Chapter 5, Problem 5.9MCP

Comparability and Consistency in Income Statements The following income statements were provided by Chisholm Company, a wholesale food distributor: Required Identify each income statement as either single- or multiple-step format. Restate each item in the income statements as a percentage of sales. Why did net income remain unchanged when sales increased in 2016?

FINANCIAL STATEMENTS The Income Statement and Balance Sheet columns of Wen Companys work sheet are shown on the next page. Additional information needed to prepare the financial statements is as follows: REQUIRED 1. Prepare an income statement and a schedule of cost of goods manufactured for the year ended December 31, 20--. 2. Prepare a statement of retained earnings for the year ended December 31, 20--. 3. Prepare a balance sheet as of December 31, 20--.

The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands)         % of Net Sales   Net sales   $2,111,000   enter percentages of net sales %   Cost of goods sold   1,464,000   enter percentages of net sales %   Selling and administrative expenses   312,200   enter percentages of net sales %   Nonrecurring expenses   27,600   enter percentages of net sales %   Earnings before interest, taxes, depreciation, and amortization (EBITDA)   $307,200   enter percentages of net sales %   Depreciation   117,000   enter percentages of net sales %   Earnings before interest and taxes (EBIT)   190,200   enter percentages of net sales %   Interest expense   118,600   enter percentages of net sales %   Earnings before taxes (EBT)…

Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold   $254,000   Rent expense   $36,000 Freight-out   7,500   Sales discounts   8,800 Insurance expense   5,000   Sales returns and allowances   11,000 Salaries and wages expense   75,000   Sales revenue   425,000       Prepare a multiple-step income statement. OAKLEY COMPANYIncome Statement                                                                       For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020                                                                        Owner's Capital, March 31Operating ExpensesNet Income / (Loss)RevenuesGross Profit / (Loss)InvestmentsOwner's Capital, March 1Net SalesTotal Operating ExpensesDrawings         $                                                                         LessAdd:       $…

Required 1. Prepare the cost of goods sold section of the income statement at December 31, 2017, for each company in Merchandising Business and Manufacturing Business.

Refer to Samsung’s financial statements. Compute its cost of goods available for sale for the year ended December 31, 2017.

Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold   $254,000   Rent expense   $36,000 Freight-out   7,500   Sales discounts   8,800 Insurance expense   5,000   Sales returns and allowances   11,000 Salaries and wages expense   75,000   Sales revenue   425,000 (a) Your Answer Correct Answer Partially correct answer iconYour answer is partially correct. Prepare a multiple-step income statement. OAKLEY COMPANYIncome Statement                                                                       For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020                                                                        Owner's Capital, March 31Operating ExpensesNet Income / (Loss)RevenuesGross Profit / (Loss)InvestmentsOwner's Capital, March 1Net SalesTotal Operating ExpensesDrawings         $…

The accounting information collected from the MCM company is detailed in the attached tables. Prepare the following:a-General Balance as of September 30, 2010b- Statement of the cost of goods sold for the month of September 2010c-Income statement for the month of September 2010d-Calculate the following financial ratios: Current ratio, acid test ratio, participation ratio, profit margin. Financial information was collected for the month of September 210 for the company MCM.   Balance  Bills to pay $35000     receivable accounts $29000 bonds payable $110000 buildings (net value) $605000 cash on hand $17000 dividends payable $8000 inventary $31000 terrain  $450000 long-term mortgage payable $450000 retained earnings $154000 stock values $375000 transaction in september 2010 category   Amount workforce   $50000 bills      insurance  $20000   sales $62000   rent and maintenance $40000   salary  $110000   others  $62000   total   $294000…

Instructions: Prepare the functional income statement of Anne Curtis Company on December 31, 2016. It must be supported by Notes.  Sales - 9,630,000 Purchases - 4,720,000 Merchandise Inventory January 1 - 2,170,000 Merchandise Inventory, Dec. 31 - 1,430,000 Salaries Expense-Selling - 1,140,000 Salaries Expense-Administrative - 920,000 Depreciation Expense-office Equipment - 460,000 Sales Return and Allowances - 280,000 Insurance Expense - 55,000 Sale Discounts - 210,000 Transpotation Out - 170,000 Depreciation Expense-Store Equipment - 160,000 Purchase Return and Allowances - 110,000 Selling Supplies Expense - 80,000 Purchase Discounts - 70,000 Freight In - 50,000 Miscellaneous Expense - 30,000