Question
Vertical analysis Problem solve Comparative Income Statement For theYears Ended December 31, 2022 and 2021 Sales Cost of Goods Sold Gross Profit Selling Expenses Administrative
Vertical analysis Problem solve
Comparative Income Statement For theYears Ended December 31, 2022 and 2021 Sales Cost of Goods Sold Gross Profit Selling Expenses Administrative Expenses Total Operating Expenses Income from Operations Other Revenue Other Expense (Interest) Income before Income Tax Income Tax Expense Net Income 2022 650,000 325,000 975,000 625,000 25,000 4 105,000 545,000 300,000 245,000 Rainbow Paint Co. Comparative Balance Sheet For theYears Ended December 31, 2022 and 2021 Assets Current Assets: Cash Tempoary Investments Accounts Receivalbe Inventories Prepaid Expenses Total Current Assets Long-Term Investments Property, Plant, & Equipment Total Assets Liabilities Current Liabilities Long-Term Liabilities: Mortgage Note payable, 10% due in 5 years Bond Payable, 8%, due in 15 years Total Long-Term Liabilities Total Liabilities Stockholders' Equity Preferred 8% stock, $100 par Common Stock $10 par Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 2022 175,000.00 150,000.00 425,000.00 720,000.00 30,000.00 250,000.00 750,000.00 410,000.00 800,000.00 4 500,000.00 500,000.00 883,000.00 2021 464,000 224,000 688 ooo 432,000 19,200 64,000 387,200 176,000 211,200 2021 125,000.00 50,000.00 325,000.00 480,000.00 20,000.00 225,000.00 650,000.00 800,000.00 800,000.00 500,000.00 500,000.00 723,000.00
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