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Exercise 14-4 Operating data for Joshua Corporation are presented below
Exercise 14-4
Operating data for Joshua Corporation are presented below.
Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.)
|
2020
|
2019
|
|||
| Sales revenue | $755,000 | $600,000 | ||
| Cost of goods sold | 463,570 | 391,800 | ||
| Selling expenses | 123,820 | 76,800 | ||
| Administrative expenses | 58,890 | 55,800 | ||
| Income tax expense | 31,710 | 23,400 | ||
| Net income | 77,010 | 52,200 |
Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.)
Expert Solution
Exercise 14-4
Operating data for Joshua Corporation are presented below.
Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.)
|
2020
|
2019
|
|||
| Sales revenue | $755,000 | $600,000 | ||
| Cost of goods sold | 463,570 | 391,800 | ||
| Selling expenses | 123,820 | 76,800 | ||
| Administrative expenses | 58,890 | 55,800 | ||
| Income tax expense | 31,710 | 23,400 | ||
| Net income | 77,010 | 52,200 |
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
|
 |
$600,000
|
|
|||
|
Cost of goods sold
|
463,570
|
|
391,800
|
|
|||
|
Gross profit
|
291,430
|
|
208,200
|
|
|||
|
Selling expenses
|
123,820
|
|
76,800
|
|
|||
|
Administrative expenses
|
58,890
|
|
55,800
|
|
|||
|
Total operating expenses
|
182,710
|
|
132,600
|
|
|||
|
Income before income taxes
|
108,720
|
|
75,600
|
|
|||
|
Income taxes expense
|
31,710
|
|
23,400
|
|
|||
|
Net income
|
$77,010
|
|
$52,200
|
|
|||
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