Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $ 755,000 $ 604,000 Cost of goods sold 464,325 386,560 Selling expenses 118,535 75,500 Administrative expenses 58,135 54,360 Income tax expense 37,750 24,764 Net income 76,255 62,816 Prepare a schedule showing a vertical analysis for 2020 and 2019.
Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $ 755,000 $ 604,000 Cost of goods sold 464,325 386,560 Selling expenses 118,535 75,500 Administrative expenses 58,135 54,360 Income tax expense 37,750 24,764 Net income 76,255 62,816 Prepare a schedule showing a vertical analysis for 2020 and 2019.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 38E: Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for...
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Operating data for Joshua Corporation are presented below.
|
2020
|
2019
|
|||
|---|---|---|---|---|
|
Sales revenue
|
$ 755,000 | $ 604,000 | ||
|
Cost of goods sold
|
464,325 | 386,560 | ||
|
Selling expenses
|
118,535 | 75,500 | ||
|
Administrative expenses
|
58,135 | 54,360 | ||
|
Income tax expense
|
37,750 | 24,764 | ||
|
Net income
|
76,255 | 62,816 |
Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.)
Transcribed Image Text:Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.)
JOSHUA CORPORATION
Condensed Income Statements
For the Years Ended December 31
2020
2019
Amount
Percent
Amount
Percent
Sales revenue
$ 755,000
%
$ 604,000
Cost of goods sold
464,325
%
386,560
Gross profit
290,675
%
217,440
%
Selling expenses
118,535
%
75,500
%
Administrative expenses
58,135
%
54,360
Total operating expenses
176,670
%
129,860
%
Income before income taxes
114,005
%
87,580
Income taxes expense
37,750
%
24,764
%
Net income
$ 76,255
$ 62,816
%
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