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Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company 2020 2019 2020 2019 Net sales $1,866,000 $559,000 Cost of goods sold 1059.888 297,388 Operating expenses 264.972 78.819 Interest expense 7,464 4472 Income tax expense 54,114 6,149 Current assets 323,000 $311.200 82,000 $78,300 Plant asses (net) 521.400 501.200 138,300 125,100 Current liabilitie 66,000 75,500 36.200 31000 Long-term liabilities 108.200 90,200 29,000 21.600 Commun stock, $10 496,000 196,000 122,000 122,000 par Retained earnings 174,200 150,600 33.100 25 800 Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, eg 12.1%) Condensed Income Statement Dollars Duke Company Percent 35 $ % % Lord Company Dollars Percent % % 56 % % % % % % SUPPOR

Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company 2020 2019 2020 2019 Net sales $1,866,000 $559,000 Cost of goods sold 1059.888 297,388 Operating expenses 264.972 78.819 Interest expense 7,464 4472 Income tax expense 54,114 6,149 Current assets 323,000 $311.200 82,000 $78,300 Plant asses (net) 521.400 501.200 138,300 125,100 Current liabilitie 66,000 75,500 36.200 31000 Long-term liabilities 108.200 90,200 29,000 21.600 Commun stock, $10 496,000 196,000 122,000 122,000 par Retained earnings 174,200 150,600 33.100 25 800 Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, eg 12.1%) Condensed Income Statement Dollars Duke Company Percent 35 $ % % Lord Company Dollars Percent % % 56 % % % % % % SUPPOR

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 statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company 2020 2019 2020 2019 Net sales $1,866,000 $559,000 Cost of goods sold 1059.888 297,388 Operating expenses 264.972 78.819 Interest expense 7,464 4472 Income tax expense 54,114 6,149 Current assets 323,000 $311.200 82,000 $78,300 Plant asses (net) 521.400 501.200 138,300 125,100 Current liabilitie 66,000 75,500 36.200 31000 Long-term liabilities 108.200 90,200 29,000 21.600 Commun stock, $10 496,000 196,000 122,000 122,000 par Retained earnings 174,200 150,600 33.100 25 800 Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, eg 12.1%) Condensed Income Statement Dollars Duke Company Percent 35 $ % % Lord Company Dollars Percent % % 56 % % % % % % SUPPOR
Transcribed Image Text:Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019. Duke Company Lord Company 2020 2019 2020 2019 Net sales $1,866,000 $559,000 Cost of goods sold 1059.888 297,388 Operating expenses 264.972 78.819 Interest expense 7,464 4472 Income tax expense 54,114 6,149 Current assets 323,000 $311.200 82,000 $78,300 Plant asses (net) 521.400 501.200 138,300 125,100 Current liabilitie 66,000 75,500 36.200 31000 Long-term liabilities 108.200 90,200 29,000 21.600 Commun stock, $10 496,000 196,000 122,000 122,000 par Retained earnings 174,200 150,600 33.100 25 800 Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, eg 12.1%) Condensed Income Statement Dollars Duke Company Percent 35 $ % % Lord Company Dollars Percent % % 56 % % % % % % SUPPOR
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