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Here are comparative financial statement data for Sheridan Company and Sunland Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. 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 (a) 2022 $1,884,000 1,070,112 261,876 Sheridan Company 519,000 ✪ 108,800 501,500 O 7,536 52,752 320,500 $311.800 O O 164,200 O ✪ 65,000 O O 2021 $ O $ 497,300 75,000 90,200 501,500 142,400 Sunland Company Dollars 2022 $561,000 297,330 79,662 3,927 6,171 83,200 139,800 Prepare a vertical analysis of the 2022 income statement data for Sheridan Company and Sunland Company. (Round percentages to 1 decimal place, e.g. 12.1%.) 34,200 29,000 120,000 39,800 2021 $78,300 124,500 30,000 25,600 120,000 27,200 Condensed Income Statement Sheridan Company Percent % % % % % % % S % S

Here are comparative financial statement data for Sheridan Company and Sunland Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. 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 (a) 2022 $1,884,000 1,070,112 261,876 Sheridan Company 519,000 ✪ 108,800 501,500 O 7,536 52,752 320,500 $311.800 O O 164,200 O ✪ 65,000 O O 2021 $ O $ 497,300 75,000 90,200 501,500 142,400 Sunland Company Dollars 2022 $561,000 297,330 79,662 3,927 6,171 83,200 139,800 Prepare a vertical analysis of the 2022 income statement data for Sheridan Company and Sunland Company. (Round percentages to 1 decimal place, e.g. 12.1%.) 34,200 29,000 120,000 39,800 2021 $78,300 124,500 30,000 25,600 120,000 27,200 Condensed Income Statement Sheridan Company Percent % % % % % % % S % S

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 comparative financial statement data for Sheridan Company and Sunland Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. 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 (a) 2022 $1,884,000 1,070,112 261,876 Sheridan Company ✪ 519,000 ✪ O ✪ 320,500 7,536 ✪ 52,752 108,800 ✪ 501,500 ✪ 65,000 164,200 $ 2021 $ $311,800 497,300 75,000 90,200 501,500 142,400 Sunland Company Dollars 2022 $561,000 297,330 79,662 3,927 6,171 Prepare a vertical analysis of the 2022 income statement data for Sheridan Company and Sunland Company. (Round percentages to 1 decimal place, e.g. 12.1%.) 83,200 $78,300 139,800 34,200 29,000 2021 39,800 124,500 30,000 25,600 120,000 120,000 27,200 Condensed Income Statement Sheridan Company Percent % % % % % % % % S % S
Transcribed Image Text:Here are comparative financial statement data for Sheridan Company and Sunland Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. 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 (a) 2022 $1,884,000 1,070,112 261,876 Sheridan Company ✪ 519,000 ✪ O ✪ 320,500 7,536 ✪ 52,752 108,800 ✪ 501,500 ✪ 65,000 164,200 $ 2021 $ $311,800 497,300 75,000 90,200 501,500 142,400 Sunland Company Dollars 2022 $561,000 297,330 79,662 3,927 6,171 Prepare a vertical analysis of the 2022 income statement data for Sheridan Company and Sunland Company. (Round percentages to 1 decimal place, e.g. 12.1%.) 83,200 $78,300 139,800 34,200 29,000 2021 39,800 124,500 30,000 25,600 120,000 120,000 27,200 Condensed Income Statement Sheridan Company Percent % % % % % % % % S % S
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