CANNA, Inc. Comparative Income Statement Years Ended December 31, 2022 and 2021 Sales Less: Sales returns...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
CANNA, Inc. Comparative Income Statement Years Ended December 31, 2022 and 2021 Sales Less: Sales returns and allowances Net sales. Cost of goods sold Gross profit on sales Selling expenses General expenses Total expenses Net income before income taxes Income tax expense Net income after income taxes 2022 $1,646,745 91,745 $1,555,000 1,026,300 $ 528,700 $ 213,000 208,000 421,000 $ $ 107,700 16,155 91,545 $ Amounts 2021 $1,495,655 80,655 $1,415,000 931,070 $ 483,930 $ 203,000 188,000 $ 391,000 $ 92,930 13,940 $ 78,990 Required: Using the comparative income statement, prepare a vertical analysis of all items from sales through gross profit on sales for the years 2021 and 2022. (Round your percentage answers to 1 decimal place. i.e., 0.123 should be entered as 12.3.) CANNA, INC. Comparative Income Statement (partial) Years Ended December 31, 2022 and 2021 2022 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit on sales $1,646,745 91,745 $ 1,555,000 1,026,300 $ 528,700 2021 %$ 1,495,655 % 80,655 %$ 1,415,000 % 931,070 % $ 483,930 % 88 % % % % CANNA, Inc. Comparative Income Statement Years Ended December 31, 2022 and 2021 Sales Less: Sales returns and allowances Net sales. Cost of goods sold Gross profit on sales Selling expenses General expenses Total expenses Net income before income taxes Income tax expense Net income after income taxes 2022 $1,646,745 91,745 $1,555,000 1,026,300 $ 528,700 $ 213,000 208,000 421,000 $ $ 107,700 16,155 91,545 $ Amounts 2021 $1,495,655 80,655 $1,415,000 931,070 $ 483,930 $ 203,000 188,000 $ 391,000 $ 92,930 13,940 $ 78,990 Required: Using the comparative income statement, prepare a vertical analysis of all items from sales through gross profit on sales for the years 2021 and 2022. (Round your percentage answers to 1 decimal place. i.e., 0.123 should be entered as 12.3.) CANNA, INC. Comparative Income Statement (partial) Years Ended December 31, 2022 and 2021 2022 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit on sales $1,646,745 91,745 $ 1,555,000 1,026,300 $ 528,700 2021 %$ 1,495,655 % 80,655 %$ 1,415,000 % 931,070 % $ 483,930 % 88 % % % %
Expert Answer:
Answer rating: 100% (QA)
CANNA INC Comparative Income Statement partial Years Ended ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
In mid-2012, Coca-Cola Company (KO) had a share price of $39. Its dividend was $1.00 per year, and you expect Coca-Cola to raise this dividend by approximately 7% per year in perpetuity. a. If...
-
In mid-2015, Coca-Cola Company (KO) had a share price of $41. Its dividend was $1.32 per year, and you expect Coca-Cola to raise this dividend by approximately 7% per year in perpetuity. a. If...
-
An electrical engineer had a task of providing a system of lighting for the shown lake. Calculate the number of electric posts required for the lake (to the nearest 5 posts), knowing that each Feddan...
-
Which of the following pairs of steps in the programming process is in the correct order? a. Code the program, plan the logic b. Test the program, translate it into machine language c. Put the...
-
Explain why a profit-maximizing firm must also minimize costs.
-
Ariba Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the...
-
A water jet pump (see Fig. P5.17) involves a jet cross-sectional area of \(0.01 \mathrm{~m}^{2}\), and a jet velocity of \(30 \mathrm{~m} / \mathrm{s}\). The jet is surrounded by entrained water. The...
-
A firm wants to select one new research and development project. The following table summarizes six possibilities. Considering expected return and risk, which projects are good candidates? The firm...
-
A single AC source with a peak voltage of 22.56 V and an operational angular frequency of 67.9 rad/s powers a circuit with a single 321 F capacitor. Determine the peak value of the current in this...
-
Grant and Debbie enter into a contract binding Grant personally to do some delicate cabinetwork. Grant assigns his rights and delegates performance of his duties to Clarence. (a) On being informed of...
-
Ronney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 700 shares ($ 0.10 par value share) issued at the end of the...
-
In Problems 13-24, suppose a die is rolled twice and let \[\begin{array}{ll}A=\{\text { first toss is a prime }\} & B=\{\text { first toss is a } 3\} \\C=\{\text { second toss is a } 2\} & D=\{\text...
-
Name the move or moves that will return the Rubik's cube to standard position after making the move shown in Problems 38-51. \(L^{-1}\)
-
Suppose it is certain that an earthquake will occur someday. What is the probability (to the nearest percent) that it will occur while you are at school? Assume you are at school 5 hours per day, 174...
-
True or false? In roulette, if you bet on black, the probability of winning is \(\frac{1}{2}\) because there are equal numbers of black and red spots. Explain.
-
Use estimation to select the best response in Problems 5-10. Do not calculate. Which of the following is a conditional probability? A. \(P(\) normal female \()\) B. \(P(\bar{A})\) C. \(P(\) normal...
-
Consider the alphabet A, B, C, D, E, F and make words without repetition of letters allowed. (a) How many six-letter words are there? (b) How many words begin with D or E? (c) How many words end in B...
-
Controls can be identified based on their function. The functions are preventive, detective, and corrective. A. True B. False
-
Presented below is information from the annual report of Potter Plastics, Inc. (a) Compute the return on common stock equity and the rate of interest paid on bonds. (Assume balances for debt and...
-
(Information Related to Various Bond Issues) Pawnee Inc. has issued three types of debt on January 1, 2010, the start of the companys fiscal year. (a) $10 million, 10-year, 13% unsecured bonds,...
-
Comparison of Different Types of Accounting by Lessee and Lessor Part 1 Capital leases and operating leases are the two classifications of leases described in FASB pronouncements from the standpoint...
-
The kinematic viscosity of oxygen at \(20^{\circ} \mathrm{C}\) and a pressure of \(150 \mathrm{kPa}\) (abs) is 0.104 stokes. Determine the dynamic viscosity of oxygen at this temperature and pressure.
-
Water flows near a flat surface and some measurements of the water velocity, \(u\), parallel to the surface, at different heights, \(y\), above the surface are obtained. At the surface \(y=0\). After...
-
For air at standard atmospheric pressure the values of the constants that appear in the Sutherland equation are \(C=1.458 \times 10^{-6} \mathrm{~kg} /\left(\mathrm{m} \cdot \mathrm{s} \cdot...
Study smarter with the SolutionInn App