Here are the comparative condensed income statements of Sheridan Corporation Sheridan Corporation Condensed Income Statements For the Years Ended December 31 2022 2021 Net sales $643,000 $530,000 Cost of goods sold 506,041 440,960 Gross profit 136,959 89,040 Operating expenses 89,377 50,350 Net inc...

Solution A Net Sales Cost of Goods Sold Gross Profit Operating Expenses Net Income ...

Here are the comparative condensed income statements of Sheridan Corporation. Sheridan Corporation Condensed Income Statements For the

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Question:

Here are the comparative condensed income statements of Sheridan Corporation.

Sheridan Corporation Condensed Income Statements For the Years Ended December 31
	2022	2021
Net sales	$643,000	$530,000
Cost of goods sold	506,041	440,960
Gross profit	136,959	89,040
Operating expenses	89,377	50,350
Net income	$ 47,582	$ 38,690

(a)

Prepare a horizontal analysis of the income statement data for Sheridan Corporation, using 2021 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%.)

SHERIDAN CORPORATION Condensed Income Statements choose the accounting period


			Increase or (Decrease) During 2022
	2022	2021	Amount	Percentage
Net sales	$643,000	$530,000	$enter a dollar amount	enter percentages rounded to 1 decimal place %
Cost of goods sold	506,041	440,960	enter a dollar amount	enter percentages rounded to 1 decimal place %
Gross profit	136,959	89,040	enter a total amount for the first part	enter percentages rounded to 1 decimal place %
Operating expenses	89,377	50,350	enter a dollar amount	enter percentages rounded to 1 decimal place %
Net income	$47,582	$38,690	$enter a total net income amount	enter percentages rounded to 1 decimal place %

(b)

Prepare a vertical analysis of the income statement data for Sheridan Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)

SHERIDAN CORPORATION Condensed Income Statements choose the accounting period


	2022		2021
	Amount	Percent	Amount	Percent
Net sales	$643,000	enter percentages %	$530,000	enter percentages %
Cost of goods sold	506,041	enter percentages %	440,960	enter percentages %
Gross profit	136,959	enter percentages %	89,040	enter percentages %
Operating expenses	89,377	enter percentages %	50,350	enter percentages %
Net income	$ 47,582	enter percentages %	$ 38,690	enter percentages %