Accounting > EXAM > AC 202: Chapter 13 Homework. LATEST EXAM QUESTIONS All Solutions Worked Out Step by Step. Park Unive (All)

AC 202: Chapter 13 Homework. LATEST EXAM QUESTIONS All Solutions Worked Out Step by Step. Park University /2021

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Here are the comparative income statements of Concord Corporation. CONCORD CORPORATION Comparative Income Statement For the Years Ended December 31 2017 2016 Net sales $638,000 $562,900 Cost ... of goods sold 452,500 434,800 Gross Profit 185,500 128,100 Operating expenses 78,700 42,800 Net income $ 106,800 $ 85,300 (a) Your answer is correct. Prepare a horizontal analysis of the income statement data for Concord Corporation, using 2016 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CONCORD CORPORATION Comparative Income Statement For the Years Ended December 31 Increase or (Decrease) During 2017 2017 2016 Amount Percentage $ $ Net income $ 106,800 $ 85,300 % Net sales $638,000 100 % $562,900 100 % Cost of goods sold 452,500 70.9 % 434,800 77.2 % Gross Profit 185,500 29.1 % 128,100 22.8 % Operating expenses 78,700 12.3 % 42,800 7.6 % Net income $ 106,800 16.7 % $ 85,300 15.2 % Exercise 13-5 Suppose the comparative balance sheets of Splish Brothers Inc. are presented here. SPLISH BROTHERS INC. Condensed Balance Sheet May 31 ($ in millions) 2017 2016 Assets Current Assets $9,710 $8,720 Property, plant, and equipment (net) 1,940 1,870 Other assets 1,500 1,690 Total assets $13,150 $12,280 Liabilities and Stockholders' Equity Current Liabilities $3,220 $3,330 Long-term liabilities 1,330 1,380 Stockholders’ equity 8,600 7,570 Total liabilities and stockholders' equity $13,150 $12,280 (a) Prepare a horizontal analysis of the balance sheet data for Splish Brothers, using 2016 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, - 20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) SPLISH BROTHERS INC. Condensed Balance Sheet May 31 ($ in millions) 2017 2016 Increase (Decrease) Percentage Change from 2013 Assets $ Current Assets $9,710 $8,720 [Show More]

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