Accounting: Winfrey Corporation

Topics: Revenue, Generally Accepted Accounting Principles, Income statement Pages: 11 (415 words) Published: February 25, 2013
Here are the comparative income statements of Winfrey Corporation.

WINFREY CORPORATION

Comparative Income Statements

For the Years Ended December 31

2010

2009

Net sales

$598,000

$520,000

Cost of goods sold

477,000

450,000

Gross profit

$121,000

$70,000

Operating expenses

80,000

45,000

Net income

$41,000

$25,000

Complete the horizontal analysis of the income statement data for Winfrey Corporation using 2009 as a base. (Round all percentages to 1 decimal place, e.g. 12.5.)

WINFREY CORPORATION

Condensed Income Statements

For the Years Ended December 31

Increase or (Decrease)

During 2010

2010

2009

Amount

Percentage

Net sales

$598,000

$520,000

$

%

Cost of goods sold

477,000

450,000

%

Gross profit

121,000

70,000

%

Operating expenses

80,000

45,000

%

Net income

$41,000

$25,000

$

%

Complete the vertical analysis of the income statement data for Winfrey Corporation for both years. (Round all percentages to 1 decimal place, e.g. 12.5.)

WINFREY CORPORATION

Condensed Income Statements

For the Years Ended December 31

2010

2009

$

Percent

$

Percent

Net sales

$598,000

%

$520,000

%

Cost of goods sold

477,000

%

450,000

%

Gross profit

121,000

%

70,000

%

Operating expenses

80,000

%

45,000

%

Net income

$41,000

%

$25,000

%

Here are the comparative income statements of Winfrey Corporation.

WINFREY CORPORATION

Comparative Income Statements

For the Years Ended December 31

2010

2009

Net sales

$598,000

$520,000

Cost of goods sold

477,000

450,000

Gross profit

$121,000

$70,000

Operating expenses

80,000

45,000

Net income

$41,000

$25,000

Complete the horizontal analysis of the income statement data for Winfrey Corporation using 2009 as a base. (Round all percentages to 1 decimal place, e.g. 12.5.)

WINFREY CORPORATION

Condensed Income Statements

For the Years Ended December 31

Increase or (Decrease)

During 2010

2010

2009

Amount

Percentage

Net sales

$598,000

$520,000

$

%

Cost of goods sold

477,000

450,000

%

Gross profit

121,000

70,000

%

Operating expenses

80,000

45,000

%

Net income

$41,000

$25,000

$

%

Complete the vertical analysis of the income statement data for Winfrey Corporation for both years. (Round all percentages to 1 decimal place, e.g. 12.5.)

WINFREY CORPORATION

Condensed Income Statements

For the Years Ended December 31

2010

2009

$

Percent

$

Percent

Net sales

$598,000

%

$520,000

%

Cost of goods sold

477,000

%

450,000

%

Gross profit

121,000

%

70,000

%

Operating expenses

80,000

%

45,000

%
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