(a) - Make a "Condensed Income Statements". Prepare a horizontal analysis ofthe income statement data for Vaughn Corporation, using 2021 as a base. (b) - Make a "Condensed Income Statements". Prepare a vertical analysis of theincome statement data for Vaughn Corporation for both years. Here are the comparative condensed income statements of Vaughn Corporation.Vaughn CorporationCondensed Income StatementsFor the Years Ended December 31Net salesCost of goods soldGross profitOperating expensesNet income2022$676,000531,336144,66493,964$50,7002021$561,000462.26498,73652,734$46,002

Income statement is a financial statement that shows profitability, total revenue and total…

Here are the comparative condensed income statements of Vaughn Corporation. Vaughn Corporation Condensed Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Operating expenses Net income 2022 $676,000 531,336 144,664 93,964 $50,700 2021 $561,000 462,264 98,736 52,734 $46,002

Here are the comparative condensed income statements of Vaughn Corporation. Vaughn Corporation Condensed Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Operating expenses Net income 2022 $676,000 531,336 144,664 93,964 $50,700 2021 $561,000 462,264 98,736 52,734 $46,002

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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please explain the result of income statement that provided in image below