Adams Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percent of sales. Note: Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4). Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income ADAMS COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales for Year 4 100.0 % $ $ X Answer is not complete. 999,500 549,725 449,775 129,400 320,375 81,000 239,375 % Year 3 $ 1,081,500 598,400 483,100 152,000 331,100 80,400 250,700 $ Percentage of Sales for Year 3 100.0 % %
Adams Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percent of sales. Note: Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4). Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income ADAMS COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales for Year 4 100.0 % $ $ X Answer is not complete. 999,500 549,725 449,775 129,400 320,375 81,000 239,375 % Year 3 $ 1,081,500 598,400 483,100 152,000 331,100 80,400 250,700 $ Percentage of Sales for Year 3 100.0 % %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Adams Company reported the following operating results for two consecutive years:
Required
Compute each income statement component for each of the two years as a percent of sales.
Note: Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as
23.4).
Sales
Cost of goods sold
Gross margin on sales
Operating expenses
Income before taxes
Income taxes
Net income
ADAMS COMPANY
Vertical Analysis of Income Statements
Year 4
Percentage of
Sales for Year 4
100.0
%
$
$
X Answer is not complete.
999,500
549,725
449,775
129,400
320,375
81,000
239,375
%
$
$
Year 3
1,081,500
598,400
483,100
152,000
331,100
80,400
250,700
Percentage of
Sales for Year 3
100.0 %
%
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