Question: Need help. Exercise 13-04 (Video) Operating data for Bramble Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax
Exercise 13-04 (Video) Operating data for Bramble Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2020 $860,000 520,300 123,840 65,360 33,540 116,960 2019 $550,000 385,550 59,950 48,950 20,350 35,200 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round percentages to 1 decimal place, e.g. 12.1%.) BRAMBLE CORP. Condensed Income Statement 2020 2019 Amount Percent Amount Percent Sales $860,000 % $550,000 % Cost of goods sold 520,300 % 385,550 % Gross profit 339,700 % 164,450 % Selling expenses 123,840 % 59,950 % Administrative expenses 65,360 % 48,950 % Total operating expenses 189,200 108,900 % Income before income taxes 150,500 % 55,550 % Income tax expense 33,540 % 20,350 % Net income $ 116,960 % $ 35,200 %
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