CHEYENNE CORP.Condensed Income Statement20222021AmountPercentAmountPercentSales$831,900$629,500Cost of goods sold529,700410,900Gross profit302,200218,600Selling expenses125,40074,300%Administrative expenses79,40052,000Total operating expenses204,800%126,300Income before income taxes97,40092,300Income tax expense37,00024,500Net income$ 60,400$ 67,800 Operating data for Cheyenne Corp. are presented below.20222021Sales revenue$831,900$629,500Cost of goods sold529,700410,900Selling expenses125,40074,300Administrative expenses79,40052,000Income tax expense37,00024,500Net income60,40067,800Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)

Name: CHEYENNE CORP.Condensed Income Statement20222021AmountPercentAmountPe
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Description: CHEYENNE CORP.Condensed Income Statement20222021AmountPercentAmountPercentSales$831,900$629,500Cost of goods sold529,700410,900Gross profit302,200218,600Selling expenses125,40074,300%Administrative expenses79,40052,000Total operating expenses204,800

Vertical analysis means the analysis of each item in the income statement form the value of sales…

Business

Accounting

Operating data for Cheyenne Corp. are presented below. 2022 2021 Sales revenue $831,900 $629,500 Cost of goods sold 529,700 410,900 Selling expenses 125,400 74,300 Administrative expenses 79,400 52,000 Income tax expense 37,000 24,500 Net income 60,400 67,800 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)

Operating data for Cheyenne Corp. are presented below. 2022 2021 Sales revenue $831,900 $629,500 Cost of goods sold 529,700 410,900 Selling expenses 125,400 74,300 Administrative expenses 79,400 52,000 Income tax expense 37,000 24,500 Net income 60,400 67,800 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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