Wayland Baptist University Comparative Income Statement Worksheet

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Nqevra34

Business Finance

Wayland Baptist University

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Please see the attached instructions for the 6 problems and please use the spreadsheet attached that matches each specific question.

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Problem 17-1A Name: Section: Score: 0% Key Code: [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. 1. MCDADE COMPANY Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other Expenses revenue and other: Income before income tax Income tax expense Net income 2. [Key essay answer here] $ $ $ $ $ $ $ Amount 16,800,000 11,500,000 5,300,000 1,770,000 1,220,000 2,990,000 2,310,000 256,950 2,566,950 1,413,000 1,153,950 20Y1 $ $ $ $ $ $ $ Amount 15,000,000 10,000,000 5,000,000 1,500,000 1,000,000 2,500,000 2,500,000 225,000 2,725,000 1,500,000 1,225,000 Increase (Decrease) Amount Percent 0 # N-box Incorrects due to blanks COUNTIF(B15:AT24," ") 22 # N-box +B-box corrects COUNTIF(B15:AT24," ") 0 Total SUM(AD13:AD15) 22 Percentage =(AD16-AD13-AD14)/AD16 0% Notes: If number-entry box is blank (this would be an incorrect answer for N-boxes), error check If number-entry or blank-entry box is incorrect, returns "*" If number-entry or blank-entry box is correct, returns single space, " " Use data verification to set data entry to whole number >= 0, and use drop-downs for lables and names, so Conditional formatting might be used but wasn't here, to hide some of the error check return symbols. If A1 nd use drop-downs for lables and names, so that students can't enter a space in a box and have it counted as correct. Problem 17-2A Name: Section: Score: 0% Key Code: [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded. 1. TRI-COMIC COMPANY Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax Net income 2. [Key essay answer here] Amount $ 1,500,000 510,000 $ 990,000 $ 270,000 180,000 $ 450,000 $ 540,000 60,000 $ 600,000 450,000 $ 150,000 20Y1 Percent Amount $ 1,250,000 475,000 $ 775,000 $ 200,000 156,250 $ 356,250 $ 418,750 50,000 $ 468,750 375,000 $ 93,750 Percent Problem 17-4A Name: Section: Score: 0% Key Code: [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. 1. Current Assets - Current Liabilities = Calculated Value Numerator ÷ Denominator = Calculated Value Working capital: Ratio 2. Current ratio 3. Quick ratio 4. Accounts receivable turnover 5. Number of days' sales in receivables 6. Inventory turnover 7. Number of days' sales in inventory 8. Ratio of fixed assets to long-term liabilities 9. Ratio of liabilities to stockholders' equity 10. Times interest earned 11. Asset turnover 12. Return on total assets 13. Return on stockholders' equity 14. Return on common stockholders' equity 15. Earnings per share on common stock 16. Price-earnings ratio 17. Dividends per share of common stock 18. Dividend yield Problem 18-4A Name: Section: Score: Key Code: 0% [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. 1. Materials inventory, May 1 Materials inventory, May 31 Materials purchased Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during May Total manufacturing costs Work in process inventory, May 1 Work in process inventory, May 31 Cost of goods manufactured Finished goods inventory, May 1 Finished goods inventory, May 31 Sales Cost of goods sold Gross profit Operating expenses Net income 2. Rainier Company $ 100,000 Yakima Company $ 48,200 50,000 710,000 (a) 950,000 938,500 2,860,000 1,800,000 (a) (b) 446,000 2,484,200 2,660,600 176,400 (b) 5,598,500 400,000 382,000 (c) (c) 615,000 596,500 9,220,000 (d) (e) 1,000,000 2,491,500 190,000 (d) 4,550,000 2,470,000 (e) (f) (f) YAKIMA COMPANY Statement of Cost of Goods Manufactured For the Month Ended May 31 Work in process inventory, May 1 Direct materials: 1,500,000 Cost of direct materials used in production Direct labor Factory overhead Total manufacturing costs incurred during May Total manufacturing costs Less: Cost of goods manufactured 3. YAKIMA COMPANY Income Statement For the Month Ended May 31 Sales Cost of goods sold: Cost of finished goods available for sale Cost of goods sold Gross profit Operating expenses Net income Problem 19-4A Name: Section: Score: 0% Key Code: [Key code here] Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. Enter a zero in cells you would otherwise leave blank. 1. Supporting calculations: Job. No. Quantity No. 201 No. 202 No. 203 No. 204 No. 205 No. 206 Total 550 1,100 550 660 480 380 3,720 June 1 Work in Process A. Materials requisitions B. Work in process, June 1 C. Work in process materials D. Work in process direct labor E. Work in process factory overhead applied F. Work in process completed jobs transferred out G. Cost of goods sold H. Indirect labor included in factory overhead Direct Materials Direct Labor $ 55,000 93,500 38,500 82,500 60,000 22,000 $ 351,500 $ 41,250 71,500 22,000 69,300 48,000 12,400 $ 264,450 Factory Overhead Total Cost Unit Cost Units Sold Cost of Goods Sold 2. June 30 balances: Materials Work in Process Finished Goods Factory Overhead
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Explanation & Answer

Attached.

Problem 17-1A
Name:
Section:
Score: 100%
Key Code:

[Key code here]

Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.

1.

MCDADE COMPANY
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
20Y2

Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total operating expenses
Income from operations
Other
Expenses
revenue
and other:
Income before income tax
Income tax expense
Net income

$
$
$
$
$
$
$

Amount
16,800,000
11,500,000
5,300,000
1,770,000
1,220,000
2,990,000
2,310,000
256,950
2,566,950
1,413,000
1,153,950

20Y1

$
$
$
$
$
$
$

Amount
15,000,000
10,000,000
5,000,000
1,500,000
1,000,000
2,500,000
2,500,000
225,000
2,725,000
1,500,000
1,225,000

Increase (Decrease)

$
$
$
$
$
$
$
$
$
$
$

Amount
1,800,000
1,500,000
300,000
270,000
220,000
490,000
(190,000)
31,950
(158,050)
(87,000)
(71,050)

Percent
12.0%
15.0%
6.0%
18.0%
22.0%
19.6%
-7.6%
14.2%
-5.8%
-5.8%
-5.8%

2.
Net income has decreased from 20Y1 to 20Y2. Sales have increased; however, the cost of goods sold has
increased, causing the gross profit to increase.

0
# N-box Incorrects due to blanks COUNTIF(B15:AT24," ")
0
# N-box +B-box corrects COUNTIF(B15:AT24," ")
22

Total SUM(AD13:AD15)
22
Percentage =(AD16-AD13-AD14)/AD16
100%
Notes:
If number-entry box is blank (this would be an incorrect answer for N-boxes), error check
If number-entry or blank-entry box is incorrect, returns "*"

If number-entry or blank-entry box is correct, returns single space, " "
Use data verification ...


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