Question: Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December

Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019.

Duke Company

Lord Company

2020

2019

2020

2019

Net sales $1,866,000 $561,000
Cost of goods sold 1,000,176 297,330
Operating expenses 264,972 79,101
Interest expense 9,330 3,927
Income tax expense 54,114 6,732
Current assets 325,000 $314,200 82,600 $79,200
Plant assets (net) 520,200 501,800 140,400 124,200
Current liabilities 64,800 74,400 37,000 30,200
Long-term liabilities 107,000 90,400 28,000 25,400
Common stock, $10 par 503,000 503,000 116,000 116,000
Retained earnings 170,400 148,200 42,000 31,800

Here are comparative statement data for Duke Company and Lord Company, two

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%.) Condensed Income Statement Duke Company Lord Company Dollars Percent Dollars Percent $ % $ % % % % % % % % % % % % % % % % $ %

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!