Concept explainers
Comprehensive Income: It is an extension to net income. These include revenue, expenses, gains, and losses that are included in net income of the company. Comprehensive income includes unrealized holding gains and losses on the investments.
Formula:
Vertical Analysis: Vertical analysis is prepared to analyze the relationship among various financial statements with a particular base amount. Use the following formula to calculate vertical analysis percentage:
Formula:
This analysis is otherwise called as common-size statement.
To report: The amount of comprehensive income and the net income.
Given info: Net income and comprehensive income
Want to see the full answer?
Check out a sample textbook solutionChapter 13 Solutions
FINANCIAL ACCOUNTING>IC<
- What was Target’s basic earnings per share for the year ended January 30, 2016?arrow_forwardBy what percentage did Mydeco's revenues grow each year from 2016 to 2019? (Round to two decimal places.) By what percentage did net income grow each year? (Round to two decimal places.) Why might the growth rates of revenues and net income differ? (Round to two decimal places.)arrow_forwarda. What is the consolidated net income for 2014? b. What is the consolidated sales for 2014?arrow_forward
- What is the Consolidated Retained Earnings on December 31, 2014?arrow_forwardFinancial statement data for years ending December 31 for Latchkey Company follows: a. Determine the ratio of sales to assets for 2016 and 2015. b. Does the change in the ratio of sales to assets from 2015 to 2016 indicate a favorable or an unfavorable trend?arrow_forwardThe condensed income statements through income from operations for Dell Inc. and Apple Inc. for recent fiscal years follow (numbers in millions of dollars): Prepare comparative common-sized statements, rounding percents to one decimal place. Interpret the analyses.arrow_forward
- Shown below are Apple Inc’s Consolidated Statements of Operations for years ended September 24, 2022; September 25, 2021 and September 26, 2020; and Consolidated Balance Sheets at September 24, 2022 and September 25, 2021. Determine the following for apple a) return on equity for the year ended September 24,2022 b) Acid-test ratio at September 24,2022 c) Number of days sales in accounts receivable at September 24, 2022 d) Inventory turnover for the year ended September 24,2022, e. With a common stock market price of $150.43 at September 24,2022, the Price Earnings ratio for the year ended September 24, 2022 f. Do you consider the PE ratio in part e to be below average, average or above average? Why? g. The debt to equity ratio at September 24, 2022arrow_forwardSuppose the following historical data is from the consolidated income statements filed by a media corporation. *chart attached* A: Prepare a horizontal analysis of the net income comparing 2012 and 2013. (Round percentages to one decimal place.) *Chart attached*arrow_forwardThe income statement of a corporation shows the following balance in Sales Revenue for the years 2017, 2016, and 2015. 2017: $676,000 2016: $625,000 2015: $610,000 Performing horizontal analysis on Sales Revenue would result in what percentage change for 2017? (Round to two decimal places.) 8% 108% 2% 11%arrow_forward
- For the fiscal year ended September 28, 2019, what amount is debited to Income Summary to summarize its expenses incurred? Apple Inc.CONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except number of shares which are reflected in thousands and per share amounts)Years ended September 28, 2019 September 29, 2018 September 30, 2017Net sales:Products $ 213,883 $ 225,847 $ 196,534Services 46,291 39,748 32,700Total net sales 260,174 265,595 229,234Cost of sales:Products 144,996 148,164 126,337Services 16,786 15,592 14,711Total cost of sales 161,782 163,756 141,048Gross margin 98,392 101,839 88,186Operating expenses:Research and development 16,217 14,236 11,581Selling, general and administrative 18,245 16,705 15,261Total operating expenses 34,462 30,941 26,842Operating income 63,930 70,898 61,344Other income (expense), net 1,807 2,005 2,745Income before provision for income taxes 65,737 72,903 64,089Provision for income taxes 10,481 13,372 15,738Net income $ 55,256 $ 59,531 $…arrow_forwardWhat was the earning per share on Abercrombie & Fitch for the year July 7, 2015 through July 7, 2016?arrow_forwardPerforming horizontal analysis—income statement Data for Mulberry Designs, Inc. follow: Requirements Prepare a horizontal analysis of the comparative income statement of Mulberry Designs, Inc. Round percentage changes to one decimal place. Why did 2018 net income increase by a higher percentage than net sales revenue?arrow_forward
- Financial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage LearningCornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningFinancial AccountingAccountingISBN:9781305088436Author:Carl Warren, Jim Reeve, Jonathan DuchacPublisher:Cengage Learning
- Century 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage