Net salesCost of goods soldGross profitSelling expensesAdministrative expensesTotal operating expensesIncome tax expenseAmountNet income$840,000540,120299,880133,56057,120Income before income taxes 109,200190,68031,920$77,280Condensed Income Statement2022Percent%%%%%%%Amount$610,000405,650204,35080,52046,970127,49076,86026,840% $50,0202021Percent%%%%%%%% Current Attempt in ProgressOperating data for Grouper Corp. are presented as follows.Net salesCost of goods soldSelling expensesAdministrative expensesIncome tax expenseNet income2022$840,000540,120133,56057,12031,92077,2802021$610,000405,65080,52046,97026,84050,020Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)

The Statement of Income -The statement of comprehensive income is the profit earned and loss…

Current Attempt in Progress Operating data for Grouper Corp. are presented as follows. Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $840,000 540,120 133,560 57,120 31,920 77,280 2021 $610,000 405,650 80,520 46,970 26,840 50,020 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)

Current Attempt in Progress Operating data for Grouper Corp. are presented as follows. Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $840,000 540,120 133,560 57,120 31,920 77,280 2021 $610,000 405,650 80,520 46,970 26,840 50,020 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 87PSB

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