From the comparative income statement of Miller Company in Figure 22.13 , do the following: Comparative Income
Question:
From the comparative income statement of Miller Company in Figure 22.13 , do the following:
Comparative Income Statement for Miller Co.
1. Prepare a horizontal analysis with the amount of increase or decrease during 2020 along with the percent increase or decrease during 2019 (to the nearest tenth of a percent).
2. Vertically analyze the 2020 column of the income statement (to the nearest tenth of a percent).
3. Prepare a common-size comparative income statement (to the nearest tenth of a percent) for 2019 and 2020.
Transcribed Image Text:
MILLER COMPANY COMPARATIVE INCOME STATEMENT FOR YEARS ENDED DECEMBER 31, 2020, AND DECEMBER 31, 2019 December 31 2020 2019 Net Sales $ 260 0 0 000 $ 306 0 0000 Cost of Goods Sold 185 0 0 000 150 0 0000 Gross Profit from Sales 75|000100| 156 |0 이000 Operating Expenses: 20 00000 78 0 0000 33 00000 Selling General and Administrative 2400 000 Total Operating Expenses Operating Income 44 00000 11100000 31 00000 45 0 0000 Less Interest Expense 600000 1200000 Income Before Taxes 25 00000 33 00000 13 20000 Income Taxes 10 00000 Net Income $ 15 00000 $ 19 8 0000
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Related Book For
College Accounting A Practical Approach
ISBN: 9780134729312
14th Edition
Authors: Jeffrey Slater, Mike Deschamps
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