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Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $689,000
Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the Years Ended December 31 2020 2019 Net sales $689,000 $572,000 Cost of goods 540,865 471,328 sold Gross profit 148,135 100,672 Operating expenses 95,082 53,768 Net income $ 53,053 $ 46,904 (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 Amount Percentage 2020 2019 Net sales $689,000 $572,000 $ % Cost of goods sold 540,865 471,328 % Gross profit 148,135 100,672 % Operating expenses 95.082 53,768 % Net income $53,053 $46,904 $ % (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 2019 2020 Percent Amount Amount Percent Net sales $689,000 % $572,000 % Cost of goods sold 540,865 % 471,328 % Gross profit 148,135 % 100,672 % Operating expenses 95,082 % 53,768 % Net income $ 53,053 % $ 46,904 %
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