Question
Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $611,000
Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $611,000 $506,000 Cost of goods sold 487,578 424,028 Gross profit 123,422 81,972 Operating expenses 86,762 48,576 Net income $ 36,660 $ 33,396 (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.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.) DELANEY CORPORATION Condensed Income Statements Increase or (Decrease) During 2020 2020 2019 Amount Percentage Net sales $611,000 $506,000 $ % Cost of goods sold 487,578 424,028 % Gross profit 123,422 81,972 % Operating expenses 86,762 48,576 % Net income $36,660 $33,396 $ % (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 $611,000 % $506,000 % Cost of goods sold 487,578 % 424,028 % Gross profit 123,422 % 81,972 % Operating expenses 86,762 % 48,576 % Net income $ 36,660 % $ 33,396 % Click if you would like to Show Work for this question: Open Show Work
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