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Category > Accounting Posted 20 Aug 2017 My Price 9.00

Clapton Company

Horizontal analysis of income statement

For 2016, Clapton Company reported a decline in net income. At the end of the year,

S.   Hand, the president, is presented with the following condensed comparative income statement:

 

Clapton Company Comparative Income Statement

                                                             For the Years Ended December 31, 2016 and 2015                                                            

 

 

 

 

2016 2015 Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,750,000 $6,000,000 Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,480,000 2,000,000 Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,270,000 $4,000,000 Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,260,000 $1,000,000 Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 625,000 500,000 Total operating expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,885,000 $1,500,000 Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,385,000 $2,500,000 Other income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110,000 100,000 Income before income tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,495,000 $2,600,000 Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000 50,000 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,435,000 $2,550,000  

 

 

 

 

 

Instructions

1.     Prepare a comparative income statement with horizontal analysis for the two-year period, using 2015 as the base year. Round to one decimal place.

2.     To the extent the data permit, comment on the significant relationships revealed by the horizontal analysis prepared in (1).

Answers

Maurice Tutor
(5)
Status NEW Posted 20 Aug 2017 08:08 PM My Price 9.00

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