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PHAROAH CORPORATION Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit 2022 $628,800 446,600 182.200 2021 $533,500 437,900 95.600

PHAROAH CORPORATION Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit 2022 $628,800 446,600 182.200 2021 $533,500 437,900 95.600

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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Here are the comparative income statements of Pharoah Corporation. PHAROAH CORPORATION Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2022 $628,800 446,600 182,200 79,000 $ 103,200 2021 $533,500 437,900 95,600 41,600 $ 54,000
Transcribed Image Text:Here are the comparative income statements of Pharoah Corporation. PHAROAH CORPORATION Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2022 $628,800 446,600 182,200 79,000 $ 103,200 2021 $533,500 437,900 95,600 41,600 $ 54,000
(a) Prepare a horizontal analysis of the income statement data for Pharoah 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%) Net sales Cost of goods sold Gross Profit Net income (b) Operating expenses 79,000 Net sales Cost of goods sold 2022 Gross Profit $628,800 Operating expenses Net income 182.200 446,600 437,900 $ 103,200 $628,800 446,600 PHAROAH CORPORATION Comparative Income Statement Show Transcribed Text 182,200 2021 79,000 $533,500 $ 103,200 95,600 41,600 $ $ 54,000 $ Prepare a vertical analysis of the income statement data for Pharoah Corporation for both years. (Round percentages to 1 decimal place, eg. 12.1%) Ű 2022 Increase or (Decrease) During 2022 Percentage Amount PHAROAH CORPORATION Condensed Income Statements Percent % % % % % $ $533,500 437,900 95,600 41,600 $ 54,000 2021 96 Percent % 96 96 96 % % % % %
Transcribed Image Text:(a) Prepare a horizontal analysis of the income statement data for Pharoah 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%) Net sales Cost of goods sold Gross Profit Net income (b) Operating expenses 79,000 Net sales Cost of goods sold 2022 Gross Profit $628,800 Operating expenses Net income 182.200 446,600 437,900 $ 103,200 $628,800 446,600 PHAROAH CORPORATION Comparative Income Statement Show Transcribed Text 182,200 2021 79,000 $533,500 $ 103,200 95,600 41,600 $ $ 54,000 $ Prepare a vertical analysis of the income statement data for Pharoah Corporation for both years. (Round percentages to 1 decimal place, eg. 12.1%) Ű 2022 Increase or (Decrease) During 2022 Percentage Amount PHAROAH CORPORATION Condensed Income Statements Percent % % % % % $ $533,500 437,900 95,600 41,600 $ 54,000 2021 96 Percent % 96 96 96 % % % % %
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