Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.) Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $277,000 $200,100 $ % Less: Sales Returns and Allowances 14,200 12,400 Net Sales 262,800 187,700 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Available for Sale 92,200 89,300 Less: Merchandise Inventory, Dec. 31 43,000 60,200 Cost of Goods Sold 49,200 29,100 Gross Margin 213,600 158,600
Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.) Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $277,000 $200,100 $ % Less: Sales Returns and Allowances 14,200 12,400 Net Sales 262,800 187,700 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Available for Sale 92,200 89,300 Less: Merchandise Inventory, Dec. 31 43,000 60,200 Cost of Goods Sold 49,200 29,100 Gross Margin 213,600 158,600
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 59BE
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Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.)
| Increase/Decrease | ||||
|---|---|---|---|---|
| Revenue | 2019 | 2018 | Amount | Percent |
| Gross Sales | $277,000 | $200,100 | $ | % |
| Less: Sales Returns and Allowances |
14,200 | 12,400 | ||
| Net Sales | 262,800 | 187,700 | ||
| Cost of Goods Sold | ||||
| Merchandise Inventory | 31,900 | 33,800 | ||
| Net Purchases | 60,300 | 55,500 | ||
| Goods Available for Sale | 92,200 | 89,300 | ||
| Less: Merchandise Inventory, Dec. 31 |
43,000 | 60,200 | ||
| Cost of Goods Sold | 49,200 | 29,100 | ||
| Gross Margin | 213,600 | 158,600 |
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