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Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $755,000 464,325 118,535 58,135 34,202 79,803 2021 $604,000 386,560 75,500 54,360 28,992 58,588 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g.48.5%)

Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $755,000 464,325 118,535 58,135 34,202 79,803 2021 $604,000 386,560 75,500 54,360 28,992 58,588 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g.48.5%)

FINANCIAL ACCOUNTING
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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Subject :-  Accounting 

Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses 2022 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g.48.5%) CULLUMBER CORPORATION Condensed Income Statements For the Year Ended December 31 Income taxes expense Net Income $755,000 $604,000 464,325 386,560 118,535 75,500 54,360 58,135 34,202 79,803 Amount $755,000 464,325 290,675 118,535 58,135 Income before income taxes 114,005 176,670 2021 34,202 $79,803 28,992 58,588 2022 Percent 100.0 % 615 % % 15.7 % 7.7 % of % % % Amount $604,000 386,560 217,440 75,500 54,360 129,860 87,580 28,992 $58,588 2021 Percent 100.0 % 64.0 12.5 9.0 i % % i% % % % % %
Transcribed Image Text:Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses 2022 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g.48.5%) CULLUMBER CORPORATION Condensed Income Statements For the Year Ended December 31 Income taxes expense Net Income $755,000 $604,000 464,325 386,560 118,535 75,500 54,360 58,135 34,202 79,803 Amount $755,000 464,325 290,675 118,535 58,135 Income before income taxes 114,005 176,670 2021 34,202 $79,803 28,992 58,588 2022 Percent 100.0 % 615 % % 15.7 % 7.7 % of % % % Amount $604,000 386,560 217,440 75,500 54,360 129,860 87,580 28,992 $58,588 2021 Percent 100.0 % 64.0 12.5 9.0 i % % i% % % % % %
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