Here are the comparative condensed income statements of Pina Colada Corporation. PINA COLADA CORPORATION Condensed Income Statements For the Years Ended December 31 2022 2021 Net sales $648,000 $540,000 Cost of goods sold 517,104 465,480 Gross profit 130,896 74,520 Operating expenses 85,536 48,060 Net income $ 45,360 $ 26,460 (a) Prepare a horizontal analysis of the income statement data for Pina Colada Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) PINA COLADA CORPORATION Condensed Income Statements + Increase or (Decrease) During 2022 2022 2021 Amount Net sales $648,000 $540,000 Cost of goods sold 517,104 465,480 Gross profit 130,896 74,520 Operating 85,536 48,060 expenses Net income $ 45,360 $ 26,460 $ $ Percentage % % % % %

Here are the comparative condensed income statements of Pina Colada Corporation. PINA COLADA CORPORATION Condensed Income Statements For the Years Ended December 31 2022 2021 Net sales $648,000 $540,000 Cost of goods sold 517,104 465,480 Gross profit 130,896 74,520 Operating expenses 85,536 48,060 Net income $ 45,360 $ 26,460 (a) Prepare a horizontal analysis of the income statement data for Pina Colada Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) PINA COLADA CORPORATION Condensed Income Statements + Increase or (Decrease) During 2022 2022 2021 Amount Net sales $648,000 $540,000 Cost of goods sold 517,104 465,480 Gross profit 130,896 74,520 Operating 85,536 48,060 expenses Net income $ 45,360 $ 26,460 $ $ Percentage % % % % %

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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