Prepare a vertical analysis of the income statement data for Whispering Winds Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) WHISPERING WINDS CORPORATION Comparative Income Statements For the Years Ended December 31 2022 2021 $ Percent $ Percent Net sales $688,000 Enter percentages % $576,000 Enter percentages % Cost of goods sold 445,000 Enter percentages % 417,000 Enter percentages % Gross profit 243,000 Enter percentages % 159,000 Enter percentages % Operating expenses 145,000 Enter percentages % 108,000 Enter percentages % Net income $98,000 Enter percentages % $51,000 Enter percentages %
Prepare a vertical analysis of the income statement data for Whispering Winds Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) WHISPERING WINDS CORPORATION Comparative Income Statements For the Years Ended December 31 2022 2021 $ Percent $ Percent Net sales $688,000 Enter percentages % $576,000 Enter percentages % Cost of goods sold 445,000 Enter percentages % 417,000 Enter percentages % Gross profit 243,000 Enter percentages % 159,000 Enter percentages % Operating expenses 145,000 Enter percentages % 108,000 Enter percentages % Net income $98,000 Enter percentages % $51,000 Enter percentages %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare a vertical analysis of the income statement data for Whispering Winds Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.)
| WHISPERING WINDS CORPORATION Comparative Income Statements For the Years Ended December 31 |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2022 |
2021 | |||||||||
| $ | Percent | $ | Percent | |||||||
|
Net sales
|
$688,000 | Enter percentages | % | $576,000 | Enter percentages | % | ||||
|
Cost of goods sold
|
445,000 | Enter percentages | % | 417,000 | Enter percentages | % | ||||
|
Gross profit
|
243,000 | Enter percentages | % | 159,000 | Enter percentages | % | ||||
|
Operating expenses
|
145,000 | Enter percentages | % | 108,000 | Enter percentages | % | ||||
|
Net income
|
$98,000 | Enter percentages | % | $51,000 | Enter percentages | % |
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