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*Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense
*Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $753,000 466,107 123,492 57,228 30,120 76,053 $597,000 386,259 68,655 51,939 22,686 67,461 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.) JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 2020 2019 Amount Percent Amount Percent Sales revenue $753,000 % $597,000 % Cost of goods sold 466,107 386,259 % % Gross profit 286,893 210,741 % 0% Selling expenses 123,492 % 68,655 % Administrative expenses 57,228 % 51,939 % Total operating expenses 180,720 % 120,594 % Income before income taxes 106,173 90,147 % % Income taxes expense 30,120 22,686 % % Net income $76,053 % $67,461 %
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