A condensed income statement for Simultech Corporation and a partially completed vertical analysis are presented below. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of sales revenues. (Round your answers to the nearest whole percent.) SIMULTECH CORPORATION Income Statement (summarized) (in millions) For the Years Ended January 31, 2017 January 31, 2016 Sales revenues $ 1,996 100 % $ 2,246 100 % Cost of goods sold 1,240 1,390 412 18 % Selling, General, and Administrative expenses Other operating expenses 364 67 22 1 % Interest expense 30 20 1% Income before income tax expense 295 15 % 402 % Income tax expense 105 5 % 139 6 % Net income $ 190 % 2$ 263 2. Does Simultech's Cost of Goods Sold for the year ended January 31, 2017, as a percentage of revenues, represent better or worse performance as compared to that for the year ended January 31, 2016? %%一%一%|%%%

A condensed income statement for Simultech Corporation and a partially completed vertical analysis are presented below. Required: 1. Complete the vertical analysis by computing each missing line item as a percentage of sales revenues. (Round your answers to the nearest whole percent.) SIMULTECH CORPORATION Income Statement (summarized) (in millions) For the Years Ended January 31, 2017 January 31, 2016 Sales revenues $ 1,996 100 % $ 2,246 100 % Cost of goods sold 1,240 1,390 412 18 % Selling, General, and Administrative expenses Other operating expenses 364 67 22 1 % Interest expense 30 20 1% Income before income tax expense 295 15 % 402 % Income tax expense 105 5 % 139 6 % Net income $ 190 % 2$ 263 2. Does Simultech's Cost of Goods Sold for the year ended January 31, 2017, as a percentage of revenues, represent better or worse performance as compared to that for the year ended January 31, 2016? %%一%一%|%%%

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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