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Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $696,000 $578,000 Cost of goods 546,360 475,116 sold Gross profit
Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $696,000 $578,000 Cost of goods 546,360 475,116 sold Gross profit 149,640 102,884 Operating 96,048 54,332 expenses Net Income $ 53,592 $ 48,552 (a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e... (45), (45%). Round percentages to i decimal place, e.g. 12.3%.) DELANEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2020 Amount Percentage 2020 2019 Net sales $696,000 $578,000 $ % Cost of goods sold 546,360 475,116 % Gross profit 149,640 102,884 % Operating expenses 96,048 54,332 % Net income $53,592 $48,552 $ % (b) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.) DELANEY CORPORATION Condensed Income Statements 2020 2019 Amount Percent Amount Percent Net sales $696,000 $578,000 % % Cost of goods sold 546,360 475,116 % % Gross profit 149,640 102,884 % % Operating expenses 96,048 54,332 % % Net income $ 53,592 $ 48,552 % %
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