Question: *Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense

*Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020

*Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $753,000 466,107 123,492 57,228 30,120 76,053 $597,000 386,259 68,655 51,939 22,686 67,461 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 $753,000 % $597,000 % Cost of goods sold 466,107 386,259 % % Gross profit 286,893 210,741 % 0% Selling expenses 123,492 % 68,655 % Administrative expenses 57,228 % 51,939 % Total operating expenses 180,720 % 120,594 % Income before income taxes 106,173 90,147 % % Income taxes expense 30,120 22,686 % % Net income $76,053 % $67,461 %

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Operating data for Navarro Corporation are presented below 01 Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $755,000 463,500 124,000 59,000...

Instructor: Date: Course Operating data for Navarro Corporation are presented below 2015 Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2014...

Operating data for Joshua Corporation are presented below. 2020 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $751,000 464,869 120,160 60,831...

Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $753,000...

Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $754,000...

Exercise 14-4 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $749,000...

please fill in the blanks on the income statement. thank you and please round answers to 1 decimal place. Question 7 Operating data for Joshua Corporation are presented below. 2020 Sales revenue Cost...

Question 7 Operating data for Joshua Corporation are presented below. 2020 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $754,000 468,234...

Question 7 Operating data for Joshua Corporation are presented below. 2019 2020 5745,000 Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 23,112 65,028...

Exercise 13-04 Operating data for Indigo Corporation are presented below. 2021 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $827,400...

Your professor probably grades on a curve, implicitly if not explicitly. This means that you and your classmates could each agree to study half as much, and you would all earn the same grade you...

Show that Keq = Ka reactant acid / Ka product acid = [products] / [reactants]

Because many alternative investments are managed by experienced professional managers, there is little risk to principal. TrueFalse

Project Proposal: Writing Results and Discussion Option 1 Instructions Option 1: This assignment includes 4 simulated research studies. A summary is provided for each study that includes the problem,...

List the forces that shape a groups decisions Explain the six-step group decision process

Describe the types of power that effective leaders employ

Describe how leadership styles should be adapted to the situation