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Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 2OY1 20Υ2 20Υ1 Sales .... $910,000 $700,000 Cost of goods sold.. Gross profit ... 441,000 350,000 $469,000 $350,000 $ 139,150 Selling expenses Administrative expenses.. Total operating expenses Income from operations .. $115,000 85,000 99,450 $238,600 $200,000 $230,400 $150,000 Other revenue 50,000 65,000 Income before income tax $295,400 $200,000 Income tax expense . 65,000 50,000 $230,400 $150,000 Net income ...

Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 2OY1 20Υ2 20Υ1 Sales .... $910,000 $700,000 Cost of goods sold.. Gross profit ... 441,000 350,000 $469,000 $350,000 $ 139,150 Selling expenses Administrative expenses.. Total operating expenses Income from operations .. $115,000 85,000 99,450 $238,600 $200,000 $230,400 $150,000 Other revenue 50,000 65,000 Income before income tax $295,400 $200,000 Income tax expense . 65,000 50,000 $230,400 $150,000 Net income ...

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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For 20Y2, Macklin Inc. reported a significant increase in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement:

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Instructions
1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round percentages to one decimal place.
2. To the extent the data permit, comment on the significant relationships revealed by the horizontal analysis prepared in (1).

Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 2OY1 20Υ2 20Υ1 Sales .... $910,000 $700,000 Cost of goods sold.. Gross profit ... 441,000 350,000 $469,000 $350,000 $ 139,150 Selling expenses Administrative expenses.. Total operating expenses Income from operations .. $115,000 85,000 99,450 $238,600 $200,000 $230,400 $150,000 Other revenue 50,000 65,000 Income before income tax $295,400 $200,000 Income tax expense . 65,000 50,000 $230,400 $150,000 Net income ...
Transcribed Image Text:Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 2OY1 20Υ2 20Υ1 Sales .... $910,000 $700,000 Cost of goods sold.. Gross profit ... 441,000 350,000 $469,000 $350,000 $ 139,150 Selling expenses Administrative expenses.. Total operating expenses Income from operations .. $115,000 85,000 99,450 $238,600 $200,000 $230,400 $150,000 Other revenue 50,000 65,000 Income before income tax $295,400 $200,000 Income tax expense . 65,000 50,000 $230,400 $150,000 Net income ...
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