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Prepare the following statements on separate sheets of paper. a. Use the following financial information to construct a 2015 income statement with vertical analysis for the Sweets & Treats Candy Company, Inc.: gross sales. $2,249,000; sales returns and allowances. $143,500; sales discounts. $54,290; merchandise inventory. Jan. 1, $875,330; merchandise inventory, Dec. 31, $716,090; net purchases. $546,920; freight in, $11,320; salaries. $319,800; rent, $213,100; depreciation. $51,200; utilities. $35,660; advertising. $249,600; insurance, $39,410; administrative expenses. $91,700; miscellaneous expenses. $107,500; and income tax. $38,450. Sweets & Treats Candy Company, Inc. Income Statement, 2015 b. The following data represent Sweets & Treats’ operating results for 2016. Prepare a comparative income statement with horizontal analysis for 2014 and 2015: gross sales. $2,125,000; sales returns and allowances. $126,400; sales discounts. $73,380; merchandise inventory. Jan. 1, 2016, $716,090; merchandise inventory. Dec. 31, 2016, $584,550; net purchases. $482,620; freight in. $9,220; salaries. $340,900; rent. $215,000; depreciation. $56,300; utilities. $29,690; advertising. $217,300; insurance. $39,410; administrative expenses. $95,850; miscellaneous expenses. $102,500; and income tax. $44,530. Sweets & Treats Candy Company. Inc. Comparative Income Statement. 2015 and 2016

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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447
BuyFind

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
Publisher: Cengage Learning
ISBN: 9781305585447

Solutions

Chapter
Section
Chapter 15.II, Problem 15RE
Textbook Problem

Prepare the following statements on separate sheets of paper.

a. Use the following financial information to construct a 2015 income statement with vertical analysis for the Sweets & Treats Candy Company, Inc.: gross sales. $2,249,000; sales returns and allowances. $143,500; sales discounts. $54,290; merchandise inventory. Jan. 1, $875,330; merchandise inventory, Dec. 31, $716,090; net purchases. $546,920; freight in, $11,320; salaries. $319,800; rent, $213,100; depreciation. $51,200; utilities. $35,660; advertising. $249,600; insurance, $39,410; administrative expenses. $91,700; miscellaneous expenses. $107,500; and income tax. $38,450.

Sweets & Treats Candy Company, Inc.

Income Statement, 2015

b. The following data represent Sweets & Treats’ operating results for 2016. Prepare a comparative income statement with horizontal analysis for 2014 and 2015: gross sales. $2,125,000; sales returns and allowances. $126,400; sales discounts. $73,380; merchandise inventory.

Jan. 1, 2016, $716,090; merchandise inventory. Dec. 31, 2016, $584,550; net purchases. $482,620; freight in. $9,220; salaries. $340,900; rent. $215,000; depreciation. $56,300; utilities. $29,690; advertising. $217,300; insurance. $39,410; administrative expenses.

$95,850; miscellaneous expenses. $102,500; and income tax. $44,530.

Sweets & Treats Candy Company. Inc.

Comparative Income Statement. 2015 and 2016

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Chapter 15 Solutions

Contemporary Mathematics for Business & Consumers
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Ch. 15.I - Calculate the following values according to the...Ch. 15.I - Calculate the missing balance sheet items for...Ch. 15.I - Calculate the missing balance sheet items for...Ch. 15.I - Calculate the missing balance sheet items for...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - For the following balance sheet items, check the...Ch. 15.I - Prepare the following statements on separate...Ch. 15.I - a. 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