03 aces Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating segment is presented below. Required: 1. Complete the "%" columns to be used in a vertical analysis of Game-On Sports' two operating segments. Express each amount as a percentage of sales. 2. Use vertical analysis to compare the profitability of the two operating segments. Which segment is more profitable? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the "%" columns to be used in a vertical analysis of Game-On Sports' two operating segments. Express each amount as a percentage of sales. (Round your answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income GAME-ON SPORTS Income Statements For the Year Ended December 31, 2024 Athletic Equipment Amount $ 3,125,000 1,380,000 1,745,000 780,000 965,000 81,500 1,046,500 238,000 S 808,500 % Accessories Amount $ 3,575,000 1,685,000 1,800,000 830,000 1,060,000 (16,500) 1,043,500 $ 213,000 830,500 %

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

rr

03
ces
Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating
segment is presented below.
Required:
1. Complete the "%" columns to be used in a vertical analysis of Game-On Sports' two operating segments. Express each amount as a
percentage of sales.
2. Use vertical analysis to compare the profitability of the two operating segments. Which segment is more profitable?
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Complete the "%" columns to be used in a vertical analysis of Game-On Sports' two operating segments. Express each
amount as a percentage of sales. (Round your answers to 1 decimal place.)
Net sales
Cost of goods sold
Gross profit
Operating expenses
Operating income
Other income (expense)
Income before tax
Income tax expense
Net income
GAME-ON SPORTS
Income Statements
For the Year Ended December 31, 2024
Athletic Equipment
Amount
$ 3,125,000
1,380,000
1,745,000
S
780,000
965,000
81,500
1,046,500
238,000
808,500
%
Accessories
Amount
$ 3,575,000
1,685,000
1,890,000
830,000
1,060,000
(16,500)
1,043,500
213,000
830,500
$
%
Transcribed Image Text:03 ces Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating segment is presented below. Required: 1. Complete the "%" columns to be used in a vertical analysis of Game-On Sports' two operating segments. Express each amount as a percentage of sales. 2. Use vertical analysis to compare the profitability of the two operating segments. Which segment is more profitable? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Complete the "%" columns to be used in a vertical analysis of Game-On Sports' two operating segments. Express each amount as a percentage of sales. (Round your answers to 1 decimal place.) Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income GAME-ON SPORTS Income Statements For the Year Ended December 31, 2024 Athletic Equipment Amount $ 3,125,000 1,380,000 1,745,000 S 780,000 965,000 81,500 1,046,500 238,000 808,500 % Accessories Amount $ 3,575,000 1,685,000 1,890,000 830,000 1,060,000 (16,500) 1,043,500 213,000 830,500 $ %
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 1 images

Blurred answer
Knowledge Booster
Financial Information
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education