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Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales .... $1,300,000 $1,180,000 Cost of goods sold.... Gross profit .... Selling expenses Adminstrative expenses .. 682,500 613,600 $ 617,500 $ 260,000 $ 566,400 $ 188,800 169,000 177,000 $ 429,000 $ 188,500 $ 365,800 $ 200,600 Total operating expenses Income from operations.. Other revenue 70,800 78,000 $ 266,500 $ 271,400 Income before income tax Income tax expense.. 117,000 106,200 $ 149,500 $ 165,200 Net income ...

Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales .... $1,300,000 $1,180,000 Cost of goods sold.... Gross profit .... Selling expenses Adminstrative expenses .. 682,500 613,600 $ 617,500 $ 260,000 $ 566,400 $ 188,800 169,000 177,000 $ 429,000 $ 188,500 $ 365,800 $ 200,600 Total operating expenses Income from operations.. Other revenue 70,800 78,000 $ 266,500 $ 271,400 Income before income tax Income tax expense.. 117,000 106,200 $ 149,500 $ 165,200 Net income ...

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 87PSB
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For 20Y2, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando,the president, is presented with the following condensed comparative income statement:

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Instructions
1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round percentages to one decimal place.
2. To the extent the data permit, comment on the significant relationships
revealed by the vertical analysis prepared in (1).

Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales .... $1,300,000 $1,180,000 Cost of goods sold.... Gross profit .... Selling expenses Adminstrative expenses .. 682,500 613,600 $ 617,500 $ 260,000 $ 566,400 $ 188,800 169,000 177,000 $ 429,000 $ 188,500 $ 365,800 $ 200,600 Total operating expenses Income from operations.. Other revenue 70,800 78,000 $ 266,500 $ 271,400 Income before income tax Income tax expense.. 117,000 106,200 $ 149,500 $ 165,200 Net income ...
Transcribed Image Text:Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales .... $1,300,000 $1,180,000 Cost of goods sold.... Gross profit .... Selling expenses Adminstrative expenses .. 682,500 613,600 $ 617,500 $ 260,000 $ 566,400 $ 188,800 169,000 177,000 $ 429,000 $ 188,500 $ 365,800 $ 200,600 Total operating expenses Income from operations.. Other revenue 70,800 78,000 $ 266,500 $ 271,400 Income before income tax Income tax expense.. 117,000 106,200 $ 149,500 $ 165,200 Net income ...
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