Question
Two income statements for Midnight Enterprises are shown below: Midnight Enterprises Income Statement For Year 1 and Year 2, Ended December 31 Year 2 Year
Two income statements for Midnight Enterprises are shown below:
| Midnight Enterprises Income Statement For Year 1 and Year 2, Ended December 31 | ||
| Year 2 | Year 1 | |
| Fees earned | $674,350 | $520,600 |
| Operating expenses | 472,045 | 338,390 |
| Operating income | $202,305 | $182,210 |
(a) Prepare a vertical analysis of Midnight Enterprises income statements. (b) Does the vertical analysis indicate a favorable or unfavorable trend?
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Audit Of The Universe Are We Guarding Our Cocooning Atmosphere Watching Over Our Life Giving Water And Fertile Soil Respecting Our Nourishing Flora And Prodigious Fauna Are We Managing Earths Resources For Better Or Worse
Authors: Sam Kneller
1st Edition
B08DBYMT4K, 979-8668249695
