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YEAR 1 YEAR 2 Net Sales 2,516,720 3,864,950 Less: Cost of Goods Sold -1,547,160 2,483,765 Gross Profit 969,560 1,381,185 Less: Expenses Salaries Expense Rent Expense Supplies Expense Depreciation Expense- Store Equipment Interest Expense Doubtful Accounts Expense 116,000 127,000 45,000 58,000 130,000 115,000 15,000 18,000 10,000 8,500 6,000 10,000 Utilities Expense 12,000 14,500 NET INCOME 635,560 1,030,185

YEAR 1 YEAR 2 Net Sales 2,516,720 3,864,950 Less: Cost of Goods Sold -1,547,160 2,483,765 Gross Profit 969,560 1,381,185 Less: Expenses Salaries Expense Rent Expense Supplies Expense Depreciation Expense- Store Equipment Interest Expense Doubtful Accounts Expense 116,000 127,000 45,000 58,000 130,000 115,000 15,000 18,000 10,000 8,500 6,000 10,000 Utilities Expense 12,000 14,500 NET INCOME 635,560 1,030,185

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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With the give statement of comprehensive income below, conduct a vertical analysis.
YEAR 1 YEAR 2 Net Sales 2,516,720 3,864,950 Less: Cost of Goods Sold -1,547,160 969,560 2,483,765 1,381,185 Gross Profit Less: Expenses Salaries Expense Rent Expense Supplies Expense Depreciation Expense- Store Equipment Interest Expense Doubtful Accounts Expense 116,000 127,000 45,000 130,000 58,000 115,000 15,000 18,000 10,000 8,500 6,000 10,000 Utilities Expense 12,000 14,500 NET INCOME 635,560 1,030,185
Transcribed Image Text:YEAR 1 YEAR 2 Net Sales 2,516,720 3,864,950 Less: Cost of Goods Sold -1,547,160 969,560 2,483,765 1,381,185 Gross Profit Less: Expenses Salaries Expense Rent Expense Supplies Expense Depreciation Expense- Store Equipment Interest Expense Doubtful Accounts Expense 116,000 127,000 45,000 130,000 58,000 115,000 15,000 18,000 10,000 8,500 6,000 10,000 Utilities Expense 12,000 14,500 NET INCOME 635,560 1,030,185
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