Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $ 755,000 $ 604,000 Cost of goods sold 464,325 386,560 Selling expenses 118,535 75,500 Administrative expenses 58,135 54,360 Income tax expense 37,750 24,764 Net income 76,255 62,816 Prepare a schedule showing a vertical analysis for 2020 and 2019.
Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $ 755,000 $ 604,000 Cost of goods sold 464,325 386,560 Selling expenses 118,535 75,500 Administrative expenses 58,135 54,360 Income tax expense 37,750 24,764 Net income 76,255 62,816 Prepare a schedule showing a vertical analysis for 2020 and 2019.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Operating data for Joshua Corporation are presented below.
2020
|
2019
|
|||
---|---|---|---|---|
Sales revenue
|
$ 755,000 | $ 604,000 | ||
Cost of goods sold
|
464,325 | 386,560 | ||
Selling expenses
|
118,535 | 75,500 | ||
Administrative expenses
|
58,135 | 54,360 | ||
Income tax expense
|
37,750 | 24,764 | ||
Net income
|
76,255 | 62,816 |
Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.)
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