Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need help filling out the blanks please! & thank you. Here are the comparative income statements of Bramble Corp.. BRAMBLE CORP Comparative Income Statement
I need help filling out the blanks please! & thank you.
Here are the comparative income statements of Bramble Corp.. BRAMBLE CORP Comparative Income Statement For the Years Ended December 31 Net sales Cost of goods sold Gross Profit Operating expenses Net income 2020 $564,000 459,660 104,340 2019 $470,000 404.200 65,800 75,576 38,540 $ 28,764 $ 27.260 (a) Prepare a horizontal analysis of the income statement data for Bramble Corp., using 2019 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%.) (a) Prepare a horizontal analysis of the income statement data for Bramble Corp., using 2019 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%.) BRAMBLE CORP. Comparative Income Statement Increase or (Decrease) During 2020 Amoun Percentage 2020 2019 Net sales $564,000 $470,000 $ % Cost of goods sold 459,660 404,200 % Gross Profit 104,340 65,800 % % Operating expenses 75,576 38,540 % Net income $ 28,764 $ 27,260 $ % (b) Prepare a vertical analysis of the income statement data for Bramble Corp. for both years. (Round percentages to 1 decimal place, e.s. 12.1%.) BRAMBLE CORP Condensed Income Statements 2019 2020 Percent Percent Net sales $564,000 % de $470,000 %6 Cost of goods sold 459,660 % 404.200 % Gross Profit 104,340 % 65,800 % Operating expenses 75,576 % 38,540 % Net income $28,764 % $ 27.260 % Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started