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Condensed data from the statement of income for Cato Corporation follow: (a) Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, e.g. 15.2%.) CATO CORPORATION Vertical Analysis of Statement of Income

Condensed data from the statement of income for Cato Corporation follow: (a) Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, e.g. 15.2%.) CATO CORPORATION Vertical Analysis of Statement of Income

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Condensed data from the statement of income for Cato Corporation follow: (a) Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, e.g. 15.2%.) Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense Net income Amount $804,000 552,348 251,652 155,976 95,676 12,864 $82,812 CATO CORPORATION Vertical Analysis of Statement of Income 2024 Percent % % % % % Amount $596,000 374,288 221,712 122,776 98,936 22,052 % $76,884 2023 Percent % % % % % % %
Transcribed Image Text:Condensed data from the statement of income for Cato Corporation follow: (a) Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, e.g. 15.2%.) Sales Cost of goods sold Gross profit Operating expenses Income before income tax Income tax expense Net income Amount $804,000 552,348 251,652 155,976 95,676 12,864 $82,812 CATO CORPORATION Vertical Analysis of Statement of Income 2024 Percent % % % % % Amount $596,000 374,288 221,712 122,776 98,936 22,052 % $76,884 2023 Percent % % % % % % %
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