Prepare an income statement for Munroe Sauce for the year ended December 31, 2015. Beginning inventory was $1,251. Ending inventory was $1,603. (Input all amounts as positive values.)

Sales	$	35,200
Sales returns and allowances		1,095
Sales discount		1,155
Purchases		10,662
Purchase discounts		543
Depreciation expense		118
Salary expense		5,350
Insurance expense		2,750
Utilities expense		213
Plumbing expense		253
Rent expense		183

MUNROE SAUCE Income Statement For Year Ended December 31, 2015
(Click to select)PlumbingRentUtilitiesNet salesPurchasesInsurancePurchase discountsDepreciationSalaryCost of merchandise (goods) sold		$
(Click to select)InsuranceCost of merchandise (goods) soldNet salesDepreciationPlumbingUtilitiesSalaryPurchase discountsPurchasesRent
(Click to select)Gross profit from salesGross loss from sales		$
Operating expenses:
(Click to select)InsurancePurchase discountsPurchasesSalaryPlumbingCost of merchandise (goods) soldUtilitiesNet salesRentDepreciation	$
(Click to select)RentCost of merchandise (goods) soldNet salesSalaryDepreciationPurchase discountsUtilitiesPlumbingInsurancePurchases
(Click to select)Net salesPurchasesRentPurchase discountsPlumbingInsuranceUtilitiesSalaryDepreciationCost of merchandise (goods) sold
(Click to select)PurchasesCost of merchandise (goods) soldPlumbingRentNet salesInsurancePurchase discountsUtilitiesDepreciationSalary
(Click to select)Net salesUtilitiesPlumbingPurchase discountsDepreciationInsuranceRentPurchasesSalaryCost of merchandise (goods) sold
(Click to select)PurchasesUtilitiesCost of merchandise (goods) soldDepreciationPlumbingPurchase discountsInsuranceSalaryRentNet sales
Total operating expenses
(Click to select)Net incomeNet loss		$

2.

Assume this is a partial list of financial highlights from a Best Buy annual report:

	2013		2012
	(dollars in millions)
Net sales	$	48,080	$	41,475
Earnings before taxes		2,441		1,388
Net earnings		1,528		996

Complete a horizontal and vertical analysis from the above information. (Enter your answers in millions. Round the "percent" answers to the nearest hundredth percent.)

Horizontal analysis					Vertical analysis
	2013	2012	Increase	Percent	2013	2012
Net sales	$	$	$		%	%
Earnings before taxes					%	%
Net earnings					%	%

3.

From the French Instrument Corporation second-quarter report ended 2014, do a vertical analysis for the second quarter of 2014. (Input all answers as positive values except other (income) which should be indicated by a minus sign. Round your answers to the nearest hundredth percent.)

FRENCH INSTRUMENT CORPORATION AND SUBSIDIARIES Consolidated Statements of Operation (Unaudited) (In thousands of dollars, except share data)
	SECOND QUARTER
	2014		2013		Percent of net
Net sales	$	6,705	$	6,958
Cost of sales		4,090		4,463
Gross margin		2,615		2,495
Expenses:
Selling, general and administrative		1,846		1,784
Product development		176		166
Interest expense		99		124
Other (income), net		(171)		(98)
Total expenses		1,950		1,976
Income before income taxes		665		519
Provision for income taxes		266		210
Net income	$	399	$	309
Net income per common share*	$	0.05	$	0.03
Weighted average number of common
shares and equivalents	6,673,673		6,624,184

*Income per common share reflects the deduction of the preferred stock dividend from net income.