Comparative Income Statements Are Available for Floatlin Company $\quad$ $\quad$

question 92

Essay

Comparative income statements are available for Floatlin Company:
$\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$$\text { Floatlin Company }$
$\quad$ $\quad$ $\quad$ $\quad$$\text { Comparative Statements of Income }$
$\text { For the Years Ending December } 31,2 \times 13 \text { and } 2 \times 12$

$\begin{array}{lrr}&\underline{2 X 13}& \underline{2 X} 12 \\\text { Sales } & \$ 750 & \$ 690 \\\text { Cost of Goods Sold } & \underline{440} & \underline{400} \\\text { Gross Profit } & \$ 310 & \$ 290 \\\text { Less: Operating Expenses } & \underline{220} & \underline{205} \\\text { Operating Income } & \$ \$ 90 & \$ 85 \\\text { Less: Income Tax Expense } & \underline{40} & \underline{\$ 30} \\\text { Net Income } & \underline{\underline{\$ 50}}& \underline{\underline{\$ 48}}\end{array}$
Prepare common-size income statements for Floatlin Company for 2X13 and 2X12.

Familiarize with basic concepts and definitions in accounting including assets, liabilities, and owner's equity.

Identify ethical considerations in financial accounting on an international scale.

Grasp the types of business organizations and their commonality across different countries.

Understand the concept of present value and how it is affected by interest rates and time.

---

Definitions:

Public Places

Areas that are open and accessible to all members of the community, including parks, libraries, roads, and public squares.

Fear

The central nervous system’s physiological and emotional response to a serious threat to one’s well-being.

Behavioral-Evolutionary

An approach in psychology that combines principles of behavioral analysis and evolutionary biology to understand how behavior is influenced by genetic and environmental factors.

Predisposition

A natural inclination or tendency to develop a particular condition or disease.