Operating data for Joshua Corporation are presented below.Sales revenueCost of goods soldSelling expensesAdministrative expensesIncome tax expenseNet incomeSalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal operating expensesIncome before income taxesIncome tax expense2022Net income$800,000520,000120,00060,00030,000Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)70,000Amount$800,000520,000280,000120,00060,000180,000100,00030,0002021$70,000$600,000408,00072,00048,00024,00048,000JOSHUA CORPORATIONCondensed Income Statement2022Percent%%%%%%%%%Amount$600,000408,000192,00072,00048,000120,00072,00024,000$48,0002021Percent%%%%%%%%%SUPPOI

Vertical analysis is the financial statement analysis which is used by the entity to compare all the…

Operating data for Joshua Corporation are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense 2022 Net income $800,000 520,000 120,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) 60,000 30,000 70,000 Amount $800,000 520,000 280,000 120,000 60,000 180,000 100,000 30,000 2021 $70,000 $600,000 408,000 72,000 48,000 24,000 48,000 JOSHUA CORPORATION Condensed Income Statement 2022 Percent % % % % % % % % % O Amount $600,000 408,000 192,000 72,000 48,000 120,000 72,000 24,000 $ 48,000 2021 Percent de % % do % % % % de % % % SUR

Operating data for Joshua Corporation are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense 2022 Net income $800,000 520,000 120,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) 60,000 30,000 70,000 Amount $800,000 520,000 280,000 120,000 60,000 180,000 100,000 30,000 2021 $70,000 $600,000 408,000 72,000 48,000 24,000 48,000 JOSHUA CORPORATION Condensed Income Statement 2022 Percent % % % % % % % % % O Amount $600,000 408,000 192,000 72,000 48,000 120,000 72,000 24,000 $ 48,000 2021 Percent de % % do % % % % de % % % SUR

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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