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Prepare a vertical analysis of the 2022 income statement data for Cullumber Company and Ivanhoe Company. (Round percentages to 1 decimal place, e.g. 12.1%.) $ Dollars Condensed Income Statement Cullumber Company Percent % % % % % % % $ Dollars Ivanh

Prepare a vertical analysis of the 2022 income statement data for Cullumber Company and Ivanhoe Company. (Round percentages to 1 decimal place, e.g. 12.1%.) $ Dollars Condensed Income Statement Cullumber Company Percent % % % % % % % $ Dollars Ivanh

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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**Vertical Analysis of 2022 Income Statement Data** Prepare a vertical analysis of the 2022 income statement data for Cullumber Company and Ivanhoe Company. *Round percentages to 1 decimal place, e.g., 12.1%.* **Condensed Income Statement** - **Cullumber Company** - **Dollars** | **Percent** - [Dropdown] | $[Input] | [Input]% - [Dropdown] | $[Input] | [Input]% - [Line] - [Input]% | [Dropdown] | $[Input] | [Input]% - [Line] - [Dropdown] | $[Input] | [Input]% - [Dropbox] | $[Input] | [Input]% - **Ivanhoe Company** - **Dollars** - $[Input] - $[Input] - [Line] - $[Input] - [Line] - $[Input] - $[Input]
Transcribed Image Text:**Vertical Analysis of 2022 Income Statement Data** Prepare a vertical analysis of the 2022 income statement data for Cullumber Company and Ivanhoe Company. *Round percentages to 1 decimal place, e.g., 12.1%.* **Condensed Income Statement** - **Cullumber Company** - **Dollars** | **Percent** - [Dropdown] | $[Input] | [Input]% - [Dropdown] | $[Input] | [Input]% - [Line] - [Input]% | [Dropdown] | $[Input] | [Input]% - [Line] - [Dropdown] | $[Input] | [Input]% - [Dropbox] | $[Input] | [Input]% - **Ivanhoe Company** - **Dollars** - $[Input] - $[Input] - [Line] - $[Input] - [Line] - $[Input] - $[Input]
Here are comparative financial statement data for Cullumber Company and Ivanhoe Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. ### Cullumber Company **2022** - **Net sales**: $1,836,000 - **Cost of goods sold**: $1,050,192 - **Operating expenses**: $268,056 - **Interest expense**: $9,180 - **Income tax expense**: $53,244 - **Current assets**: $329,500 - **Plant assets (net)**: $522,000 - **Current liabilities**: $64,000 - **Long-term liabilities**: $109,000 - **Common stock, $10 par**: $496,000 - **Retained earnings**: $182,500 **2021** - **Current assets**: $311,800 - **Plant assets (net)**: $497,000 - **Current liabilities**: $74,400 - **Long-term liabilities**: $90,000 - **Common stock, $10 par**: $496,000 - **Retained earnings**: $148,400 ### Ivanhoe Company **2022** - **Net sales**: $561,000 - **Cost of goods sold**: $296,208 - **Operating expenses**: $79,101 - **Interest expense**: $3,927 - **Income tax expense**: $6,732 - **Current assets**: $82,600 - **Plant assets (net)**: $138,600 - **Current liabilities**: $35,800 - **Long-term liabilities**: $28,600 - **Common stock, $10 par**: $120,000 - **Retained earnings**: $36,800 **2021** - **Current assets**: $78,600 - **Plant assets (net)**: $124,800 - **Current liabilities**: $29,200 - **Long-term liabilities**: $25,200 - **Common stock, $10 par**: $120,000 - **Retained earnings**: $29,000 This table provides a side-by-side comparison of the financial data, highlighting the performance and financial
Transcribed Image Text:Here are comparative financial statement data for Cullumber Company and Ivanhoe Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. ### Cullumber Company **2022** - **Net sales**: $1,836,000 - **Cost of goods sold**: $1,050,192 - **Operating expenses**: $268,056 - **Interest expense**: $9,180 - **Income tax expense**: $53,244 - **Current assets**: $329,500 - **Plant assets (net)**: $522,000 - **Current liabilities**: $64,000 - **Long-term liabilities**: $109,000 - **Common stock, $10 par**: $496,000 - **Retained earnings**: $182,500 **2021** - **Current assets**: $311,800 - **Plant assets (net)**: $497,000 - **Current liabilities**: $74,400 - **Long-term liabilities**: $90,000 - **Common stock, $10 par**: $496,000 - **Retained earnings**: $148,400 ### Ivanhoe Company **2022** - **Net sales**: $561,000 - **Cost of goods sold**: $296,208 - **Operating expenses**: $79,101 - **Interest expense**: $3,927 - **Income tax expense**: $6,732 - **Current assets**: $82,600 - **Plant assets (net)**: $138,600 - **Current liabilities**: $35,800 - **Long-term liabilities**: $28,600 - **Common stock, $10 par**: $120,000 - **Retained earnings**: $36,800 **2021** - **Current assets**: $78,600 - **Plant assets (net)**: $124,800 - **Current liabilities**: $29,200 - **Long-term liabilities**: $25,200 - **Common stock, $10 par**: $120,000 - **Retained earnings**: $29,000 This table provides a side-by-side comparison of the financial data, highlighting the performance and financial
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