Week 11 class 2

Week 11 class 2 - Week 11 class 2 (10-15 min.) E 13-2...

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Week 11 class 2 (10-15 min.) E 13-2 Solly’s Auto Parts Inc. Horizontal Analysis of Comparative Income Statement For the Years Ended December 31, 2007 and 2006 INCREASE (DECREASE) 2007 2006 AMOUNT PERCENT Total revenue………. ... $470,000 $383,000 $87,000 22.7% Expenses: Cost of goods sold. 232,000 193,000 39,000 20.2 Selling and general expenses………. . 108,000 98,000 10,000 10.2 Interest expense…. 9,000 5,000 4,000 80.0 Income tax expense. ………… 48,000 39,000 9,000 23.1 Total expenses…… 397,000 335,000 62,000 18.5 Net income……………. $ 73,000 $ 48,000 $25,000 52.1 Net income increased by a much higher percentage than total revenues during 2007 because revenues increased at a higher rate (22.7%) than did total expenses (18.5%).
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(10-15 min.) E 13-4 Pro Series Corporation Vertical Analysis of Balance Sheet December 31, 2006 AMOUNT PERCENT ASSETS Total current assets………………………. . $ 56,000 15.6% Property, plant, and equipment, net.…… 261,000 72.7
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This note was uploaded on 10/18/2010 for the course ACF ACC220 taught by Professor Fiona during the Spring '08 term at Seneca.

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Week 11 class 2 - Week 11 class 2 (10-15 min.) E 13-2...

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