ems eBook Horizontal Analysis of Comparative Financial Statements Amounts from t

Question

ems eBook Horizontal Analysis of Comparative Financial Statements Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows: Calculator Miller Electronics don Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 20-1 $660,010 395,540 $264,470 $65,706 66,404 $132,110 $132,360 1,274 $131,086 30,336 $100,750 $429,310 257,150 $172,160 $43,013 44,127 $87,140 $85,020 1,191 $83,829 13,059 $70,770 Net Sales (all on account) Cost of goods sold Gross profit Administrative expenses Selling expenses Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income Miller Electronics Corporation Comparative Balance Sheet December 31, 20-2 and 20-1 KPa

Explanation / Answer

Net Sales (All on credit)

Increase in Amount = ($6,60,010 - $4,29,310) = $2,30,700

Increase in Percent = ($2,30,700/$4,29,310) *100 = 53.1%

Operating Income

Increase in Amount = ($1,32,360 - $85,020) = $47,340

Increase in Percent = ($47,340 / $85,020) *100 = 55.7%

Related Questions

Navigate

• Browse (All)
• Browse E
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.