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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Operating data for Coronado Corporation are presented as follows. 2022 2021 Net sales $754,000 $595,000 Cost of goods sold 468,234 391,510 Selling expenses 125,164 67,830 Administrative expenses 63,336 55,930 Income tax expense 35,438 27,965 Net income 61,828 51,765 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.)
ss
Calculate the average collection period ratio for Urban Outfitters for both 2018 and 2019. Be sure to round your answer to 2 decimal places.
Concord Ltd. had the following 2023 income statement data: Sales revenue Cost of goods sold Gross profit Operating expenses (includes depreciation of $22,900) Income before income taxes Income taxes Net income $207,500 (a) 119,000 88,500 48,000 40,500 16,000 $24,500 The following accounts increased during 2023 by the amounts shown: Accounts Receivable, $15,900; Inventory, $10,800; Accounts Payable (relating to inventory), $13,900; Taxes Payable, $2,200; and Mortgage Payable, $40,500. Prepare the cash flows from operating activities section of Concord's 2023 statement of cash flows using the indirect method and following IFRS. (Show amounts that decrease cash flow with either a negative sign e.g.-15,000 or in parenthesis e.g. (15,000).) Concord Corporation Statement of Cash Flows Indirect Mothed)
please explain the result of income statement that provided in image below
The following items were taken from the financial statements of Kramer Manufacturing, Inc., over a 3-year period: Item 2021 2020 2019 Net sales $226,000 $212,000 $200,000 Cost of goods sold 150,000 140,000 125,000 Gross profit $ 76,000 $ 72,000 $ 75,000 Instructions Using horizontal analysis and 2019 as the base year, compute the trend percentages for net sales, cost of goods sold, and gross profit. Item 2021 2020 2019 Net sales % % 100% Cost of goods sold % % 100% Gross profit % % 100% Explain whether the trends are favorable or unfavorable for each…
only typed solution
Condensed financial data are presented below for the Tulsa Corporation: Accounts receivable Inventory C. d. Total current assets Total assets Current liabilities Long-term liabilities Sales Cost of goods sold Interest expense Net income Tax rate 2021 $277,500 310,000 675,000 800,000 700,000 250,000 200,000 77,500 75,000 1,640,000 985,000 10,000 130,000 25% 2020 $230,000 250,000 565,000 The profit margin used to calculate return on assets for 2021 is (rounded): a. b. 8.9% 16.3% 17.2% 18.3%
Prepare a horizontal analysis of the following comparative income statement for the Buff Bodies Corporation. Round percentage changes to the nearest one-hundredth percent. Buff Bodies Corporation Comparative Income Statement for the Years Ended December 31, 2020 and 2019 2020 2019 Total revenue $1,450,000 $1,300,000 Expenses: Cost of goods sold $ 1,023,000 $ 930,000 Operating expenses 310,000 275,000 Interest expense 12,000 10,000 Income tax expense 48,300 38,000 Total expenses $1,393,300 $1,253,000 Net income $ 56,700 $ 47,000
view Policies Current Attempt in Progress Using these data from the comparative balance sheet of Cullumber Company, perform vertical analysis. (Round percentages to 1 decimal place, e.g. 12.5%.) Dec. 31, 2022 Dec. 31, 2021 Amount Percentage Amount Percentage Accounts receivable $ 467,400 $ 410,000 Inventory $ 785,400 % $ 660,000 % Total assets $3,197,900 % $2,830,000 % eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 510,880 $ 391,376 $ 271,600 Cost of goods sold 307,550 248,524 173,824 Gross profit 203,330 142,852 97,776 Selling expenses 72,545 54,010 35,851 Administrative expenses 45,979 34,441 22,543 Total expenses 118,524 88,451 58,394 Income before taxes 84,806 54,401 39,382 Income tax expense 15,774 11,152 7,995 Net income $ 69,032 $ 43,249 $ 31,387 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 53,905 $ 36,079 $ 48,229 Long-term investments 0 500 3,040 Plant assets, net 101,665 92,652 55,799 Total assets $ 155,570 $ 129,231 $ 107,068 Liabilities and Equity Current liabilities $ 22,713 $ 19,255 $ 18,737 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 56,357 33,476…
Subject: