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Here are the comparative condensed income statements of Pina Colada Corporation. PINA COLADA CORPORATION Condensed Income Statements For the Years Ended December 31 2022 2021
Here are the comparative condensed income statements of Pina Colada Corporation. PINA COLADA CORPORATION Condensed Income Statements For the Years Ended December 31 2022 2021 Net sales $648,000 $540,000 Cost of goods sold 517,104 465,480 Gross profit 130,896 74,520 Operating expenses 85,536 48,060 Net income $ 45,360 $ 26,460 (a) Prepare a horizontal analysis of the income statement data for Pina Colada Corporation, using 2021 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%.) PINA COLADA CORPORATION Condensed Income Statements + Increase or (Decrease) During 2022 2022 Amount Net sales $648,000 Cost of goods sold 517,104 Gross profit 130,896 Operating expenses 85,536 Net income $ 45,360 2021 $540,000 465,480 74,520 48,060 $ 26,460 $ $ Percentage % % % % % Prepare a vertical analysis of the income statement data for Pina Colada Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) PINA COLADA CORPORATION Condensed Income Statements 2021 Percent Net sales $648,000 % $540,000 Cost of 517,104 % 465,480 goods sold Gross profit 130,896 % 74,520 Operating expenses 85,536 % 48,060 Net income $ 45,360 % $ 26,460 2022 Percent % % % % %
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