Use the following single-step income statement of Sunland Company to prepare a multiple step versi gains before other expenses and losses.) Sunland Company Income Statement For the Year Ended December 31, 2025 Net sales $126,000 Gain on the sale of investments 3,600 $129,600 Cost of goods sold 66,500 Operating expenses 31,100 Interest expense Net income 1,100 98,700 $30,900 Net Sales Sunland Company Income Statement For the Year Ended December 31, 2025 $ SA
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- Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for Cuneo Company above. Required: 1. Prepare a common-size income statement for Year 2 by expressing each line item for Year 2 as a percentage of that same line item from Year 1. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 3 by expressing each line item for Year 3 as a percentage of that same line item from Year 1. (Note: Round percentages to the nearest tenth of a percent.)Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for Cuneo Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 3. Prepare a common-size income statement for Year 3 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)
- Current Attempt in Progress Use the following single-step income statement of Oriole Company to prepare a multiple step version. (List other revenues and gains before other expenses and losses.) Oriole Company Income Statement For the Year Ended December 31, 2025 Net sales $144,000 Gain on the sale of investments 2,700 $146,700 Cost of goods sold 64,600 Operating expenses 25,400 Interest expense Net income 2,200 92,200 $54,500Current Attempt in Progress Here are the comparative income statements of Oriole Corporation. ORIOLE CORPORATIONComparative Income StatementFor the Years Ended December 31 2022 2021 Net sales $632,300 $544,800 Cost of goods sold 456,600 415,500 Gross Profit 175,700 129,300 Operating expenses 74,100 44,500 Net income $ 101,600 $ 84,800 (a)Prepare a horizontal analysis of the income statement data for Oriole Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) ORIOLE CORPORATIONComparative Income Statementchoose the accounting period For the Years Ended December 31For the Month Ended December 31December 31 Increase or (Decrease) During 2022 2022 2021…The comparative statements of Crane Company are presented here. Crane CompanyIncome StatementFor the Years Ended December 31 2022 2021 Net sales $1,817,500 $1,753,100 Cost of goods sold 1,008,600 978,000 Gross profit 808,900 775,100 Selling and administrative expenses 519,200 480,800 Income from operations 289,700 294,300 Other expenses and losses Interest expense 18,900 14,100 Income before income taxes 270,800 280,200 Income tax expense 81,512 78,000 Net income $ 189,288 $ 202,200 Crane CompanyBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $60,300 $64,500 Debt investments (short-term) 68,300 50,500 Accounts receivable (net) 116,100 101,000 Inventory 122,700 115,200 Total current assets 367,400 331,200…
- Selected comparative financial Statements of Kordin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330, 310 263,974 186,688 156,366 105,012 58,007 38,504 36,990 24,211 94,997 61,369 12,581 $ 48,788 Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 $74,141 December 31 2021 $ 62,574 0 114,438 $177,012 $ 25,844 65,000 8,125 78,043…The comparative statements of Coronado Company are presented here. Coronado CompanyIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $1,812,100 $1,745,000 Cost of goods sold 1,008,300 986,000 Gross profit 803,800 759,000 Selling and administrative expenses 511,000 475,400 Income from operations 292,800 283,600 Other expenses and losses Interest expense 17,300 13,500 Income before income taxes 275,500 270,100 Income tax expense 78,640 77,600 Net income $ 196,860 $ 192,500 Coronado CompanyBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $60,300 $64,400 Debt investments (short-term) 68,700 50,700 Accounts receivable (net) 116,500 101,200 Inventory 122,900 114,100 Total current assets 368,400…The comparative statements of Coronado Company are presented here. Coronado CompanyIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $1,812,100 $1,745,000 Cost of goods sold 1,008,300 986,000 Gross profit 803,800 759,000 Selling and administrative expenses 511,000 475,400 Income from operations 292,800 283,600 Other expenses and losses Interest expense 17,300 13,500 Income before income taxes 275,500 270,100 Income tax expense 78,640 77,600 Net income $ 196,860 $ 192,500 Coronado CompanyBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $60,300 $64,400 Debt investments (short-term) 68,700 50,700 Accounts receivable (net) 116,500 101,200 Inventory 122,900 114,100 Total current assets 368,400…
- The comparative statements of Coronado Company are presented here. Coronado CompanyIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $1,812,100 $1,745,000 Cost of goods sold 1,008,300 986,000 Gross profit 803,800 759,000 Selling and administrative expenses 511,000 475,400 Income from operations 292,800 283,600 Other expenses and losses Interest expense 17,300 13,500 Income before income taxes 275,500 270,100 Income tax expense 78,640 77,600 Net income $ 196,860 $ 192,500 Coronado CompanyBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $60,300 $64,400 Debt investments (short-term) 68,700 50,700 Accounts receivable (net) 116,500 101,200 Inventory 122,900 114,100 Total current assets 368,400…The comparative statements of Coronado Company are presented here. Coronado CompanyIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $1,812,100 $1,745,000 Cost of goods sold 1,008,300 986,000 Gross profit 803,800 759,000 Selling and administrative expenses 511,000 475,400 Income from operations 292,800 283,600 Other expenses and losses Interest expense 17,300 13,500 Income before income taxes 275,500 270,100 Income tax expense 78,640 77,600 Net income $ 196,860 $ 192,500 Coronado CompanyBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $60,300 $64,400 Debt investments (short-term) 68,700 50,700 Accounts receivable (net) 116,500 101,200 Inventory 122,900 114,100 Total current assets 368,400…The comparative statements of Coronado Company are presented here. Coronado CompanyIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $1,812,100 $1,745,000 Cost of goods sold 1,008,300 986,000 Gross profit 803,800 759,000 Selling and administrative expenses 511,000 475,400 Income from operations 292,800 283,600 Other expenses and losses Interest expense 17,300 13,500 Income before income taxes 275,500 270,100 Income tax expense 78,640 77,600 Net income $ 196,860 $ 192,500 Coronado CompanyBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $60,300 $64,400 Debt investments (short-term) 68,700 50,700 Accounts receivable (net) 116,500 101,200 Inventory 122,900 114,100 Total current assets 368,400…