Question: Exercise 18-04 Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense

2019 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income

Exercise 18-04 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 $800,000 520,000 120,000 60,000 30,000 70,000 $600,000 408,000 72,000 48,000 24,000 48,000 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.596.) Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decim JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31 2020 Amount Percent Amount 2019 Percent Sales revenue $800,000 $600,000 Cost of goods sold 520,000 408,000 Gross profit 280,000 192,000 Selling expenses 120,000 72,000 Administrative expenses 60,000 48,000 Total operating expenses 180,000 120,000 Income before income taxes 100,000 72,000 Income taxes expense 30,000 24,000 Net income $70,000 $48,000

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