Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.) Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $271.000 $200,500 Less: Sales Returns and Allowances 14,200 12,400 Net Sales 256,800 188.100 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Availoble for Sale 92,200 89,300 Less: Merchandise 43,000 60,200 Inventory, Dec. 31 Cost of Goods Sold 49,200 29,100 207,600 159,000 Gross Margin
Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.) Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $271.000 $200,500 Less: Sales Returns and Allowances 14,200 12,400 Net Sales 256,800 188.100 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Availoble for Sale 92,200 89,300 Less: Merchandise 43,000 60,200 Inventory, Dec. 31 Cost of Goods Sold 49,200 29,100 207,600 159,000 Gross Margin
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
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