Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help me with this i beg :'( Here are comparative financial statement data for Swifty Company and Melissa Company, two competitors. All data are
please help me with this i beg :'(
Here are comparative financial statement data for Swifty Company and Melissa Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. Swifty Company Melissa Company 2022 2021 2022 2021 Net sales $1,860,000 $561,000 Cost of goods sold 1,030,440 297,330 Operating expenses 265,980 78,540 Interest expense 7,440 3,927 Income tax expense 53,940 6,171 Current assets 327,000 $314,500 83,800 $78,000 Plant assets (net) 522,000 500,300 138,300 123,900 Current liabilities 64,200 75,000 36,800 29,600 Long-term liabilities 108,800 91,400 30,200 25,200 Common stock, $10 par 503,000 503,000 120,500 120,500 Retained earnings 173,000 145,400 34,600 26,600 (a) Prepare a vertical analysis of the 2022 income statement data for Swifty Company and Melissa Company. (Round percentages to 1 decimal place, e.g. 12.1%.) Condensed Income Statement Swifty Company Melis Dollars Percent Dollars $ % $ % % % Cost of Goods Sold Dividends Expenses Gross Profit Income Before Income Taxes Income From Operations Income Tax Expense Interest Expense Net Income / (Loss) Net Sales Operating Expenses Other Expenses and Losses Revenues Total Expenses Total Revenues % % % % $ % $ Compute the 2022 return on assets and the return on common stockholders' equity ratios for both companies. (Round answers to 1 decimal place, eg. 12.1%) Swifty Company Susan Company Return on assets % 90 Return on common stockholders' equity %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