Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Would you please check my work for me? Thank you so much! Vertical analysis of income statement Completed by: Percent 99.40% 0.60% 100.00% 59.64% 40.36%
Would you please check my work for me? Thank you so much!
Vertical analysis of income statement Completed by: Percent 99.40% 0.60% 100.00% 59.64% 40.36% 11.93% Sales Sales returns and allowances Net sales Cost of goods sold Gross Profit Selling expenses 10 Administrative expenses 11 Total operating expenses 12 Other income 13 Other expense 14 Income before income taxes Is Income tax expense 16 Net Income Current Year 2,500,000 15,000 2,515,000 1,500,000 1,015,000 300,000 375,000 675,000 5,000 1,500 343,500 150,000 193,500 Previous Year 2,350,000 22,000 2,372,000 1,292,500 1,079,500 376,000 305,500 681,500 4,000 2,000 400,000 141,000 259,000 Percent 99.07% 0.93% 100.00% 54.49% 45,51% 15.85% 12.88% 28.73% 14.91% 26.84% 0.20% 0.06% 13.66% 0.17% 0.08% 16.86% 5.94% 10.92% 5.96% 7.69% Vertical analysis of balance sheet 19 Percent Previous Year Percent 6.09% 35.21% 4.81% 31.16% 35.70% 8.92% 30.74% Current Year 70,000 454,000 520,000 130,000 160,000 122,000 775 22 Cash 22 Accounts Receivable 2 Investments 24 Prepaid Insurance Expense 25 Inventory 2 Property, plant and equipment 2 Intangible assets 22 Total assets 90,000 520,000 454,000 160,000 130,000 122,000 10.83% 8.80% 8.26% 10.98% 8.37% 0.05% 100.00% 775 0.05% 1,456,775 1,476,775 100.00% 0.77% 0.81% 0.72% 0.71% 30 Accounts Payable 31 Credit Cards 32 Vehicle Notes Payable 33 Mortgage Payable Total liabilities 11,250 10,500 52,500 229,000 303,250 3.60% 12,000 10,500 52,500 229,000 304,000 3.56% 15.51% 15.72% 20.82% 20.59% 95 33.52% 45.90% 36 Common stock 31 Retained earnings 38 Total stockholders' equity 39 Total liabilities and stockholders' equity 500,000 653,525 1,153,525 1,456,775 34.32% 44.86% 79.18% 100.00% *495,000 677,775 1,172,775 1,476,775 79.41% 100.00% 40 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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