Perform a horizontal and vertical analysis. Use 1 decimal place for percentage result on vertical analysis. Statement of Comprehensive Income For theyear ended December 31(in millions)20192018Net SalesCost of Goods SoldGross ProfitSelling and AdministrativeExpenseOperating IncomeInterest ExpenseIncome Before TaxesIncome Tax ExpenseNet IncomeP3,412.0 P1,998.01,200.0978.92,212.0 P1,019.1200.0176.02,012.0 P843.12.52.02,009.5 P841.110.38.9P1,999.2 P832.2

Income statement shows the net income or net loss associated with the company.

Answered: 2019 2018 Net Sales |Cost of Goods Sold…

Business

Accounting

2019 2018 Net Sales |Cost of Goods Sold 3,412.0 P 1,998.0 1,200.0 978.9 Gross Profit 22120 1.019 1

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Perform a horizontal and vertical analysis. Use 1 decimal place for percentage result on vertical analysis.

Statement of Comprehensive Income For the
year ended December 31
(in millions)
2019
2018
Net Sales
Cost of Goods Sold
Gross Profit
Selling and AdministrativeExpense
Operating Income
Interest Expense
Income Before Taxes
Income Tax Expense
Net Income
P
3,412.0 P
1,998.0
1,200.0
978.9
2,212.0 P
1,019.1
200.0
176.0
2,012.0 P
843.1
2.5
2.0
2,009.5 P
841.1
10.3
8.9
P
1,999.2 P
832.2

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