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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 46
Prepare the following statements on separate sheets of paper.
a. As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an incomestatement with vertical analysis for the first quarter of 2016 from the following information: gross sales, $240,000; sales discounts, $43,500; beginning inventory, Jan. 1, $86,400; ending inventory, March 31, $103,200; net purchases, $76,900; total operating expenses, $108,000; and income tax, $14,550.
Jefferson Airplane Parts, Inc.
Income Statement
January 1 to March 31, 2016
b. You have just received a report with the second-quarter figures. Prepare a comparative
income statement with horizontal analysis for the first and second quarter of 2016: gross sales, $297,000; sales discounts, $41,300; beginning inventory, April 1, $103,200; ending inventory, June 30, $96,580; net purchases, $84,320; total operating expenses, $126,700; and income tax, $16,400.
Jefferson Airplane Parts, Inc.
Comparative Income Statement
First and Second Quarter, 2016
a. As the assistant accounting manager for Jefferson Airplane Parts, Inc., construct an incomestatement with vertical analysis for the first quarter of 2016 from the following information: gross sales, $240,000; sales discounts, $43,500; beginning inventory, Jan. 1, $86,400; ending inventory, March 31, $103,200; net purchases, $76,900; total operating expenses, $108,000; and income tax, $14,550.
Jefferson Airplane Parts, Inc.
Income Statement
January 1 to March 31, 2016
b. You have just received a report with the second-quarter figures. Prepare a comparative
income statement with horizontal analysis for the first and second quarter of 2016: gross sales, $297,000; sales discounts, $41,300; beginning inventory, April 1, $103,200; ending inventory, June 30, $96,580; net purchases, $84,320; total operating expenses, $126,700; and income tax, $16,400.
Jefferson Airplane Parts, Inc.
Comparative Income Statement
First and Second Quarter, 2016
Explanation
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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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