Here are the comparative condensed income statements of Cheyenne Corporation. CHEYENNE CORPORATION Condensed Income Statements For the Years Ended December 31 2022 2021 Net sales $588,000 $490,000 Cost of goods sold 474,516 416,010 Gross profit 113,484 73,990 Operating expenses 80,556 44,100 Net income $ 32,928 $ 29,890 (a) Prepare a horizontal analysis of the income statement data for Cheyenne 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%.) CHEYENNE CORPORATION Condensed Income Statements choose the accounting period Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $588,000 $490,000 $enter a dollar amount enter percentages rounded to 1 decimal place % Cost of goods sold 474,516 416,010 enter a dollar amount enter percentages rounded to 1 decimal place % Gross profit 113,484 73,990 enter a total amount for the first part enter percentages rounded to 1 decimal place % Operating expenses 80,556 44,100 enter a dollar amount enter percentages rounded to 1 decimal place % Net income $ 32,928 $ 29,890 $enter a total net income amount enter percentages rounded to 1 decimal place % (b) Prepare a vertical analysis of the income statement data for Cheyenne Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.)

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 the comparative condensed income statements of Cheyenne Corporation.

CHEYENNE CORPORATION Condensed Income Statements For the Years Ended December 31

	2022	2021
Net sales	$588,000	$490,000
Cost of goods sold	474,516	416,010
Gross profit	113,484	73,990
Operating expenses	80,556	44,100
Net income	$ 32,928	$ 29,890

(a)

Prepare a horizontal analysis of the income statement data for Cheyenne 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%.)

CHEYENNE CORPORATION Condensed Income Statements choose the accounting period
			Increase or (Decrease) During 2022
	2022	2021	Amount	Percentage
Net sales	$588,000	$490,000	$enter a dollar amount	enter percentages rounded to 1 decimal place	%
Cost of goods sold	474,516	416,010	enter a dollar amount	enter percentages rounded to 1 decimal place	%
Gross profit	113,484	73,990	enter a total amount for the first part	enter percentages rounded to 1 decimal place	%
Operating expenses	80,556	44,100	enter a dollar amount	enter percentages rounded to 1 decimal place	%
Net income	$ 32,928	$ 29,890	$enter a total net income amount	enter percentages rounded to 1 decimal place	%

(b)

Prepare a vertical analysis of the income statement data for Cheyenne Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.)

CHEYENNE CORPORATION Condensed Income Statements choose the accounting period
	2022	2021
	$	Percent		$		Percent
Net sales	$588,000	enter percentages	%		$490,000		enter percentages	%
Cost of goods sold	474,516	enter percentages	%		416,010		enter percentages	%
Gross profit	113,484	enter percentages	%		73,990		enter percentages	%
Operating expenses	80,556	enter percentages	%		44,100		enter percentages	%
Net income	$ 32,928	enter percentages	%		$ 29,890		enter percentages	%

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