Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 13 - Financial Analysis: The Big Picture - Exercises: E13-4

Answer

Robinson Corporation Balance Sheets December 31, 2010 Percent 2009 Percent Sales 800,000 100 600,000 100

Work Step by Step

Cost of goods sold 520,000 65 408,000 68 Selling Expense 120,000 15 72,000 12 Administrative expense 72,000 9 48,000 8 Income tax expense 32,000 4 21,600 3.6 Net income 56,000 7 50,400 8.4
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