Homework Answers
| PINA COLADA CORP. | ||||
| Comparative Income Statement | ||||
| For the Years Ended December 31 | ||||
| Increase or (decrease) during 2019 | ||||
| 2019 | 2018 | Amount | Percentage | |
| Net sales | 648000 | 540000 | 108000 | 20.0% |
| Cost of goods sold | 517104 | 465480 | 51624 | 11.1% |
| Gross profit | 130896 | 74520 | 56376 | 75.7% |
| Operating expenses | 85536 | 48060 | 37476 | 78.0% |
| Net income | 45360 | 26460 | 18900 | 71.4% |
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Prepare a horizontal analysis of the income statement data for Pina Colada Corp., using 2018 as...
Pina Colada Corp.’s balance sheet at December 31, 2018, is presented below. Pina Colada Corp. Balance...
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s $5,100 account.
3
Pina Colada wrote...
Journal Entry By December 31, 2017, Pina Colada Corp. had performed a significant amount of environmental...
Journal Entry By December 31, 2017, Pina Colada Corp. had performed a significant amount of environmental consulting services for Blossom Company. Blossom Company was short of cash, and Pina Colada Corp. agreed to accept a $187,500, non–interest-bearing note due December 31, 2019, as payment in full. Blossom Company is a bit of a credit risk and typically borrows funds at a rate of 15%. Pina Colada Corp. is much more creditworthy and has various lines of credit at 8%. Pina...
Pina Colada Corp. maintains its financial records using the cash basis of accounting. As it would...
Pina Colada Corp. maintains its financial records using the cash basis of accounting. As it would like to secure a long-term loan from its bank, the company asks you, as an independent CPA, to convert its cash basis income statements information to the accrual basis. You are provided with the following summarized data for 2018, 2019, and 2020: 2018 2019 2020 Cash receipts from sales: On 2018 sales On 2019 sales On 2020 sales $287,000 $143,500 $27,000 -0 374,000 81,000...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2019 $636,000 497,988 138,012 90,312 $ 47,700 2018 $530,000 458,450 71,550 45,050 $ 26,500 Prepare a horizontal analysis of the income statement data for Bridgeport Corp., using 2018 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20%...
Comprehensive Problem 8 (Part Level Submission) Pina Colada Corp.’s balance sheet at December 31, 2018, is...
Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
I want to make sure I have the correct numbers for the horizontal line analysis, but...
I want to make sure I have
the correct numbers for the horizontal line analysis, but I need
help solving for percents under a vertical line analysis for the
second question. Thanks
--/1 Question 3 View Policies Current Attempt in Progress Here are the comparative income statements of Pronghorn Corp. PRONGHORN CORP Comparative Income Statement For the Years Ended December 31 2019 2018 Net sales $540,000 $450,000 Cost of goods sold 434,700 377,550 Gross Profit 105,300 72,450 Operating expenses 66,420...
HORIZONTAL ANALYSIS INSTRUCTIONS: Prepare a horizontal analysis of the income statement using 2018 as a base....
HORIZONTAL ANALYSIS INSTRUCTIONS: Prepare a horizontal analysis of the income statement using 2018 as a base. Neiman Corp. Comparative Balance Sheet For the years ended December 31 2019 2018 Assets Current Assets 360 300 Plant Assets 640 500 Total Assets 1,000 800 Liabilities & Stockholders' Equity Current liabilities 150 120 Long-term debt 240 160 Common stock 350 320 Retained earnings 260 200 Total liabilities & stockholders'...
Pina Colada Inc. reported income from continuing operations before tax of $2,058,500 during 2020. Additional transactions...
Pina Colada Inc. reported income from continuing operations before tax of $2,058,500 during 2020. Additional transactions occurring in 2020 but not included in the $2,058,500 were as follows: 1. The corporation experienced an insured flood loss of $92,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $70,800 (residual value of $17,400) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct...
Shown below, is a Comparative Balance sheet using Horizontal analysis, please prepare an Income statement using...
Shown below, is a Comparative Balance sheet using Horizontal analysis, please prepare an Income statement using vertical Analysis Robust Robots, Inc. Comparative Balance Sheet- Horizontal Analysis December 31, 2019 and 2018 Assets 2019 2018 Differents Percentage Current Assets: Cash $65,000 $80,000 $ (15,000.00) -18.75% Accounts Receivable, net $150,000 $100,000 $ 50,000.00 50.00% Merchandise Inventory $135,000 $70,000 $ 65,000.00 92.86% Supplies $9,700 $500 $ 9,200.00 1840.00% Prepaid Insurance $30,000 $10,000 $ 20,000.00 200.00% Total Current Assets $389,700 $260,500 $ 129,200.00 49.60%...
40. Use the following selected income statement data to perform a horizontal analysis for 2019. List...
40.
Use the following selected income statement data to perform a horizontal analysis for 2019. List each answer as a percentage, round to 1 decimal place, and include a - for any decreases (.e., a decrease of 10% would be entered as -1096). 2019 2018 Horizontal analysis Net sales 16,000 12,000 Cost of Goods Sold 8,600 6,800 Interest expense 200 290 Income from operations 3,400 2,000 Net income 2,800 1,700
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s $5,100 account.
3
Pina Colada wrote...
Pina Colada Corp. maintains its financial records using the cash basis of accounting. As it would like to secure a long-term loan from its bank, the company asks you, as an independent CPA, to convert its cash basis income statements information to the accrual basis. You are provided with the following summarized data for 2018, 2019, and 2020: 2018 2019 2020 Cash receipts from sales: On 2018 sales On 2019 sales On 2020 sales $287,000 $143,500 $27,000 -0 374,000 81,000...
Exercise 13-6 Here are the comparative income statements of Bridgeport Corp.. BRIDGEPORT CORP. Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2019 $636,000 497,988 138,012 90,312 $ 47,700 2018 $530,000 458,450 71,550 45,050 $ 26,500 Prepare a horizontal analysis of the income statement data for Bridgeport Corp., using 2018 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20%...
Comprehensive Problem 8 (Part Level
Submission)
Pina Colada Corp.’s balance sheet at December 31, 2018, is
presented below.
Pina Colada Corp.
Balance Sheet
December 31, 2018
Cash
$14,300
Accounts payable
$8,900
Accounts receivable
20,600
Common stock
19,500
Allowance for doubtful accounts
(700
)
Retained earnings
14,900
Inventory
9,100
$43,300
$43,300
During January 2019, the following transactions occurred. Pina
Colada uses the perpetual inventory method.
Jan. 1
Pina Colada accepted a 4-month, 8% note from Merando Company in
payment of Merando’s...
I want to make sure I have
the correct numbers for the horizontal line analysis, but I need
help solving for percents under a vertical line analysis for the
second question. Thanks
--/1 Question 3 View Policies Current Attempt in Progress Here are the comparative income statements of Pronghorn Corp. PRONGHORN CORP Comparative Income Statement For the Years Ended December 31 2019 2018 Net sales $540,000 $450,000 Cost of goods sold 434,700 377,550 Gross Profit 105,300 72,450 Operating expenses 66,420...
Pina Colada Inc. reported income from continuing operations before tax of $2,058,500 during 2020. Additional transactions occurring in 2020 but not included in the $2,058,500 were as follows: 1. The corporation experienced an insured flood loss of $92,000 during the year. 2. At the beginning of 2018, the corporation purchased a machine for $70,800 (residual value of $17,400) that has a useful life of six years. The bookkeeper used straight-line depreciation for 2018, 2019, and 2020, but failed to deduct...
40.
Use the following selected income statement data to perform a horizontal analysis for 2019. List each answer as a percentage, round to 1 decimal place, and include a - for any decreases (.e., a decrease of 10% would be entered as -1096). 2019 2018 Horizontal analysis Net sales 16,000 12,000 Cost of Goods Sold 8,600 6,800 Interest expense 200 290 Income from operations 3,400 2,000 Net income 2,800 1,700
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