Question: Exercise 14-6 Your answer is partially correct. Try again. Here are the comparative income statements of Delaney Corporation. Delaney Corporation Comparative Income Statements For the
Exercise 14-6
Your answer is partially correct. Try again.
Here are the comparative income statements of Delaney Corporation.
Delaney Corporation Comparative Income Statements For the Years Ended December 31
2020
2019
Net sales
$684,000
$566,000
Cost of goods sold
535,572
466,384
Gross profit
148,428
99,616
Operating expenses
94,392
53,204
Net income
$ 54,036
$ 46,412
(a) Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the amounts of increase or decrease.) (Enter negative amounts and percentages using either a negative sign preceding the number e.g. -45, -45% or parentheses e.g. (45), (45%). Round percentages to 1 decimal place, e.g. 12.3%.)
DELANEY CORPORATION Condensed Income Statements
[Entry field with correct answer]
Increase or (Decrease) During 2020
2020
2019
Amount
Percentage
Net sales
$684,000
$566,000
$
[Entry field with correct answer]
[Entry field with incorrect answer]
%
Cost of goods sold
535,572
466,384
[Entry field with correct answer]
[Entry field with incorrect answer]
%
Gross profit
148,428
99,616
[Entry field with correct answer]
[Entry field with correct answer]
%
Operating expenses
94,392
53,204
[Entry field with correct answer]
[Entry field with incorrect answer]
%
Net income
$54,036
$46,412
$
[Entry field with correct answer]
[Entry field with incorrect answer]
%
(b) Prepare a vertical analysis of the income statement data for Delaney Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)
DELANEY CORPORATION Condensed Income Statements
[Entry field with correct answer]
2020
2019
Amount
Percent
Amount
Percent
Net sales
$684,000
[Entry field with incorrect answer]
%
$566,000
[Entry field with incorrect answer]
%
Cost of goods sold
535,572
[Entry field with incorrect answer]
%
466,384
[Entry field with incorrect answer]
%
Gross profit
148,428
[Entry field with incorrect answer]
%
99,616
[Entry field with incorrect answer]
%
Operating expenses
94,392
[Entry field with incorrect answer]
%
53,204
[Entry field with incorrect answer]
%
Net income
$ 54,036
[Entry field with incorrect answer]
%
$ 46,412
[Entry field with incorrect answer]
%
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