Prepare a multi-step vertical analysis income statement for Brea Corporation as of December 31, 2020 using column 2 for detail, column 3 for nets, sub-totals, & totals, and column 4 for the vertical analysis percentages to the nearest tenth on the 4-column accounting paper provided online. place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank except for earnings per share. Dollar signs are used at the top of the column and after a total line. Double underlining should only be used for net income. Each section starts all the way to the far left of the description column with a header row, then the items following with an indentation, and then a net or total row with an additional indentation. If the section is a single item like income tax expense, no header or net total / rows are necessary. Skip a row between each section. Use column 1 as an overflow from the description column. Abbreviations should be avoided on financial statements. Some accounts listed may not belong on the income statement. Show earnings per share and the common shares outstanding after the net income. General Ledger Accounts and their Normal Balances: Accounts payable $18,700 Accounts receivable 33,900 Cash 30,700 Cost of Goods Sold 257,100 General and Administration Expenses 178,200 Inventory 46,700 Income Taxes 28,700 Other Non-operating Revenue & Gains 900 Other Non-operating Expenses & Losses 1,700 Prepaid Expenses 2,100 Sales Revenue 762,400 Selling Expenses 135,200 Shares Common shares issued 50,000 Common shares in treasury 3,000
Prepare a multi-step vertical analysis income statement for Brea Corporation as of December 31, 2020
using column 2 for detail, column 3 for nets, sub-totals, & totals, and column 4 for the vertical analysis
percentages to the nearest tenth on the 4-column accounting paper provided online.
place the units, tens, hundreds, thousands, etc. in the proper mini column, and leave the pennies blank
except for earnings per share.
Dollar signs are used at the top of the column and after a total line. Double underlining should only be
used for net income.
Each section starts all the way to the far left of the description column with a header row, then the
items following with an indentation, and then a net or total row with an additional indentation. If the
section is a single item like income tax expense, no header or net total / rows are necessary. Skip a row
between each section. Use column 1 as an overflow from the description column. Abbreviations should
be avoided on financial statements.
Some accounts listed may not belong on the income statement. Show earnings per share and the
common shares outstanding after the net income.
General Ledger Accounts and their Normal Balances:
Accounts payable $18,700
Accounts receivable 33,900
Cash 30,700
Cost of Goods Sold 257,100
General and Administration Expenses 178,200
Inventory 46,700
Income Taxes 28,700
Other Non-operating Revenue & Gains 900
Other Non-operating Expenses & Losses 1,700
Prepaid Expenses 2,100
Sales Revenue 762,400
Selling Expenses 135,200
Shares
Common shares issued 50,000
Common shares in treasury 3,000
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