Ask Question, Ask an Expert


Ask Accounting Basics Expert

Q1) Campers, Inc. produces camping equipment. Shown below for current year is income statement for company and common size summary for industry in which company operates. (Notice that percentages in the right hand column are not for Campers, Inc., but are average percentages for industry.)

Campers, Inc.,
Industry avg.
Sales (Net)
cost of goods Sold
Gross profit on sale
operating expenses
General and administrative
Total operating expenses
Operating Income
Income tax expenses
Net income
Return on Assets


A. Create two column common size income statement. First column must illustrate for Campers, Inc., all items expressed as percentage of net sales. Second column must show equivalent industry average for data given in the problem. Purpose of this common size statement is to compare operating results of Campers, Inc., with average for industry.

B. Comment specifically on difference between Camper's, Inc., and industry average with respect to gross profit on sales, selling expenses, general and administrative expenses,net income, operating income, and return on assets. Reccomend possible reasons for more significant disparities.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920660

Have any Question? 

Related Questions in Accounting Basics

B bakery is a family owned firm with around 70 employees

B Bakery is a family owned firm with around 70 employees and sales revenue increased to more than $ 13.5 million during the past year. It has been in business for over 50 years and supplies bread and confectionary produc ...

Practice questionsdescribe a situation in which two of the

Practice questions: Describe a situation in which two of the main accounting concepts might be in conflict. Explain what you consider the correct accounting treatment should be.

Question case study essay on martin shkreli fraud casecase

Question: Case Study Essay on Martin Shkreli Fraud Case. Case Study Criteria: Financial reporting and prevention of fraud through the application of significant internal policies and adherence to corporate governance ele ...

Accounting for managers- shareholders and lenders whilst

Accounting for Managers- Shareholders and lenders, whilst not being the only stakeholders, provide capital to companies because they seek a return commensurate with the level of risk that they are willing to take. You ar ...

Accounting questionsin the last module we discussed the

Accounting Questions: In the last module we discussed the reactive approach that can (and has been) taken by corporations to identify current fraudulent activities. The issue with this approach is that by the time corpor ...

A taxpayer lives in michigan in a controversy with the irs

A taxpayer lives in Michigan. In a controversy with the IRS, the taxpayer loses at the trial court level. Describe the appeal procedure for each of the following trial courts. a. Small Cases Division of the Tax Court b. ...

Q1 harbour cruises limited started business on 1 july 2015

Q1. Harbour Cruises Limited started business on 1 July 2015 and completed its first statement of comprehensive income and first statement of financial position on 30 June 2016. The statements are prepared before consider ...

1 what are support events2 what are economic agents3 define

1. What are support events? 2. What are economic agents? 3. Define duality. 4. What is view modeling? 5. What is represented by the labeled lines connecting entities in an REA diagram? 6.Why are journals and ledgers not ...

Your text notes that all of the business processes we have

Your text notes that all of the business processes we have studied feed data to the general ledger system. For each of the 5 business processes listed below: • Indicate which of the business events listed are activities ...

Test 1 write the word correct if the statement is true and

Test 1: Write the word CORRECT if the statement is true and the word WRONG if the statement is false. Print in CAPITAL letters why. 1. All partners, whether capitalist or industrialist, are to share on whatever partnersh ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate