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YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,295,000 Gross profit 6,550,000 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 Rent Expense 960,000 1,050,000 Insurance Expence 250,000 310,750 Utilities Expense 160,000 175,500 Miscellaneous Expense Advertising Expense Supplies Expense Depreciation Expense- Office Equipment 80,000 97,800 140,000 155,000 180,000 160,000 60,000 198,000 185,000 Interest Expense 68,500 Net Income 1,150,000 1,832,950

YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,295,000 Gross profit 6,550,000 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 Rent Expense 960,000 1,050,000 Insurance Expence 250,000 310,750 Utilities Expense 160,000 175,500 Miscellaneous Expense Advertising Expense Supplies Expense Depreciation Expense- Office Equipment 80,000 97,800 140,000 155,000 180,000 160,000 60,000 198,000 185,000 Interest Expense 68,500 Net Income 1,150,000 1,832,950

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 statement of comprehensive income below, conduct a vertical analysis.
YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,295,000 Gross profit 6,550,000 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 Rent Expense 960,000 1,050,000 Insurance Expence 250,000 310,750 Utilities Expense Miscellaneous Expense Advertising Expense Supplies Expense Depreciation Expense- Office Equipment 160,000 175,500 80,000 97,800 140,000 155,000 180,000 198,000 160,000 185,000 Interest Expense 60,000 68,500 Net Income 1,150,000 1,832,950
Transcribed Image Text:YEAR 1 YEAR 2 Net Sales 9,937,650 12,937,000 Less: Cost of Goods Sold 3,387,650 4,295,000 Gross profit 6,550,000 8,012,000 Less: Expenses Salaries Expense 3,410,000 3,938,500 Rent Expense 960,000 1,050,000 Insurance Expence 250,000 310,750 Utilities Expense Miscellaneous Expense Advertising Expense Supplies Expense Depreciation Expense- Office Equipment 160,000 175,500 80,000 97,800 140,000 155,000 180,000 198,000 160,000 185,000 Interest Expense 60,000 68,500 Net Income 1,150,000 1,832,950
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