Question
Operating data for Lily Corporation are presented as follows. 2022 2021 Net sales $755,000 $604,000 Cost of goods sold 464,325 386,560 Selling expenses 118,535 75,500
Operating data for Lily Corporation are presented as follows.
| 2022 | 2021 | |||||
|---|---|---|---|---|---|---|
| Net sales | $755,000 | $604,000 | ||||
| Cost of goods sold | 464,325 | 386,560 | ||||
| Selling expenses | 118,535 | 75,500 | ||||
| Administrative expenses | 58,135 | 54,360 | ||||
| Income tax expense | 37,750 | 24,764 | ||||
| Net income | 76,255 | 62,816 | ||||
Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%
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Financial Accounting Tools for business decision making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
6th Edition
978-1119191674, 047053477X, 111919167X, 978-0470534779
