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Author Question: M & M Manufacturing has provided the following comparative income statements for 2021 and ... (Read 8 times)

ShannenConnor

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on: Feb 5, 2023

Question 1

M&M Manufacturing has provided the following comparative income statements:

​​202020212022
Net sales$120,000$132,000$136,000
Cost of goods sold   62,000   68,000   72,000
Gross margin58,00064,00064,000
Selling and administrative expenses24,00026,00036,000
Depreciation     4,000     6,000     8,000
Operating profit30,00032,00020,000
Income taxes   10,000     8,000     5,000
Net income$  20,000$  24,000$  15,000

Required:

Prepare a horizontal analysis of M&M's 2022 income statement.

Question 2

M & M Manufacturing has provided the following comparative income statements for 2021 and 2022.


​​20212022
Net sales$132,000$136,000
Cost of goods sold   68,000   72,000
Gross margin64,00064,000
Selling and administrative expenses26,00036,000
Depreciation     6,000     8,000
Operating profit32,00020,000
Income taxes     8,000     5,000
Net income$  24,000$  15,000

Required:

Prepare a common-size analysis of M & M's income statement for 2022.
Managerial Accounting ¦ Davis ¦ 4th Edition
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Marked as best answer by ShannenConnor on Feb 5, 2023

jojo120419

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Reply #1 on: Feb 5, 2023
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ShannenConnor

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Reply 2 on: Feb 5, 2023
YES! Correct, THANKS for helping me on my review

dreamfighter72

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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