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Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $754,000 $605,000 Cost of goods sold 465,218 392,645 Selling expenses 122,148 69,575
Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $754,000 $605,000 Cost of goods sold 465,218 392,645 Selling expenses 122,148 69,575 Administrative expenses 61,828 54,450 Income tax expense 33,176 21,780 Net income 71,630 66,550 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.) JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 Amount Sales revenue $754,000 Cost of goods sold 465,218 2020 2019 Percent Amount Percent % $605,000 % 392,645 % % Gross profit 288.782 % 212,355 % Selling expenses % 122,148 69,575 % Administrative expenses 61,828 % 54,450 % Total operating expenses 183,976 % 124,025 Income before income taxes 104,806 % 88,330 % Income taxes expense Net income 33,176 % 21,780 % $71,630 % $66,550 %
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