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BRAMBLE CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $755,000 $631,000 Cost of goods sold 588,900 512,372 Gross profit 166,100 118,628 % Operating expenses 104,190 58,683 % Dlet ingem t1.010

BRAMBLE CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $755,000 $631,000 Cost of goods sold 588,900 512,372 Gross profit 166,100 118,628 % Operating expenses 104,190 58,683 % Dlet ingem t1.010

FINANCIAL ACCOUNTING
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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Here are the comparative condensed income statements of Bramble Corporation.

Bramble Corporation
Condensed Income Statements
For the Years Ended December 31
   
2022
  
2021
Net sales
   $755,000     $631,000  
Cost of goods sold
   588,900     512,372  
Gross profit
   166,100     118,628  
Operating expenses
   104,190     58,683  
Net income
   $ 61,910     $ 59,945  
Prepare a horizontal analysis of the income statement data for Bramble Corporation, using 2021 as a base (Show the amounts of increase or decrease.) (Enter negative amounts and percentoges using either a negative sign preceding the number eg -45.-45% or parentheses eg (45). (45%). Round percentagesto 1 decimal place, eg. 12.3%) BRAMBLE CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $755,000 $631,000 % Cost of goods sold 588,900 512,372 Gross profit 166,100 118,628 % Operating expenses 104,190 58,683 % Net income $61,910 $59,945 (h)
Transcribed Image Text:Prepare a horizontal analysis of the income statement data for Bramble Corporation, using 2021 as a base (Show the amounts of increase or decrease.) (Enter negative amounts and percentoges using either a negative sign preceding the number eg -45.-45% or parentheses eg (45). (45%). Round percentagesto 1 decimal place, eg. 12.3%) BRAMBLE CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $755,000 $631,000 % Cost of goods sold 588,900 512,372 Gross profit 166,100 118,628 % Operating expenses 104,190 58,683 % Net income $61,910 $59,945 (h)
Prepare a vertical analysis of the income statement data for Bramble Corporation for both years. (Round percentages to 1 decimal place, eg 12.3%.) BRAMBLE CORPORATION Condensed Income Statements 2022 2021 Amount Percent Amount Percent Net sales $755,000 % $631,000 Cost of goods sold 588,900 % 512,372 Gross profit 166,100 % 118,628 % Operating expenses 104,190 % 58,683 % Net income $ 61,910 $ 59,945
Transcribed Image Text:Prepare a vertical analysis of the income statement data for Bramble Corporation for both years. (Round percentages to 1 decimal place, eg 12.3%.) BRAMBLE CORPORATION Condensed Income Statements 2022 2021 Amount Percent Amount Percent Net sales $755,000 % $631,000 Cost of goods sold 588,900 % 512,372 Gross profit 166,100 % 118,628 % Operating expenses 104,190 % 58,683 % Net income $ 61,910 $ 59,945
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