Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 21 (9 points) Comparative data, in thousands, is given below for the Martin Company for the years' 2020 and 2019. Required: 1. Using the
Question 21 (9 points) Comparative data, in thousands, is given below for the Martin Company for the years' 2020 and 2019. Required: 1. Using the table below, complete a Vertical Analysis to determine the changes in net income. Round answers to 1 decimal place. (7 marks) 2. Despite sales having decreased in 2020 compared to 2019, net income is the same in 2020 compared to 2019. Provide two trends that you see that are contributing to this. (2 marks) Paragraph V UA of 11 Qo + . Part 1: 2020 Amount Percentage $4,450 % 2019 Amount Percentage $4,600 % Sales 2,300 % 2,500 % Cost of goods sold Gross profit Operating expenses Income before income tax $2,150 % $2,100 % 1,305 % 1,250 % $845 % $850 % 2021 e Left:2:03:37 Samuel Laryea: Attempt 1 2020 Amount Percentage $4,450 % 2019 Amount Percentage $4,600 % Sales 2,300 % % Cost of goods sold Gross profit Operating expenses 2,500 $2,100 % % $2,150 1,305 % 1,250 % Income before income tax $845 % $850 % 120 % 125 % Income tax expense Net income $725 % $725 % Part 2: Part 2
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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