Question
Prepare a horizontal analysis of the following comparative income statement for the Buff Bodies Corporation . Round percentage changes to the nearest one-tenth percent. Buff
- Prepare a horizontal analysis of the following comparative income statement for the Buff Bodies Corporation. Round percentage changes to the nearest one-tenth percent.
Buff Bodies Corporation
Comparative Income Statement
For the Years Ended December 31, 2019 and 2018
2019 2018
Total revenue $1,450,000 $1,300,000
Expenses:
Cost of goods sold $ 1,023,000 $ 930,000
Operating expenses 310,000 275,000
Interest expense 48,300 38,000
Income tax expense 12,000 10,000
Total expenses $1,393,300 $1,253,000
Net income $ 56,700 $ 47,000
- Prepare a vertical analysis for Carson Corporations balance sheet to determine the component percentages of its assets, liabilities, and stockholders equity. Round percentages to the nearest one-tenth percent.
Carson Corporation
Balance Sheet
December 31, 2019
Assets
Total current assets $ 351,000
Long-term investments 124,000
Property, plant, and equipment, net 950,000
Total assets $1,425,000
Liabilities
Total current liabilities $ 230,000
Long-term debt 460,000
Total liabilities $ 690,000
Stockholders equity
Total stockholders equity $ 735,000
Total liabilities and stockholders equity $1,425,000
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Padhukas Students Handbook On Auditing And Assurance Including Multiple Choice Questions For CA Inter
Authors: CA G. Sekar, CA B Saravana Prasath
18th Edition
9390303087, 978-9390303083
