Question: Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data areas of December 31, 2020, and December 31,
Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data areas of December 31, 2020, and December 31, 2019 Duke Company Lord Company 2020 2019 2020 2019 Net sales $1,896.000 $559,000 Cost of goods sold 1,020,048 296,829 Operating expenses 259,752 78,260 Interest expense 9.480 4,472 Income tax expense 53,088 6.149 Current assets 323,500 $312,400 82,000 $78,900 Plant assets (net) 519,900 501,500 140,400 123,300 Current liabilities 64,600 75,800 36,400 28,000 Long term liabilities 109,000 90,600 30,600 25,600 Common stock. $10 par 500,500 500,500 124,500 124,500 Retained earnings 169,300 147,000 30,900 24,100 Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, e.g. 12.1%.) Net Sales Cost of Goods Sold Gross Profit Operating Expenses Income From Operations Other Expenses and Losses Interest Expense Income Before Income Taxes Y Dollars Condensed Income Statement For the Year Ended December 31, 2020 Duke Company 1896000 1020048 Lord Percent Dollars % % % 875952 % 259752 % % % % Income Tax Expense % $ $ Net Income/(Loss) eg. 12.1%.) Dollars come statement data for Duke Company and Lord Company. (Round percentages to 1 Condensed Income Statement For the Year Ended December 31, 2020 Duke Company 1896000 1020048 Lord Company Percent Dollars Percent % $ % % 875952 % % % 259752 % % % % % % % % % % % % $
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