Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Horizontal Method Assets Current assets Plant assets (net) Intangible assets Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Stockholders' Equity Common stock Retained Earnings

Horizontal Method Assets Current assets Plant assets (net) Intangible assets Total assets Liabilities Current liabilities Long-term liabilities Total liabilities Stockholders' Equity Common stock Retained Earnings Total stockholders' equity Total liabilities & Stockholders Required: Fill the yellow area Vertical Method Sales revenue Sales returns and allowances Net Sales CGS Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenues and gains: Interest and dividends Other Expenses and losses: Interest expense Income before income taxes Income tax expense Net Income Universal Deparment Store Inc. Condensed Balance Sheets December 31, 2018 2018 $3,855,000 $2,776,400 $810,000 $750,032 $75,000 $35,000 $4,740,000 $3,561,432 $356,000 $250,986 $587,500 $497,000 $943,500 $747,986 $315,000 $225,000 $3,481,500 $2,588,446 $3,796,500 $2,813,446 $4,740,000 $3,561,432 2017 2018 Universal Deparment Store Inc. Condensed Income Statements For the Years Ended December 31, 2018 Amount Percent $4,765,000 $107,000 $4,658,000 $2,100,000 $2,558,000 $253,066 $112,000 $365,066 $2,192,934 $19,000 $36,000 $2,175,934 $168, 200 $2,007,734 Increase or (Decrease) during 2018 Amount Percent 2017 Amount $2,010,000 $103,000 $1,907,000 $1,030,000 $877,000 $210,500 $101,500 $312,000 $565,000 $11,000 $40,500 $535,500 $39,000 $496,500 Percent
image text in transcribed
\begin{tabular}{|c|c|c|c|c|} \hline \multirow[t]{6}{*}{ Heritomal Method } & \multirow{2}{*}{\multicolumn{3}{|c|}{UnivenalDeparmentSereinc:CondensedEalancetheets}} & \\ \hline & & & & \\ \hline & \multicolumn{2}{|r|}{ Decermber 31, 2 ass } & & \\ \hline & & & \multicolumn{2}{|c|}{ Increase or (Dewrase) } \\ \hline & \multirow[b]{2}{*}{2088} & \multirow[b]{2}{*}{2017} & \multicolumn{2}{|c|}{ doning 2019} \\ \hline & & & Amount & Percent \\ \hline \multicolumn{5}{|l|}{ Assects } \\ \hline Current assets & $3,855,000 & $2,m4,400 & & \\ \hline Plant assets (net) & $10,000 & $750,092 & & \\ \hline intangible auts & 5,000 & sas000 & & \\ \hline Total assets & 34,740,000 & $3,561,432 & & \\ \hline \multicolumn{5}{|l|}{ liablities } \\ \hline Current liabilities & $356,000 & $250,965 & & \\ \hline Long-term fiabilities & 5587,500 & 5497,000 & & \\ \hline Total liabilities & $943,500 & $747,906 & & \\ \hline \multicolumn{5}{|l|}{ Sockhoiden' Equitry } \\ \hline Commoh steck & 5315,000 & $225,000 & & \\ \hline Hetained Earnings & $3,485,500 & & & \\ \hline Total sockhoiden's' equily & 53796500 & $2813446 & & \\ \hline Total liabilities \& Stockholden & $4,740,000 & $3.561.432 & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline \multirow[t]{4}{*}{ Required: 1 ill the rellow area } & & & & \\ \hline & & \multicolumn{3}{|c|}{ Universal Depument Store linc. } \\ \hline & & \multicolumn{3}{|c|}{ Condemied income Statements } \\ \hline & \multicolumn{4}{|c|}{ For the Years Infied Dectumber IL, atu } \\ \hline \multirow[t]{2}{*}{ Vertical Method } & \multicolumn{2}{|c|}{2018} & \multicolumn{2}{|c|}{2007} \\ \hline & Ameunt & Pentent: & bmoers & Rersent \\ \hline Sales revenut & 34,05,000 & & 52,010,000 & \\ \hline Soles returns and allowances & $100.000 & & suoa ooc & \\ \hline Net Sales & $468,000 & & & \\ \hline cos & 32100000 & & Stosoges & \\ \hline Gossprotis: & $2558,000 & & sen000 & \\ \hline Selling expenses & $253,066 & & $210,500 & \\ \hline Administrative expenses & 5112,000 & & 5+02.500 & \\ \hline Total operating experses & $355066 & & sin2000 & \\ \hline Income from ogerations & $2,192,934 & & SSEs,000 & \\ \hline \multicolumn{5}{|l|}{ Other revenues and gains:- } \\ \hline Interest and dividends & sin9,000 & & $11,000 & \\ \hline \multicolumn{5}{|l|}{ Other Expemes and losses: } \\ \hline Interess expetsue & $36.000 & & sec500 & \\ \hline Income before income taxes & $2,175,934 & & $535,500 & \\ \hline Income tax expense & $16800 & & sinxx & \\ \hline Net Inkeme & $2007,74 & & sen500 & \\ \hline \end{tabular}

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Anxiety Audit

Authors: Lynn Lyons

1st Edition

0757324258, 978-0757324253

More Books

Students also viewed these Accounting questions

Question

1. What causes musculoskeletal pain?

Answered: 1 week ago