Income statement data for Montana Images Company for the years ended December 31, 2012 and 2011, are
Question:
Income statement data for Montana Images Company for the years ended December 31, 2012 and 2011, are as follows:
a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for 2012 when compared with 2011. Round to one decimal place.
b. What conclusions can be drawn from the horizontalanalysis?
Transcribed Image Text:
Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expense Net income 2012 $579,000 343,500 $235,500 46,000 2011 $500,000 300,000 $200,000 40,000 10,000 50,000 $150,000 37,500 $1 12,500 57,000 $178,500 45,000 133500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 68% (16 reviews)
a b The net income for Montana Images Company increased by approximately 187 from 2011 to ...View the full answer
Answered By
Carly Cimino
As a tutor, my focus is to help communicate and break down difficult concepts in a way that allows students greater accessibility and comprehension to their course material. I love helping others develop a sense of personal confidence and curiosity, and I'm looking forward to the chance to interact and work with you professionally and better your academic grades.
4.30+
12+ Reviews
21+ Question Solved
Related Book For
Question Posted:
Students also viewed these Managerial Accounting questions
-
Income statement data for Grendel Images Company for the years ended December 31, 2010 and 2009, are as follows: a. Prepare a comparative income statement with horizontal analysis, indicating the...
-
What conclusions can be drawn from a feasibility analysis?
-
Income statement data for Grendel Images Company for the years ended December 31, 2010 and 2009 are as follows: (a) Prepare a comparative income statement with horizontal analysis, indicating the...
-
What does a SWOT analysis reveal about the overall attractiveness of lululemon's situation?
-
Provide the reagents necessary for the following synthesis. OH HO Start with and make
-
Use .TRAN and .PROBE to plot V C across the 1-F capacitor in the source-free circuit of Fig. 15-30(a) for R = 100, 600, 1100, 1600, and 2100 . The initial voltage is V C (0) = 10 V. Figure 15-30 + Vc...
-
Burger King announced it would phase abused chicken out of its supply chain by 2024. The new standards include the requiring of higher-welfare strains of chickens, a reduction in the stocking density...
-
Autoplus International is a publicly traded company that manufactures and distributes a number of products for use within the automobile industry. Major products are categorized as follows: A....
-
Which one of the following business impact assessment variables is used to estimate the amount of damage an organization incurs each time an event occurs?
-
The chairperson of the department of management at Tech wants to forecast the number of students who will enroll in operations management next semester in order to determine how many sections to...
-
Balance sheet data for Otter Creek Company on December 31, the end of the fiscal year, are shown below. Prepare a comparative balance sheet for 2012 and 2011, stating each asset as a percent of total...
-
The following data were taken from the balance sheet of Fairmont Company: a. Determine for each year (1) The working capital, (2) The current ratio, and (3) The quick ratio. b. What conclusions can...
-
Currently, Texas Tea Oil Co. is the only local supplier of home heating oil in Frigid, Alaska. This winter, residents were shocked that the price of a gallon of heating oil had doubled and believed...
-
A corporation is listed on the New York Stock Exchange. Unfortunately, it has seen hard times, and its stock price has dropped to $0.75 per share. Unless its stock trades at above $1.00, it may be...
-
Bill Stale started investing in the stock market this year. He bought two stocks and sold them both just before the end of the financial year. Stock A made was sold at a $400 gain and Stock B sold at...
-
A start-up company plans to pay a $0.20 dividend in one year and grow that dividend at 10% per year for the following five years (up through the sixth dividend). Starting in the seventh year, the...
-
Identifying how a company performs a market analysis. 2. Confirm the company's e-Marketing goals. 3. How they evaluate electronic communications. 4. Identifying how a company identifies and reaches...
-
Your borrowers have monthly income of $15,000, in the neighborhood that they are looking to purchase the average property tax per year is $4,800 and the average heat cost per year is $2,400. Their...
-
Write a program that takes as command-line arguments an integer n and a floating-point number p (between 0 and 1), plots n equally spaced points on the circumference of a circle, and then, with...
-
A seasonal index may be less than one, equal to one, or greater than one. Explain what each of these values would mean.
-
For a double line-to-ground fault through a fault impedance \(Z_{\mathrm{F}}\), the sequence networks are to be connected _________ at the fault terminal; additionally, _________ is to be included in...
-
When are short-term notes payable issued?
-
The following data relate to a $5,000,000, 6% bond issue for a selected semiannual interest period: (a) Were the bonds issued at a discount or at a premium? (b) What expense account was decreased to...
-
The treasury stock in Question 14 is resold for $3,250,000. (a) What is the effect on the corporations revenue of the period? (b) What is the effect on stockholders equity?
-
Round Barn stock has a required return of 12.20% and is expected to pay a dividend of $4.30 next year. Investors expect a growth rate of 4.80% on the dividends for the foreseeable future. Required:...
-
Question list K Question 1 (Related to Checkpoint 12.1) (Calculating operating cash flows) Assume that a new project will annually generate revenues of $2,400,000 and cash expenses (including both...
-
Q.1 The Redux Ltd. is consideration a project that requires an initial cash outlay of Rs. 50,00,000. The following are financial details of the project being considered. (06 marks) Particular Sales...
Study smarter with the SolutionInn App