PR 17-2B Vertical analysis of income statement OBJ. 2 For 20Y2, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, the president, is presented with the following condensed comparative income statement: Sales. Cost of goods sold... Gross profit...... Selling expenses Adminstrative expenses Total operating expenses Income from operations Other revenue ******* Income before income tax Income tax expense. Net income... Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 ..... 20Y2 $1,300,000 682,500 $ 617,500 $ 260,000 169,000 $ 429,000 $ 188,500 78,000 $ 266,500 117,000 $ 149,500 20Y1 $1,180,000 613,600 $ 566,400 $ 188,800 177,000 $365,800 $ 200,600 70,800 $ 271,400 106,200 $ 165,200

PR 17-2B Vertical analysis of income statement OBJ. 2 For 20Y2, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end of the year, Leif Grando, the president, is presented with the following condensed comparative income statement: Sales. Cost of goods sold... Gross profit...... Selling expenses Adminstrative expenses Total operating expenses Income from operations Other revenue ******* Income before income tax Income tax expense. Net income... Fielder Industries Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 ..... 20Y2 $1,300,000 682,500 $ 617,500 $ 260,000 169,000 $ 429,000 $ 188,500 78,000 $ 266,500 117,000 $ 149,500 20Y1 $1,180,000 613,600 $ 566,400 $ 188,800 177,000 $365,800 $ 200,600 70,800 $ 271,400 106,200 $ 165,200

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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