Question: 1Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $749,000 $605,000 Cost of goods sold 462,133 390,830 Selling expenses 122,087
1Exercise 14-4
Operating data for Joshua Corporation are presented below.
2020
2019
Sales revenue
$749,000
$605,000
Cost of goods sold
462,133
390,830
Selling expenses
122,087
67,760
Administrative expenses
64,414
55,055
Income tax expense
30,709
23,595
Net income
69,657
67,760
Prepare a schedule showing a vertical analysis for 2020 and 2019.(Round answers to 1 decimal place, e.g. 48.5%.)
JOSHUA CORPORATION
Condensed Income Statements
For the Years Ended December 31
2020
2019
Amount
Percent
Amount
Percent
Sales revenue
$749,000
%
$605,000
%
Cost of goods sold
462,133
%
390,830
%
Gross profit
286,867
%
214,170
%
Selling expenses
122,087
%
67,760
%
Administrative expenses
64,414
%
55,055
%
Total operating expenses
186,501
%
122,815
%
Income before income taxes
100,366
%
91,355
%
Income taxes expense
30,709
%
23,595
%
Net income
$69,657
%
$67,760
%
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