Here are comparative financial statement data for Sheridan Company and Pina Company, two competitors. All data are as of December 31, 2025, and December 31, 2024. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $10 par Retained earnings Sheridan Company 2025 $1,874,000 1,069,000 266,000 8,100 71,600 488,963 $468,615 790,200 750,000 113,723 99,488 2024 170,985 750,000 258,690 135,000 750,000 219,892 Pina Company 2025 $563,000 281,000 91,000 2,500 35,000 125,004 209,592 53,022 44,430 180,000 57,144 2024 $119,201 188,718 45,422 37,500 180,000 44,997

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Prepare 2025 income statements and a vertical analysis for Sheridan Company and Pina Company. (Round percentage answers to 1
decimal place, e.g. 2.5%.)
Net Sales
Cost of Goods Sold
Operating Expenses
Interest Expense
Income Tax Expense
Income From Operations
Income Tax Expense
Retained Earnings, December 31
Net Income /(Loss)
Net Sales
<
$
Dollars
Condensed Income Statement
For the Year Ended December 31, 2025
Sheridan Company
Percent
%
%
%
%
%
%
%
%
%
LA
tA
Dollars
Transcribed Image Text:Prepare 2025 income statements and a vertical analysis for Sheridan Company and Pina Company. (Round percentage answers to 1 decimal place, e.g. 2.5%.) Net Sales Cost of Goods Sold Operating Expenses Interest Expense Income Tax Expense Income From Operations Income Tax Expense Retained Earnings, December 31 Net Income /(Loss) Net Sales < $ Dollars Condensed Income Statement For the Year Ended December 31, 2025 Sheridan Company Percent % % % % % % % % % LA tA Dollars
Here are comparative financial statement data for Sheridan Company and Pina Company, two competitors. All data are as of
December 31, 2025, and December 31, 2024.
Net sales
Cost of goods sold
Operating expenses
Interest expense
Income tax expense
Current assets
Plant assets (net)
Current liabilities
Long-term liabilities
Common stock, $10 par
Retained earnings
Sheridan Company
2025
$1,874,000
1,069,000
266,000
8,100
71,600
488,963 $468,615
750,000
113,723
135,000
750,000
219,892
790,200
99,488
170,985
750,000
2024
258,690
Pina Company
2025
$563,000
281,000
91,000
2,500
35,000
125,004
209,592
53,022
44,430
180,000
57,144
2024
$119,201
188,718
45,422
37,500
180,000
44,997
Transcribed Image Text:Here are comparative financial statement data for Sheridan Company and Pina Company, two competitors. All data are as of December 31, 2025, and December 31, 2024. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $10 par Retained earnings Sheridan Company 2025 $1,874,000 1,069,000 266,000 8,100 71,600 488,963 $468,615 750,000 113,723 135,000 750,000 219,892 790,200 99,488 170,985 750,000 2024 258,690 Pina Company 2025 $563,000 281,000 91,000 2,500 35,000 125,004 209,592 53,022 44,430 180,000 57,144 2024 $119,201 188,718 45,422 37,500 180,000 44,997
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