1819 Required:20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columnsfor both product lines above. Express each amount as a percentage of net sales.22 Note: You should use absolute references in the divisors of all formulas.23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the2124questions below:2526Which product line has the highest gross profit %?27Which product line has the highest net income %?28293031Sheet1+) 1. Use vertical analysis to compare profitability.区日Perform Vertical Analysis - ExcelFILEНОМEINSERTPAGE LAYOUTFORMULASDATAREVIEWVIEWSign InCalibri11A A%PasteBIU-Alignment NumberConditional Format as CellCellsFormatting -Table Styles -Clipboard EFontStylesA1fxLake Athletics sells two distinct product lines: Apparel and Equipment.ВCDEF1 Lake Athletics sells two distinct product lines: Apparel and Equipment.2 The income statement for each product line appears below.34LAKE ATHLETICSIncome StatementFor the Year Ended December 31, 20X17ApparelEquipment8AmountPercentAmountPercent9 Net sales$3,150,0001,400,000$5,550,0002,720,0002,830,00010 Cost of goods sold11 Gross profit12 Operating expenses13 Operating income1,750,000800,000950,000875,0001,955,00014 Other income20,00010,00015 Income before tax1,965,000491,000970,00016 Income tax expense241,250$728,75017 Net income$1,474,7501819 Required:20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columnsfor both product lines above. Express each amount as a percentage of net sales.22 Note: You should use absolute references in the divisors of all formulas.23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the2124questions below:Sheet1READY曲+ 100%

Vertical analysis is done to determine the change in line items with respect to the other line item.…

Required: 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns for both product lines above. Express each amount as a percentage of net sales. Note: You should use absolute references in the divisors of all formulas. 2. Use the Excel IF function and the completed vertical analysis above to answer each of the questions below: Which product line has the highest gross profit %? Which product line has the highest net income %?

Required: 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns for both product lines above. Express each amount as a percentage of net sales. Note: You should use absolute references in the divisors of all formulas. 2. Use the Excel IF function and the completed vertical analysis above to answer each of the questions below: Which product line has the highest gross profit %? Which product line has the highest net income %?

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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