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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 119
prepare the following statements on separate sheets of paper.
a. Use the following financial information to construct a 2013 income statement with vertical analysis for Jazzline Jewelers: gross sales, $1,243,000; sales returns and allowances,$76,540; sales discounts, $21,300; merchandise inventory, Jan. 1, 2013, $654,410; merchandise inventory, Dec. 31,2013, $413,200; net purchases, $318,000; freight in, $3,450; salaries, $92,350; rent, $83,100; depreciation, $87,700; utilities, $21,350; advertising, $130,440; insurance, $7,920; miscellaneous expenses, $105,900; and income tax, $18,580.
Jazzline Jewelers
Income Statement
For the Year Ended December 31, 2013
b. The following data represent Jazzline's operating results for 2014. Prepare a comparative income statement, with horizontal analysis for 2013 and 2014: gross sales, $1,286,500; sales returns and allowances, $78,950; sales discounts, $18,700; merchandise inventory, Jan. 1,2014, $687,300; merchandise inventory, Dec. 31,20.14, $401,210; net purchases, $325,400; freight in, $3,980; salaries, $99,340; rent, $85,600; depreciation, $81,200; utilities, $21,340; advertising, $124,390; insurance, $8,700; miscellaneous expenses, $101,230; and income tax, $12,650.
Jazzline Jewelers
Comparative Income Statement
For the Years Ended December 31, 2013 and 2014
a. Use the following financial information to construct a 2013 income statement with vertical analysis for Jazzline Jewelers: gross sales, $1,243,000; sales returns and allowances,$76,540; sales discounts, $21,300; merchandise inventory, Jan. 1, 2013, $654,410; merchandise inventory, Dec. 31,2013, $413,200; net purchases, $318,000; freight in, $3,450; salaries, $92,350; rent, $83,100; depreciation, $87,700; utilities, $21,350; advertising, $130,440; insurance, $7,920; miscellaneous expenses, $105,900; and income tax, $18,580.
Jazzline Jewelers
Income Statement
For the Year Ended December 31, 2013
b. The following data represent Jazzline's operating results for 2014. Prepare a comparative income statement, with horizontal analysis for 2013 and 2014: gross sales, $1,286,500; sales returns and allowances, $78,950; sales discounts, $18,700; merchandise inventory, Jan. 1,2014, $687,300; merchandise inventory, Dec. 31,20.14, $401,210; net purchases, $325,400; freight in, $3,980; salaries, $99,340; rent, $85,600; depreciation, $81,200; utilities, $21,340; advertising, $124,390; insurance, $8,700; miscellaneous expenses, $101,230; and income tax, $12,650.
Jazzline Jewelers
Comparative Income Statement
For the Years Ended December 31, 2013 and 2014
Explanation
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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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