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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
am.112.
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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