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Please answer problem #14 on all parts not amswered, SHOWING ALL WORK ACCORDINGLY. Thank you! Here are comparative statement data for Oriole Company and Ivanhoe
Please answer problem #14 on all parts not amswered, SHOWING ALL WORK ACCORDINGLY. Thank you!
Here are comparative statement data for Oriole Company and Ivanhoe Company, two competitors. All balance sheet data are as of December 31, 2022, and December 31, 2021. Oriole Company Ivanhoe Company 2022 2021 2022 2021 Net sales $ 1,935,000 $ 552,000 Cost of goods sold 1,081,000 281,000 Operating expenses 254,000 90,000 Interest expense 7,800 2,900 Income tax expense 70,500 31,000 Current assets 378,131 $ 362,396 96,670 $ 92,182 Plant assets (net) 611,088 580,000 162,084 145,942 Current liabilities 76,937 87.945 41,004 35,126 Long-term liabilities 132,228 104,400 34,359 29,000 Common stock, $10 par 580,000 580,000 139,200 139,200 Retained earnings 200,054 170,050 44,191 34.798 (a) Prepare a vertical analysis of the 2022 income statement data for Oriole Company and Ivanhoe Company (Round all ratios to 1 decimal place, eg. 2.5%) Condensed Income Statement For the Year Ended December 31, 2022 Oriole Company Dollars Percent Ivanhoe Company Dollars Percent Net Sales 100 % $ 1.935,000 $ 552,000 100 % Cost of Goods Sold 1,081,000 55.87 96 281,000 50.91 % Gross Profit 854,000 44,13 96 271,000 49.09 96 254,000 13.13 Operating Expenses 90,000 % 16.30 %6 600,000 31.00 Income From Operations 96 181,000 32.79 96 Interest Expense 0.40 7,800 0.53 96 2,900 % 30.60 Income Before Income Taxes 592,200 96 32.26 178,100 % 70,500 3.64 Income Tax Expense 96 31,000 5.61 % 26.96 $ 521,700 Net Income/(Loss) % $ 147,100 26,65 R % (61) Compute the 2022 return on assets and the return on common stockholders equity for both companies. (Round all ratios to 1 decimal place, eg. 2.5%) Oriole Company Ivanhoe Company Return on assets 25 96 Return on common stockholders' equity % 93 Step by Step Solution
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