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Income Statement (vertical) report with a run date of 12/31/-. Provide a narrative analysis of this report in a manner similar to that done in
Income Statement (vertical) report with a run date of 12/31/-. Provide a narrative analysis of this report in a manner similar to that done in the chapter. Use your own words based on the information provided in this report.
Casey Corporation | ||||
Income Stmt. Vertical Analysis | ||||
For Years Ended 12/31/17 and 12/31/18 | ||||
Current | Current | Previous | Previous | |
Amount | Percent | Amount | Percent | |
Operating Revenue | ||||
Sales | 869,695.50 | 101.91 | 836,490.00 | 101.16 |
Sales Returns & Allow. | -9,150.00 | -1.07 | -6,000.00 | -0.73 |
Sales Discounts | -7,154.01 | -0.84 | -3,595.00 | -0.43 |
------------- | ------------- | ------------- | ---------- | |
Total Operating Revenue | 853,391.49 | 100 | 826,895.00 | 100 |
Cost | ||||
Cost of Merchandise Sold | 592,660.00 | 69.45 | 593,255.00 | 71.74 |
------------- | ------------- | ------------- | ---------- | |
Total Cost | 592,660.00 | 69.45 | 593,255.00 | 71.74 |
------------- | ------------- | ------------- | ---------- | |
Gross Profit | 260,731.49 | 30.55 | 233,640.00 | 28.26 |
Operating Expenses | ||||
Sales Salaries Expense | 74,368.94 | 8.71 | 63,873.10 | 7.72 |
Advertising Expense | 13,750.00 | 1.61 | 11,500.00 | 1.39 |
Depr. Exp. Store Eqpt. | 3,935.00 | 0.46 | 2,960.00 | 0.36 |
Insurance Expense Selling | 4,595.00 | 0.54 | 3,350.00 | 0.41 |
Store Supplies Expense | 820.32 | 0.1 | 1,729.30 | 0.21 |
Misc. Selling Expense | 850 | 0.1 | 1,525.00 | 0.18 |
------------- | ------------- | ------------- | ---------- | |
Selling Expenses | 98,319.26 | 11.52 | 84,937.40 | 10.27 |
Office Salaries Expense | 20,386.61 | 2.39 | 20,377.00 | 2.46 |
Utilities Expense | 8,991.47 | 1.05 | 8,776.72 | 1.06 |
Depr. Exp. Building | 19,000.00 | 2.23 | 17,000.00 | 2.06 |
Depr. Exp. Office Eqpt. | 2,020.00 | 0.24 | 1,135.00 | 0.14 |
Insurance Expense General | 2,500.00 | 0.29 | 1,800.00 | 0.22 |
Office Supplies Expense | 1,503.74 | 0.18 | 613.4 | 0.07 |
Misc. General Expense | 400 | 0.05 | 415 | 0.05 |
------------- | ------------- | ------------- | ---------- | |
Administrative Expenses | 54,801.82 | 6.42 | 50,117.12 | 6.06 |
------------- | ------------- | ------------- | ---------- | |
Total Operating Expenses | 153,121.08 | 17.94 | 135,054.52 | 16.33 |
------------- | ------------- | ------------- | ---------- | |
Net Income from Operations | 107,610.41 | 12.61 | 98,585.48 | 11.92 |
Other Revenue | ||||
Interest Income | 815.5 | 0.1 | 1,833.00 | 0.22 |
Gain on Sale Office Eqpt. | 130 | 0.02 | ||
Gain on Sale Store Eqpt. | 65 | 0.01 | ||
Other Expense | ||||
Interest Expense | 10,779.80 | 1.26 | 6,211.14 | 0.75 |
------------- | ------------- | ------------- | ---------- | |
Net Income before Income Tax | 97,711.11 | 11.45 | 94,337.34 | 11.41 |
Income Tax | ||||
Corporate Income Tax | 26,800.00 | 3.14 | 24,872.00 | 3.01 |
------------- | ------------- | ------------- | ---------- | |
Net Income after Income Tax | 70,911.11 | 8.31 | 69,465.34 | 8.4 |
============= | ============= | ============= | ========== | |
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