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1.
2014 2013
Amount Amount Amount Percent
Sales 1,092,500$ 950,000$
Sales returns and allowances 57,500 50,000
Net sales 1,035,000$ 900,000$
Cost of goods sold 625,000 500,000
Gross profit 410,000$ 400,000$
Selling expenses 153,600$ 120,000$
Administrative expenses 97,600 80,000
Total operating expenses 251,200$ 200,000$
Income from operations 158,800$ 200,000$
Expenses and other:
Other income 15,000 10,000
Income before income tax 173,800$ 210,000$
Income tax expense 23,000 20,000
Net income 150,800$ 190,000$
2.
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Problem 15(14)-1A
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0%
Increase (Decrease)
[Key essay answer here]
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LINDELL COMPANY
Comparative Income Statement
For the Years Ended December 31, 2014 and 2013
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
1.
2014 2013
Amount Amount Amount Percent
Sales 1,092,500$ 950,000$ 142,500$ 15.0%
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Score:
For the Years Ended December 31, 2014 and 2013
LINDELL COMPANY
Comparative Income Statement
Increase (Decrease)
Instructions
Answers are entered in the cells with gray backgrounds.
ON
Problem 15(14)-1A
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Solution
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