Paragon Company Income Statements For the Years Ended December 31 Line Item Description 20Y7 20Y6 Increase/(Decrease) Amount Increase/( Decrease) Percent Fees earned $1,372,000 $1,150,000 $ fill in the blank 2 fill in the blank 3% Expenses (1,028,000) (920, 000) fill in the blank 4 fill in the blank 5% Net income $344, 000 $230,000 $ fill in the blank 6 fill in the blank 7%
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- Satterfield Company Income Statements For the Years Ended December 31 Amount Percent Increase/ Increase/ (Decrease) (Decrease) 20Υ1 20YO Fees earned $611,820 $540,000 $ 71,820 Operating expenses 379,050 350,000 $ 29,050 Net income $232,770 $190,000 S 42,770Satterfield CompanyIncome StatementsFor the Years Ended December 31 20Y1 20Y0 Fees earned $534,100 $490,000 Operating expenses 328,960 320,000 Net income $205,140 $170,000 Prepare a horizontal analysis of Satterfield Company income statements. Round percent answers to one decimal place. If required, use the minus sign to indicate a decrease in the amount and percentage columns. 20Y1 20Y0 AmountIncrease/(Decrease) PercentIncrease/(Decrease) Fees earned $534,100 $490,000 $fill in the blank 1 fill in the blank 2% Operating expenses 328,960 320,000 $fill in the blank 3 fill in the blank 4 Net income $205,140 $170,000 $fill in the blank 5 fill in the blank 6Prepare a horizontal analysis of Paragon Company’s income statements. If required, round your percentage to the nearest whole number. Paragon Company Income Statements For the Years Ended December 31 Increase/(Decrease) 20Y7 20Y6 Amount Percent Fees earned $2,360,000 $2,000,000 $ fill in the blank 1 fill in the blank 2 % Expenses (1,680,000) (1,500,000) fill in the blank 3 fill in the blank 4 % Net income $680,000 $500,000 $ fill in the blank 5 fill in the blank %
- Prepare a horizontal analysis of Vaughn Company's income statements. Use the minus sign to indicate a decrease in the amount and percenta columns. Vaughn Company Income Statements For the Years Ended December 31 Amount Percent Increase/ (Decrease) (Decrease) 20Υ1 20γ0 Increase/ Fees earned $716,800 $896,000 $ Operating expenses 557,760 672,000 Net income $159,040 $224,000Accounting BONUS MARK: A small manufacturing firm, 'G&N Ltd' makes whistles. During November 2,600 whistles were manufactured and 1,450 whistles were sold. Data from the November report are shown below. %24 Selling expenses 25,340 Direct labour 37,752 Interest expense 7,135 Manufacturing 32,760 overhead Direct materials 61,464 Administrative 19,675 expensesReturn on Total Assets A company reports the following income statement and balance sheet information for the current year: Net income $661,910Interest expense 116,810Average total assets 6,280,000Determine the return on total assets. If required, round the answer to one decimal place.fill in the blank 1 %
- Consolidet income statments for h& h company for two years are shown below 19x4 19x4 sales 230000, 206000 cgs 95000, 107000 gros profit 135000, 99000 opersting expence 67000,43000 net income 68000,56000. After the end of 19x4 discoverd that an error had resulted in a birr 15000 understatment of the 19x3 ending inventory compute the corrected net income for 19x3 and 19x4. what effect will the error have net net income and owner equity for 19x5Assume the following sales data for a company: Current year $1,025,000 Preceding year 820,000 What is the percentage increase in sales from the preceding year to the current year? Oa. 125% Ob. 25% Oc. 75% Od. 100%Norton Company Income Statement For Year Ended December 31 1 Common stock, $50 par $200,000.00 2 Cost of goods sold 342,000.00 3 Administrative expenses 48,250.00 4 Income tax (applicable to continuing operations) 142,000.00 5 Interest expense 3,750.00 6 Loss on discontinued operations, net of applicable tax of $2,700 5,400.00 7 Sales 865,000.00 8 Selling expenses 83,000.00 Required: Prepare a multiple-step income statement. Include the earnings per share presentation on the income statement. Be sure to complete the statement heading. Refer to the lists of Accounts in the information given, Labels, and Amount Descriptions for the exact wording of the answer choices for text entries. You will not need to enter colons (:) on the income statement. Enter all amounts as positive numbers. Round Earnings per share to two decimal places.
- Suresh Company reports the following segment (department) income results for the year. Department M Department N Department 0 Department P $ 82,000 $ 44,000 $ 78,000 $ 65,000 Sales Expenses Avoidable Unavoidable Total expenses Income (loss) Department Department M Department N Department O Department P Department T 17,300 45,400 57,800 21,600 75, 100 67,000 $ 6,900 $ (23,000) Decision 18,000 5,700 23,700 $ 54,300 21,500 54,300 75,800 $ (10,800) Department T $ 43,000 51,300 20,300 71, 600 $ (28,600) Total $ 312,000 a. If the company plans to eliminate departments that have sales less than avoidable costs, which department(s) would be eliminated? 153,500 159, 700 313, 200 $ (1,200)Required information For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 411, 225 209,550 12, 100 9,525 $ 673,500 642, 400 $31,100 $ 1.90 :. -. - == ....... 9 US Sa MRequirement 1. Prepare a horizontal analysis of the comparative income statement of McCormick Designs, Inc. Round percentage changes to one decimal place. (Round the percentages to one decimal place, X.X%. Use a minus sign or parentheses to indicate a decrease.) McCormick Designs, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023 Increase (Decrease) 2024 2023 Amount Percentage Net Sales Revenue $429,000 $373,750 % Expenses: Cost of Goods Sold 204,000 190,450 % Selling and Administrative Expenses 96,000 91,050 % Other Expenses 7,450 5,750 % Total Expenses 307,450 287,250 % Net Income $121,550 $86,500 % Requirement 2. Why did 2024 net income increase by a higher percentage than net sales revenue? Net income increased by a higher percentage than total net…