | % | |
| % | % | |||
| Income tax expense | 16,320 | % | 24,750 | % |
| $ | % | $ | % | |
b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 5 percentage points, while selling expenses by 2 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales by 2 percentage points.
In: Accounting
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
| Current Year | Previous Year | |||
| Sales | $454,000 | $409,000 | ||
| Cost of goods sold | 267,860 | 216,770 | ||
| Selling expenses | 72,640 | 77,710 | ||
| Administrative expenses | 81,720 | 69,530 | ||
| Income tax expense | 13,620 | 16,360 | ||
a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
| Innovation Quarter Inc. | ||||
| Comparative Income Statement | ||||
| For the Years Ended December 31 | ||||
| Current year Amount | Current year Percent | Previous year Amount | Previous year Percent | |
| Sales | $454,000 | % | $409,000 | % |
| Cost of goods sold | 267,860 | % | 216,770 | % |
| $ | % | $ | % | |
| Selling expenses | 72,640 | % | 77,710 | % |
| Administrative expenses | 81,720 | % | 69,530 | % |
| $ | % | $ | % | |
| % | % | |||
| Income tax expense | 13,620 | % | 16,360 | % |
| $ | % | $ | % | |
b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 6 percentage points, while selling expenses by 3 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales by 3 percentage points.
In: Accounting
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
| Current Year | Previous Year | |||
| Sales | $454,000 | $409,000 | ||
| Cost of goods sold | 267,860 | 216,770 | ||
| Selling expenses | 72,640 | 77,710 | ||
| Administrative expenses | 81,720 | 69,530 | ||
| Income tax expense | 13,620 | 16,360 | ||
a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
| Innovation Quarter Inc. | ||||
| Comparative Income Statement | ||||
| For the Years Ended December 31 | ||||
| Current year Amount | Current year Percent | Previous year Amount | Previous year Percent | |
| Sales | $454,000 | % | $409,000 | % |
| Cost of goods sold | 267,860 | % | 216,770 | % |
| $ | % | $ | % | |
| Selling expenses | 72,640 | % | 77,710 | % |
| Administrative expenses | 81,720 | % | 69,530 | % |
| $ | % | $ | % | |
| % | % | |||
| Income tax expense | 13,620 | % | 16,360 | % |
| $ | % | $ | % | |
b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 6 percentage points, while selling expenses by 3 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales by 3 percentage points.
In: Accounting
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
| Current Year | Previous Year | |||
| Sales | $567,000 | $493,000 | ||
| Cost of goods sold | 385,560 | 310,590 | ||
| Selling expenses | 73,710 | 73,950 | ||
| Administrative expenses | 79,380 | 64,090 | ||
| Income tax expense | 11,340 | 19,720 | ||
a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
| Innovation Quarter Inc. | ||||
| Comparative Income Statement | ||||
| For the Years Ended December 31 | ||||
| Current year Amount | Current year Percent | Previous year Amount | Previous year Percent | |
| Sales | $567,000 | % | $493,000 | % |
| Cost of goods sold | 385,560 | % | 310,590 | % |
| $ | % | $ | % | |
| Selling expenses | 73,710 | % | 73,950 | % |
| Administrative expenses | 79,380 | % | 64,090 | % |
| $ | % | $ | % | |
| % | % | |||
| Income tax expense | 11,340 | % | 19,720 | % |
| $ | % | $ | % | |
b. The vertical analysis indicates that the cost of goods sold as a percent of sales ___ by 5 percentage points, while selling expenses ___ by 2 percentage points, and administrative expenses ___ by 1 percentage points. Thus, net income as a percent of sales ___ by 2 percentage points.
In: Accounting
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
| Current Year | Previous Year | |||
| Sales | $500,000 | $440,000 | ||
| Cost of goods sold | 340,000 | 277,200 | ||
| Selling expenses | 65,000 | 66,000 | ||
| Administrative expenses | 70,000 | 57,200 | ||
| Income tax expense | 10,000 | 17,600 | ||
a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
| Innovation Quarter Inc. | ||||
| Comparative Income Statement | ||||
| For the Years Ended December 31 | ||||
| Current year Amount | Current year Percent | Previous year Amount | Previous year Percent | |
| Sales | $500,000 | % | $440,000 | % |
| Cost of goods sold | 340,000 | % | 277,200 | % |
| $ | % | $ | % | |
| Selling expenses | 65,000 | % | 66,000 | % |
| Administrative expenses | 70,000 | % | 57,200 | % |
| $ | % | $ | % | |
| % | % | |||
| Income tax expense | 10,000 | % | 17,600 | % |
| $ | % | $ | % | |
b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 5 percentage points, while selling expenses by 2 percentage points, and administrative expenses by 1 percentage points. Thus, net income as a percent of sales by 2 percentage points.
In: Accounting
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
| Current Year | Previous Year | |||
| Sales | $479,000 | $402,000 | ||
| Cost of goods sold | 273,030 | 205,020 | ||
| Selling expenses | 81,430 | 80,400 | ||
| Administrative expenses | 91,010 | 68,340 | ||
| Income tax expense | 14,370 | 20,100 | ||
a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.
| Innovation Quarter Inc. | ||||
| Comparative Income Statement | ||||
| For the Years Ended December 31 | ||||
| Current year Amount | Current year Percent | Previous year Amount | Previous year Percent | |
| Sales | $479,000 | % | $402,000 | % |
| Cost of goods sold | 273,030 | % | 205,020 | % |
| $ | % | $ | % | |
| Selling expenses | 81,430 | % | 80,400 | % |
| Administrative expenses | 91,010 | % | 68,340 | % |
| $ | % | $ | % | |
| % | % | |||
| Income tax expense | 14,370 | % | 20,100 | % |
| $ | % | $ | % | |
b. The vertical analysis indicates that the cost of goods sold as a percent of sales by 6 percentage points, while selling expenses by 3 percentage points, and administrative expenses by 2 percentage points. Thus, net income as a percent of sales by 3 percentage points.
In: Accounting
Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $55,000. If the balance of Allowance for Doubtful Accounts is $11,000 debit before adjustment, what is the balance after adjustment?
A) $55,000
B) $11,000
C) $66,000
D) $44,000
In: Accounting
Write a Balance the chemical equation for the decomposition reaction that occurred.
_____ KClO3(s) ----> ______ KCl (s) + _____ O2
Mass of crucible 88.000
Mass of crucible KClO3 before heating - 108.000
mass of KClO3- ?
Mass of crucible and product after heating- 100.167
mass of product-?
In: Chemistry
Consider a $766,200 principal 28 -year mortgage with monthly payments. The annual mortgage rate is 7.40% with monthly compounding. Assume that the remaining balance after the 60 th payment is $613,395 . What is the total prepayment made on or before the 5 th anniversary of the mortgage?
In: Finance