Express the following income statement information in common-size percents (round to nearest whole percent). Comment on the financial results in 2018 vs 2017. Thorsten Corp. Comparative Income Statements For Years Ended December 31, 2017 and 2018 2018 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Net profit $1,200,000 804,000 396,000 132,000 180,000 $84,000 2017 $1,000,000 650,000 $350,000 120,000 150,000 $80,000 Prepare a waterfall chart to show the increase/decrease from sales to net profit for year 2012. Compare that with 2011 to see if there are significant changes.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Express the following income statement information in common-size percents (round
to nearest whole percent). Comment on the financial results in 2018 vs 2017.
Thorsten Corp.
Comparative Income Statements
For Years Ended December 31, 2017 and 2018
2018
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Net profit
$1,200,000
804,000
396,000
132,000
180,000
$84,000
2017
$1,000,000
650,000
$350,000
120,000
150,000
$80,000
Prepare a waterfall chart to show the increase/decrease from sales to net profit for
year 2012. Compare that with 2011 to see if there are significant changes.
Transcribed Image Text:Express the following income statement information in common-size percents (round to nearest whole percent). Comment on the financial results in 2018 vs 2017. Thorsten Corp. Comparative Income Statements For Years Ended December 31, 2017 and 2018 2018 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Net profit $1,200,000 804,000 396,000 132,000 180,000 $84,000 2017 $1,000,000 650,000 $350,000 120,000 150,000 $80,000 Prepare a waterfall chart to show the increase/decrease from sales to net profit for year 2012. Compare that with 2011 to see if there are significant changes.
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