UUsing the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place. LOCKEY FENCING CORPORATION Income Statements For the year ended December 31 2013 2012 Amounts Amounts Net Sales $100,000.00 $75,000.00 Cost of Goods Sold $58,000.00 $45,000.00 Gross Profit $42,000.00 $30,000.00 Selling, General, and Administrative Expenses $9,000.00 $4,500.00 Income from Operations$33,000.00 $25,500.00 Interest Expense $3,000.00 $3,750.00 Income before Income Tax $30,000.00 $21,750.00 Income Tax Expense $9,000.00 $6,525.00 Net Income $21,000.00 $15,225.00
UUsing the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place. LOCKEY FENCING CORPORATION Income Statements For the year ended December 31 2013 2012 Amounts Amounts Net Sales $100,000.00 $75,000.00 Cost of Goods Sold $58,000.00 $45,000.00 Gross Profit $42,000.00 $30,000.00 Selling, General, and Administrative Expenses $9,000.00 $4,500.00 Income from Operations$33,000.00 $25,500.00 Interest Expense $3,000.00 $3,750.00 Income before Income Tax $30,000.00 $21,750.00 Income Tax Expense $9,000.00 $6,525.00 Net Income $21,000.00 $15,225.00
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 40E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...
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UUsing the following income statements, perform the calculations needed for horizontal analyses. Round percentages to one decimal place.
LOCKEY FENCING CORPORATION
Income Statements
For the year ended December 31
2013 2012
Amounts Amounts
Net Sales $100,000.00 $75,000.00
Cost of Goods Sold $58,000.00 $45,000.00
Gross Profit $42,000.00 $30,000.00
Selling, General, and Administrative Expenses $9,000.00 $4,500.00
Income from Operations$33,000.00 $25,500.00
Interest Expense $3,000.00 $3,750.00
Income before Income Tax $30,000.00 $21,750.00
Income Tax Expense $9,000.00 $6,525.00
Net Income $21,000.00 $15,225.00
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