1-8 ExercisesDo a percent analysis for each business. Remember, find the percent to thenearest whole percent.1. Calhoun Discount DrugsSales: $382,000Cost of goods sold: $106,000Gross profit: ?Operating expenses: $129,000Net profit: ?2. Florida CactusSales: $529,000Cost of goods sold: $287,000Gross profit: ?Operating expenses: $195,000Net profit: ?3. Webb's Photo Shop4. Hair MateSales: $93,000Sales: $102,000Cost of goods sold: $21,000Gross profit: ?Operating expenses: $59,000Net profit: ?Cost of goods sold: $18,000Gross profit: ?Operating expenses: $72,500Net profit: ?Write an income statement for each business and do a simplified percentanalysis. Each income statement is for one full year beginning January 1.6. Office Supply Company5. Johnson's Furniture StoreSales: $321,000Sales: $113,000Cost of goods sold: $156,000Gross profit: ?Salaries and wages: $89,000Payroll expenses: $4,000Rent: $25,000Taxes: $3,000Cost of goods sold: $38,000Gross profit: ?Salaries and wages: $52,000Payroll expenses: $2,500Rent: $6,000Advertising: $1,000Utilities: $4,000Taxes: $2,000Other expenses: $800Total operating expenses: ?Net profit or net loss: ?Advertising: $10,000Utilities: $7,000Depreciation: $4,000Total operating expenses: ?Net profit or net loss: ?8. Best ApparelSales: $151,0007. Hill's CannerySales: $529,000Cost of goods sold: $287,000Gross profit: ?Salaries and wages: $206,000Payroll expenses: $3,000Taxes: $8,000Utilities: $12,000Cost of goods sold: $68,000Gross profit: ?Salaries and wages: $21,000Payroll expenses: $1,000Taxes: $3,000Rent: $15,000Advertising: $12,000Utilities: $4,000Depreciation: $5,000Canning supplies: $11,000Other expenses: $2,000Total operating expenses: ?Net profit or net loss: ?Travel expenses: $7,000Other expenses: $900Total operating expenses: ?Net profit or net loss: ?The Income Statement

Vertical analysis means the analysis which is done with the figures of one financial year. For…

1. Calhoun Discount Drugs Sales: $382,000 Cost of goods sold: $106,000 Gross profit: ? Operating expenses: $129,000 Net profit: ? 3. Webb's Photo Shop Sales: $93,000 Cost of goods sold: $21,000 Gross profit: ? Operating expenses: $59,000 Net profit: ?

1. Calhoun Discount Drugs Sales: $382,000 Cost of goods sold: $106,000 Gross profit: ? Operating expenses: $129,000 Net profit: ? 3. Webb's Photo Shop Sales: $93,000 Cost of goods sold: $21,000 Gross profit: ? Operating expenses: $59,000 Net profit: ?

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 38E: Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for...

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