Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage values to 1 decimal place.) LOCKEY FENCING CORPORATION Income Statements For
Using the following income statements, perform the calculations needed for vertical analyses. (Round percentage values to 1 decimal place.)
| LOCKEY FENCING CORPORATION | ||||||
| Income Statements | ||||||
| For the Years Ended December 31 | ||||||
| Current | Previous | |||||
| Net Sales | $200,000 | % | $135,000 | % | ||
| Cost of Goods Sold | 98,000 | 75,000 | ||||
| Gross Profit | 102,000 | 60,000 | ||||
| Selling, General, and Administrative Expenses | 15,000 | 8,500 | ||||
| Income from Operations | 87,000 | 51,500 | ||||
| Interest Expense | 5,000 | 6,750 | ||||
| Income before Income Tax | 82,000 | 44,750 | ||||
| Income Tax Expense | 24,600 | 13,425 | ||||
| Net Income | $57,400 | % | $31,325 | % | ||
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