Question
Exercise 13-6 (Part Level Submission) Here are the comparative income statements of Sheffield Corp.. SHEFFIELD CORP. Comparative Income Statement For the Years Ended December 31
Exercise 13-6 (Part Level Submission)
Here are the comparative income statements of Sheffield Corp..
SHEFFIELD CORP.
Comparative Income Statement
For the Years Ended December 31
2017
2016
Net sales
$632,300
$544,800
Cost of goods sold
456,600
415,500
Gross Profit
175,700
129,300
Operating expenses
74,100
44,500
Net income
$101,600
$84,800
(a)
Your answer is correct.
Prepare horizontal analysis of the income statement data for Sheffield Corp., using 2016 as a base.(If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)
SHEFFIELD CORP.
Comparative Income Statement
For the Month Ended December 31
December 31
For the Years Ended December 31
Increase or (Decrease) During 2017
2017
2016
Amount
Percentage
Net sales
$632,300
$544,800
$
%
Cost of goods sold
456,600
415,500
%
Gross Profit
175,700
129,300
%
Operating expenses
74,100
44,500
%
Net income
$101,600
$84,800
$
%
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(b)
Prepare vertical analysis of the income statement data for Sheffield Corp. for both years.(Round percentages to 1 decimal place, e.g. 12.1%.)
SHEFFIELD CORP.
Condensed Income Statements
For the Month Ended December 31
December 31
For the Years Ended December 31
2017
2016
$
Percent
$
Percent
Net sales
$632,300
%
$544,800
%
Cost of goods sold
456,600
%
415,500
%
Gross Profit
175,700
%
129,300
%
Operating expenses
74,100
%
44,500
%
Net income
$101,600
%
$84,800
%
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