Here is a comparative financial statement for Lily Company and Maria Company, showcasing key financial data for the fiscal years ending December 31, 2022, and December 31, 2021.**Lily Company**- **2022:** - Net Sales: $1,836,000 - Cost of Goods Sold: $1,050,192 - Operating Expenses: $268,056 - Interest Expense: $9,180 - Income Tax Expense: $53,244 - Current Assets: $329,500 - Plant Assets (Net): $522,000 - Current Liabilities: $64,000 - Long-term Liabilities: $109,000 - Common Stock, $10 par: $496,000 - Retained Earnings: $182,500- **2021:** - Net Sales: (Data not provided for Maria Company in 2021 for net sales) - Cost of Goods Sold: (Data not provided for Maria Company in 2021 for COGS) - Operating Expenses: (Data not provided for Maria Company in 2021 for operating expenses) - Interest Expense: (Data not provided for Maria Company in 2021 for interest expense) - Income Tax Expense: (Data not provided for Maria Company in 2021 for income tax expense) - Current Assets: $311,800 - Plant Assets (Net): $497,000 - Current Liabilities: $74,400 - Long-term Liabilities: $90,000 - Common Stock, $10 par: $496,000 - Retained Earnings: $148,400**Maria Company**- **2022:** - Net Sales: $561,000 - Cost of Goods Sold: $296,208 - Operating Expenses: $79,101 - Interest Expense: $3,927 - Income Tax Expense: $6,732 - Current Assets: $82,600 - Plant Assets (Net): $138,600 - Current Liabilities: $35,800 - Long-term Liabilities: $28,600 - Common Stock, $10 par: $120,000 - Retained Earnings: $36,800- **2021:** - Current **Vertical Analysis of 2022 Income Statement Data for Lily Company and Maria Company**This template is designed for conducting a vertical analysis on the income statement data for Lily Company and Maria Company for the year 2022. The analysis involves comparing the components of the income statement as a percentage of a base figure to identify trends and make comparisons between the two companies.### Template Structure:- **Header**: "Condensed Income Statement" - **Columns**: - **Lily Company**: - **Dollars**: Input the monetary values for each line item. - **Percent**: Calculate each line item as a percentage of a base figure (typically total sales), rounded to one decimal place (e.g., 12.1%). - **Maria Company**: - **Dollars**: Input the monetary values for each line item. - **Percent**: Similar to Lily Company, calculate and input the percentage values.### Steps for Completion:1. **Enter Dollar Values**: Begin by entering the actual dollar amounts for each line item under both Lily Company and Maria Company.2. **Calculate and Round Percentages**: For each line item, calculate its percentage relative to a base amount. Ensure percentages are rounded to one decimal place for consistency.3. **Analyze and Compare**: Use the calculated percentages to analyze expense and revenue allocation patterns, identifying financial strengths and weaknesses between the two companies.### Additional Notes:- Ensure accuracy in calculations to make the analysis meaningful.- This analysis aids in understanding how each company allocates its sales revenue across various expenses and income, offering insights into operational efficiency.This tool serves as an educational guide for performing vertical financial analysis and is essential for students and professionals in accounting and finance.

The expenses and revenues are required to be reported in the income statement of the company. The…

Here are comparative financial statement data for Lily Company and Maria Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. Lily Company 2022 2021 Maria Company 2022 2021

Here are comparative financial statement data for Lily Company and Maria Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. Lily Company 2022 2021 Maria Company 2022 2021

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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