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Survey of Accounting (Available Titles Cengagenow)

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Exercise 9-1 Name: Section: Score: 0% Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer. a. ROGAN TECHNOLOGIES CO. Comparative Income Statement For the Years Ended December 31, 2010 and 2009 2010 2009 Amount Percent Amount Percent Sales Cost of goods sold Gross profit Selling expenses Administrative operating expenses Total expenses Income from operations Income tax expense Net income b. Instructions
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Exercise 9-1 Name: SOLUTION Section: Score: See student sheet for student's score Scoring: ON Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. A red asterisk (*) will appear in the column to the right of an incorrect answer.
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Unformatted text preview: a. ROGAN TECHNOLOGIES CO. Comparative Income Statement For the Years Ended December 31, 2010 and 2009 2010 2009 Amount Percent Amount Percent Sales $500,000 100.0% $440,000 100.0% Cost of goods sold 325,000 65.0% 242,000 55.0% Gross profit $175,000 35.0% $198,000 45.0% Sel ing expenses $70,000 14.0% $79,200 18.0% Administrative operating expenses 75,000 15.0% 70,400 16.0% Total expenses $145,000 29.0% $149,600 34.0% Income from operations $30,000 6.0% $48,400 11.0% Income tax expense 25,000 5.0% 26,400 6.0% Net income $5,000 1.0% $22,000 5.0% b. Instructions The analysis indicates that the increase in cost of goods sold was partially offset by the decreases in selling, administrative, and income tax expenses....
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