Question
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019.
Duke Company | Lord Company | |||||||
---|---|---|---|---|---|---|---|---|
2020 | 2019 | 2020 | 2019 | |||||
Net sales | $1,836,000 | $561,000 | ||||||
Cost of goods sold | 1,029,996 | 297,330 | ||||||
Operating expenses | 269,892 | 79,662 | ||||||
Interest expense | 9,180 | 4,488 | ||||||
Income tax expense | 53,244 | 6,171 | ||||||
Current assets | 326,500 | $310,300 | 83,200 | $78,000 | ||||
Plant assets (net) | 519,000 | 499,100 | 139,200 | 125,700 | ||||
Current liabilities | 65,000 | 75,600 | 36,200 | 29,600 | ||||
Long-term liabilities | 107,600 | 89,800 | 28,800 | 24,400 | ||||
Common stock, $10 par | 505,000 | 505,000 | 116,000 | 116,000 | ||||
Retained earnings | 167,900 | 139,000 | 41,400 | 33,700 |
(a)
Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, e.g. 12.1%.)
Condensed Income Statement choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020 | |||||||
---|---|---|---|---|---|---|---|
Duke Company | Lord Company | ||||||
Dollars | Percent | Dollars | Percent | ||||
select an income statement item Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues | $enter your answer in dollars | enter your answer in percentages rounded to 1 decimal place % | $enter your answer in dollars | enter your answer in percentages rounded to 1 decimal place % | |||
select an income statement item Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues | enter your answer in dollars | enter your answer in percentages rounded to 1 decimal place % | enter your answer in dollars | enter your answer in percentages rounded to 1 decimal place % | |||
select a closing name for section one Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues | enter a total amount for section one | enter your answer in percentages rounded to 1 decimal place % | enter a total amount for section one | enter your answer in percentages rounded to 1 decimal place % | |||
select an income statement item Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues | enter your answer in dollars | enter your answer in percentages rounded to 1 decimal place % | enter your answer in dollars | enter your answer in percentages rounded to 1 decimal place % | |||
select a closing name for section two Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues | enter a total amount for section two | enter your answer in percentages rounded to 1 decimal place % | enter a total amount for section two | enter your answer in percentages rounded to 1 decimal place % | |||
select an opening name for section three Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues | |||||||
select an income statement item Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues | enter your answer in dollars | enter your answer in percentages rounded to 1 decimal place % | enter your answer in dollars | enter your answer in percentages rounded to 1 decimal place % | |||
select a summarizing line for the first part Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues | enter a total amount for the first part | enter your answer in percentages rounded to 1 decimal place % | enter a total amount for the first part | enter your answer in percentages rounded to 1 decimal place % | |||
select an income statement item Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues | enter your answer in dollars | enter your answer in percentages rounded to 1 decimal place % | enter your answer in dollars | enter your answer in percentages rounded to 1 decimal place % | |||
select a closing name for this statement Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues | $enter a total net income or loss amount | enter your answer in percentages rounded to 1 decimal place % | $enter a total net income or loss amount | enter your answer in percentages rounded to 1 decimal place % |
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