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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

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 15E
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(a) - Make a "Condensed Income Statements". Prepare a horizontal analysis of the income statement data for Vaughn Corporation, using 2021 as a base. (b ) - Make a "Condensed Income Statements". Prepare a vertical analysis of the income statement data for Vaughn Corporation for both years.
Transcribed Image Text:(a) - Make a "Condensed Income Statements". Prepare a horizontal analysis of the income statement data for Vaughn Corporation, using 2021 as a base. (b ) - Make a "Condensed Income Statements". Prepare a vertical analysis of the income statement data for Vaughn Corporation for both years.
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
Transcribed Image Text: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
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