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This is accounting. I would appreciate it a lot. thank you. Operating data for Novak Corp. are presented below. 2022 2021 Net sales $955,000 $755,000
This is accounting. I would appreciate it a lot. thank you.
Operating data for Novak Corp. are presented below. 2022 2021 Net sales $955,000 $755,000 Cost of goods sold 580,640 461.305 150,890 101,170 Selling expenses Administrative expenses 90,725 70.970 Income tax expense 53,098 48,622 Net income 79,647 72.933 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, eg. 12,1%) NOVAK CORP. Condensed Income Statement 2022 2021 Amount Percent Amount Percent Sales $955,000 % $755.000 96 580,640 Cost of goods sold % 461,305 x 374,360 Gross profit % 96 293,695 x 150,890 Selling expenses 96 101,170 % Administrative expenses 90.725 70,970 96 Total operating expenses 241,615 % 172.140 % Income before income taxes 132,745 % % 121,555 % 94 % 53,098 48,622 Income tax expense %6 $ 79,647 $72.933 % Net income Step by Step Solution
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