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v2.cengagenow.com/Im/takeAssig takeAssignmentMain.doinvoker= assignments&takeAssignmentSession; Locator= assignment-take&inprogress;= false HOMEWORK 15 Show Me How Calculator Print Item Clapton Company Comparative Income Statement For the Years Ended December 31, 2016 and 2015 2016 2015 $8,251,000.00 $7,400.000.00 04000.00 2.466,66700 5,217,000.00 $4.933.333.00 820,000.00 530,000.00 $1.701,000.00 1.350,000.00 3,516,000.00 S3,583,333.00 130,000.00 3,660,300.00 3,713,333.00 0,000.00 3.601.300.00 3.663.333.00 2Sales 3 Cost of goods sold 4Gross profit s Selling expenses 6 Administrative expenses 1,033,200.00 667,800.00 Total operating expenses Income from operations 9 Other income 10 Income before income tax 11 Income tax expense 2 Net income 44,300.00 59,000.00 Check My Work Previous Next 3:03 PM O Type here to search

Explanation / Answer

Increase (Decrease) Increase (Decrease) 2016 2015 Account % Sales    8,251,000.00    7,400,000.00    851,000.00 11.50% Cost of good sold    3,034,000.00    2,466,667.00    567,333.00 23.00% Gross profit    5,217,000.00    4,933,333.00    283,667.00 5.75% Selling exp    1,033,200.00        820,000.00    213,200.00 26.00% Adminitrator Exp        667,800.00        530,000.00    137,800.00 26.00% total operating exp    1,701,000.00    1,350,000.00    351,000.00 26.00% Income from operation    3,516,000.00    3,583,333.00    (67,333.00) -1.88% other Income        144,300.00        130,000.00      14,300.00 11.00% Income before income tax    3,660,300.00    3,713,333.00    (53,033.00) -1.43% Income tax          59,000.00          50,000.00        9,000.00 18.00% Net income    3,601,300.00    3,663,333.00    (62,033.00) -1.69%

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