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Lakeside Company Income Statement Analysis

Lakeside Company's income statement for the nine months ended September 30, 1990 and 1991 shows that net sales increased 13.41% from 1990 to 1991. Gross profit increased 10.29% over the same period. However, net income after taxes increased from a $10,500 loss in 1990 to a $1,800 gain in 1991, representing a 117.14% change. Retained earnings increased 42.77% from the beginning to the end of the period.

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39 views1 page

Lakeside Company Income Statement Analysis

Lakeside Company's income statement for the nine months ended September 30, 1990 and 1991 shows that net sales increased 13.41% from 1990 to 1991. Gross profit increased 10.29% over the same period. However, net income after taxes increased from a $10,500 loss in 1990 to a $1,800 gain in 1991, representing a 117.14% change. Retained earnings increased 42.77% from the beginning to the end of the period.

Uploaded by

MaynardMirano
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

LAKESIDE COMPANY

INCOME STATEMENT
For Nine Months Ended September 30, 1990 and 1991

Increa
se
(Decrease)

Percent
age
Chang
e

19
1990
Sales

91

3,859,000

4,376,500

517,500

13.41%

(271,700)

(420,200)

148,500

54.66%

3,587,300

3,956,300

369,000

10.29%

(2,262,800)

(2,498,000)

235,200

11%

1,324,500

1,458,300

133,800

10%

(19,800)

(25,300)

5,500

Salaries, Commissions, Bonuses

(397,400)

(422,300)

24,900

6.27%

Advertising and Selling Expenses

(142,000)

(146,600)

4,600

3.24%

Rent Expenses

(116,900)

(123,000)

6,100

5.22%

(37,900)

(38,200)

300

0.79%

(464,800)

(534,000)

69,200

14.89%

(81,200)

(89,100)

7,900

9.72%

64,500

79,800

15,300

23.72%

(75,000)

(92,000)

17,000

22.67%

(10,500)

(12,200)

1,700

16.19%

Fixed Asset

14,000

14,000

Net Income

(10,500)

1,800

12,300

117.14%

Retained Earnings, Beginning

257,000

312,000

55,000

21.40%

Cash Dividends

(48,700)

(31,400)

(17,300)

-35.52%

197,800

282,400

84,600

42.77%

Sales Returns and Discounts


Net Sales
Cost of Goods Sold
Gross Profit
Operating Expense

Depreciation Expenses
Other General and Administrative Expenses
Interest Expense
Income Before Income Taxes
Income Taxes
Net Income After Taxes
Gain on Disposition of

Retained Earnings, Ending

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