Question

ne t of model planes. The firm Accounting 11 Spreadsheet Assignment Portion of in-Class Writing Activity Name COMPANY: TIME TO PLAY, INC. Date You are a member of top manageme n ea originally operated as a sole proprietorship, but rece a as a sole proprietorship but recently chanand to the corporate form in hopes of penang operations by generating acti financing from the sale of common stock You and n g from the sale of common omer top managers will be mai t h the new Board of Director background information on the busines s pro s ince its inception in To just got off the phone with the f a ccount Randi Hunter who was her way to a hospital for treatment of h u man Could you determine the CEO Galen Carter who will be mange profitability information for the s thoroughly enjoyed the accounting courses presentation to the Board of Director t y determination and feel confident in your you look in college you remember much bet ability to help out Y Because of competition, the company has had to drop selling prices. The selling price per unit was 58 85 in 2017. $6.75 in 2018 and 56.70 in 2019 Then there is the issue of product costs versus period expenses. There has not been much inflation the past few years, so product costs as opposed to period expenses) have been stable Searching through files in Randis office you find that since 2017 Time To Play Inc has had the following manufactured cost per unit for all three years Direct Materials Per Unit S1 10 Direct Labor Per Unit Overhead Applied Per Unit 235 In addition the firm incurred selling and administrative costs that are considered period expenses Other numancal data can be summarized as follows Selling and e nved Units Manufactured Units Sold Units in End InvenAdmin Expenses 2017 118.000 18,000 $ 52,000 290,000 66.000 $106.800 320,000 114.000 $127.600 be that although this new corporation will have to pay income taxes on the income it pontorship it was for those three years) did not because sole propnetorship 's income on their personal tax returns). Finally, you remind yourself that to have to consider the difference between expired and unexpired costs ROURED Prepare a spreadsheet with appropriate INPUT and OUTPUT sections les al number of units sold each year (for 2017, 2018, and 2019). formal multiple step income statement for each year (be sure it also doost of goods sold section), and (c) calculate trend (or horizontal), growth in sales and in net income from the base year of 2017

need help calculating units sold per year, a income statement each year and trend analysis in excel base year is 2017

I need a formal multi step income statement for each year, included with detailed cost of goods sold section, and trend percentages for growth in sales and in net income from base year 2017

Answer 1

Calculation of Units Sold During the year INPUT OUTPUT Year Units in Beginning Units Units in End Units Sold = Units Manufactured Inventory in Beginning+ Units Manufactured Units in End 2017 118000 18000 100000 2018 18000 290000 66000 242000 2019 66000 320000 114000 272000

Time to Play, Inc. Multi-step Income Statement For The Year Ended (Amount in $) 2019 2017 2018 S.No. A. Particulars Sales( Units Sold x Selling Price) 685000 1633500 1822400 B. Cost Of Goods Sold 19800 2700 42300 72600 9900 155100 0 129800 17700 277300 319000 43500 681500 352000 48000 752000 72600 19800 2700 42300 9900 125400 17100 267900 155100 Opening Inventory Direct Material Direct Labour Overhead Goods Manufactured Direct Material Direct Labour Overhead Closing Inventory Direct Material Direct Labour Overhead Cost Of Goods Sold = Opening Inventory+Goods Direct Material Direct Labour Overhead Cost Of Goods Sold Gross Profit(Sales-Cost of Goods Sold) Operating Expenses Selling and Administration Expenses 110000 15000 235000 360000 325000 266200 36300 568700 871200 762300 299200 40800 639200 979200 843200 C. aw 52000 106800 127600 Net Income (Gross Profit - Operating Expenses) 273000 655500 715600

2018 138.47% 2019 166.04% Particulars Growth In Sales ((Sales in current year-Sales in base year)/Sales in base year)*100 Growth In Net Income ((Net Income in current year-Net Income in base year)/ Net Income in base year)*100 140.11% 162.12%