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 $754,000 465,218 122,148 61,828 33,176 71,630 $605,000 392,645 69,575 54,450 21,780 66,550 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decima JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 2020 Amount Percent Amount 2019 Percent Sales revenue $754,000 $605,000 Cost of goods sold 465,218 392,645 Gross profit 288,782 212,355 Selling expenses 122,148 69,575 Administrative expenses 61,828 54,450 Total operating expenses 183,976 124,025 Income before income taxes 104,806 88,330 Income taxes expense 33,176 21,780 Net income $71,630 $66,550

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