1. The following information has been taken from the accounting records of Ahmed and Company in first and second period. Period Sales Profit 2018 $ 100,000 $15,000 2019 150,000 25,000 Calculate: 1) Profit volume ratio 2) Fixed cost for two periods 3) Variable cost of two periods.

Q: Hamby Inc. has sales of $2,015,000 for the first quarter of 2017. In making the sales, the company…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: A comparative income statement is given below for Rainbow Company Rainbow Company Comparative Income…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: The condensed income statement for the Peri and Paul partnership for 2020 is as follows. Peri and…

A: Break-even point (BEP) represents that particular point of sale where there is no operating…

Q: Following information is related to the financial results of Al Baloushi Iron & Steel LLC:…

A: Formula: Cost of goods sold = Beginning inventory + Net purchases - Ending inventory

Q: Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the…

A: Income statement: It implies to one of the financial statement's of the company that shows the…

Q: QI: Use the following multi-step income statement of Ancho Company to prepare a single-step version.…

A: Income statement can be prepared by using two method which are, (1) Single step income statement…

Q: Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 2018,…

A: Single-step income statement:  This statement displays the total revenues as one line item from…

Q: In previous year, Seventy Up, Inc. operated at 250,000 units. The following income ment was provided…

A: It is pertinent to note that variable costs are the costs that change with the change in the level…

Q: Calculate Operating Ratio and Operating Profit Ratio in the following alternative cases: (a) Revenue…

A: In order to determine the operating profit ratio, the operating profit is required to be divided by…

Q: Walker Corp. has current liabilities of $440,000, a quick ratio of .81, inventory turnover of 5.7,…

A: Quick ratio = Quick assets / Current liabilities Quick assets = Current assets - Inventory - Prepaid…

Q: The Income Statement of ZZZ Company for the years ended December 31, 2020 and 2021 showed the…

A: SOLUTION 1-PRICE VARIANCE = (SELLING PRICE 2021 - SELLING PRICE 2020) * UNIT SOLD IN 2020. 2- PRICE…

Q: Mauka, Inc. provided the following income statement for last year: Sales $24,350,735 Cost of goods…

A: Times interest earned ratio = Earnings before interest and taxesInterest expense

Q: reate a common-sized income statement given the following income statement data for the General…

A: In a common size income statement each line item is expressed as a percentage of revenue or sales.…

Q: Hamby Inc. has sales of $2,000,000 for the first quarter of 2017. In making the sales, the company…

A: CVP is contribution margin based income statement in which first variable costs are deducted for…

Q: A summary of HM Co's recent statement of profit or loss is given below: $'000 Revenue 10,123 Cost…

A: We have the following information: Revenue: $10,123,000 Cost of sales: ($7,222,000) Gross profit:…

Q: Presented below is information for Novak Depot for 2022. Interest expense   $35,500   Operating…

A: Answer: Single-step Income Statement

Q: A comparative income statement is given below for Rainbow Company Rainbow Company Comparative Income…

A: Income statement or statement of profit or loss helps stakeholders to analyze the profitability of a…

Q: Nu Company reported the following pretax data for its first year of operations. Net sales Cost of…

A: 1. For answering this question we are required to Prepare a Trading A/c.   2. Gross Profit=…

Q: Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold…

A: An income statement that divides the incomes and expenses into various heads like operating and…

Q: Calculate gross profit, cost of goods sold, and selling price MBI, Inc., had sales of $600 million…

A: Gross profit: Gross profit is the major part of the firm’s net profit. Gross profit can be…

Q: The following income statement data presented by VGP Company for the years ended December 31, 2020…

A: Sales price variance = (Actual Price - Budgeted price) x Actual quantity Sales volume variance =…

Q: Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the…

A: Income Statement is part of  Financial Statements statement which represents Revenue and Expenses…

Q: The following income statement data presented by VGP Company for the years ended December 31, 2020…

A: Cost Releted : Price and Price Quantity variance

Q: Here is the condensed statement of financial performance of the three companies for the year ended…

A: A

Q: Al Mamari Automobile Spare Parts LLC has provided following Income Statement for the year ending…

A: Operating profit ratio = Operating profit / sales = 15000/80000 = 18.75%

Q: The income statement comparison for Forklift Material Handling shows the income statement for the…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns…

A: a. Net sales = sales revenue - sales return and allowance = $610000 - 30000 = $580,000

Q: What is the amount of Income from Operations that a company should report on its current year…

A: Income from operations is one of the important output of income statement. It shows income after…

Q: The following income statements were drawn from the annual reports of the Atlanta Company and the…

A: Gross margin percentage = Gross margin * 100 / Net Sales Return on sales ratio = Net Income * 100 /…

Q: The income statement comparison for Forklift Material Handling shows the income statement for the…

A: Operating income is the excess of revenue over its production and operating costs. Operating income…

Q: The following income statement data presented by VGP Company for the years ended December 31, 2020…

A: SOLUTION FORMULAS 1- COST VARIANCE =  COST OF SALES 2021 - COST OF SALES 2020. 2- COST QUANTITY…

Q: Following information is related to the financial results of Al Baloushi Iron & Steel LLC:…

A: Formula: Gross profit = Net sales - Cost of goods sold

Q: J-Hope Company started operations in 2019. The following data are abstracted from the company’s…

A: Lets start with basics. In FIFO basis, company assumes that goods produces first are sold first so…

Q: The portion of the functional income statements of Brief Company for 2021 and 2020 are presented…

A: Cost of goods sold if unit cost not increased for 2021 = Cost of goods sold / (1 + increased%) =…

Q: 450.000 360.000 350.000 Assuming that effective January of 2021 the unit cost is higher by 6…

A: Due to increase in  price sale reduced but due to increase in volume of sales increases.

Q: The following data relate to Alpha Company: 2018 2017 Sales P500,000 P400,000 Cost of Goods Sold…

A: Under horizontal analysis, intra firm data of different period is compared to analyse the impact of…

Q: The income statement for Forklift Electrical Ltd for two years are shown below: Forklift Electrical…

A: "Since you have asked multiple sub part question we will solve the first three sub part question for…

Q: The following information has been taken from the accounting records of         Ahmed and Company in…

A:

Q: The income statement comparison for Forklift Material Handling shows the income statement for the…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

Q: The portion of the functional income statements of Brief Company for 2021 and 2020 are presented…

A: Net sales for 2021 if price does not change= Sales of 2021 / (1 - decrease in sales %)   =…

Q: Blossom Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company…

A: CVP analysis is known as a decision-making tool that helps management to make strategies and take…

Q: Use the following multi-step income statement of Ancho Company to prepare a single-step version.…

A: Formula: Net Income = Total Revenues - Total expenses.

Q: The following income statement data presented by VGP Company for the years ended December 31, 2020…

A:

Q: he income statement comparison for Forklift Material Handling shows the income statement for the…

A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…

Q: effect on sales due to change in selling price

A: Let number of units in 2020 = x  Let number of units in 2021 = y   Unit cost in 2020 = 1,600,000/x…

Q: A comparative income statement is given below for Rainbow Company Rainbow Company Comparative Income…

A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…