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(A): As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an income statement with vertical analysis for the first quarter of 2019 from the following information: gross sales, $240,000; sales discounts, $45,500; beginning inventory, Jan. 1, $86,500; ending inventory, March 31, $103,100; net purchases, $76,800; total operating expenses, $108,000; and income tax, $14,450. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Income Statement January 1 to March 31, 2019   (B): You have just received a report with the second-quarter figures. Prepare a comparative income statement with horizontal analysis for the first and second quarter of 2019: gross sales, $296,000; sales discounts, $41,300; beginning inventory, April 1, $103,100; ending inventory, June 30, $96,580; net purchases, $84,320; total operating expenses, $126,600; and income tax, $16,300. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Comparative Income Statement First and Second Quarter, 2019

(A): As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an income statement with vertical analysis for the first quarter of 2019 from the following information: gross sales, $240,000; sales discounts, $45,500; beginning inventory, Jan. 1, $86,500; ending inventory, March 31, $103,100; net purchases, $76,800; total operating expenses, $108,000; and income tax, $14,450. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Income Statement January 1 to March 31, 2019   (B): You have just received a report with the second-quarter figures. Prepare a comparative income statement with horizontal analysis for the first and second quarter of 2019: gross sales, $296,000; sales discounts, $41,300; beginning inventory, April 1, $103,100; ending inventory, June 30, $96,580; net purchases, $84,320; total operating expenses, $126,600; and income tax, $16,300. (Round percentages to one decimal place.) Jefferson Airplane Parts, Inc. Comparative Income Statement First and Second Quarter, 2019

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 48CE
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(A): As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an income statement with vertical analysis for the first quarter of 2019 from the following information: gross sales, $240,000; sales discounts, $45,500; beginning inventory, Jan. 1, $86,500; ending inventory, March 31, $103,100; net purchases, $76,800; total operating expenses, $108,000; and income tax, $14,450. (Round percentages to one decimal place.)

Jefferson Airplane Parts, Inc.
Income Statement
January 1 to March 31, 2019

 

(B): You have just received a report with the second-quarter figures. Prepare a comparative income statement with horizontal analysis for the first and second quarter of 2019: gross sales, $296,000; sales discounts, $41,300; beginning inventory, April 1, $103,100; ending inventory, June 30, $96,580; net purchases, $84,320; total operating expenses, $126,600; and income tax, $16,300. (Round percentages to one decimal place.)

Jefferson Airplane Parts, Inc.
Comparative Income Statement
First and Second Quarter, 2019

Jefferson Airplane Parts, Inc. Comparative Income Statement First and Second Quarter, 2019 Increase (Decrease) 2nd Quarter 1st Quarter Amount Percent Revenue Gross Sales Less: Sales Discounts Net Sales Cost of Goods Sold Merchandise Inventory, Beginning Net Purchases Goods Available for Sale Less: Merchandise Inventory, Ending Cost of Goods Sold Gross Margin Operating Expenses Income before Income Tax Income Tax Net Income
Transcribed Image Text:Jefferson Airplane Parts, Inc. Comparative Income Statement First and Second Quarter, 2019 Increase (Decrease) 2nd Quarter 1st Quarter Amount Percent Revenue Gross Sales Less: Sales Discounts Net Sales Cost of Goods Sold Merchandise Inventory, Beginning Net Purchases Goods Available for Sale Less: Merchandise Inventory, Ending Cost of Goods Sold Gross Margin Operating Expenses Income before Income Tax Income Tax Net Income
Jefferson Airplane Parts, Inc. Income Statenment January 1 to March 31, 2019 Revenue Gross Sales Less: Sales Discounts Net Sales Cost of Goods Sold Merchandise Inventory, Jan. 1 Net Purchases Goods Available for Sale Less: Merchandise Inventory, Mar. 31 Cost of Goods Sold Gross Margin Operating Expenses Income before Taxes Income Tax Net Income
Transcribed Image Text:Jefferson Airplane Parts, Inc. Income Statenment January 1 to March 31, 2019 Revenue Gross Sales Less: Sales Discounts Net Sales Cost of Goods Sold Merchandise Inventory, Jan. 1 Net Purchases Goods Available for Sale Less: Merchandise Inventory, Mar. 31 Cost of Goods Sold Gross Margin Operating Expenses Income before Taxes Income Tax Net Income
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