CANNA, Inc. Comparative Income Statement Years Ended December 31, 2022 and 2021 Sales Less: Sales returns...
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CANNA, Inc. Comparative Income Statement Years Ended December 31, 2022 and 2021 Sales Less: Sales returns and allowances Net sales. Cost of goods sold Gross profit on sales Selling expenses General expenses Total expenses Net income before income taxes Income tax expense Net income after income taxes 2022 $1,646,745 91,745 $1,555,000 1,026,300 $ 528,700 $ 213,000 208,000 421,000 $ $ 107,700 16,155 91,545 $ Amounts 2021 $1,495,655 80,655 $1,415,000 931,070 $ 483,930 $ 203,000 188,000 $ 391,000 $ 92,930 13,940 $ 78,990 Required: Using the comparative income statement, prepare a vertical analysis of all items from sales through gross profit on sales for the years 2021 and 2022. (Round your percentage answers to 1 decimal place. i.e., 0.123 should be entered as 12.3.) CANNA, INC. Comparative Income Statement (partial) Years Ended December 31, 2022 and 2021 2022 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit on sales $1,646,745 91,745 $ 1,555,000 1,026,300 $ 528,700 2021 %$ 1,495,655 % 80,655 %$ 1,415,000 % 931,070 % $ 483,930 % 88 % % % % CANNA, Inc. Comparative Income Statement Years Ended December 31, 2022 and 2021 Sales Less: Sales returns and allowances Net sales. Cost of goods sold Gross profit on sales Selling expenses General expenses Total expenses Net income before income taxes Income tax expense Net income after income taxes 2022 $1,646,745 91,745 $1,555,000 1,026,300 $ 528,700 $ 213,000 208,000 421,000 $ $ 107,700 16,155 91,545 $ Amounts 2021 $1,495,655 80,655 $1,415,000 931,070 $ 483,930 $ 203,000 188,000 $ 391,000 $ 92,930 13,940 $ 78,990 Required: Using the comparative income statement, prepare a vertical analysis of all items from sales through gross profit on sales for the years 2021 and 2022. (Round your percentage answers to 1 decimal place. i.e., 0.123 should be entered as 12.3.) CANNA, INC. Comparative Income Statement (partial) Years Ended December 31, 2022 and 2021 2022 Sales Less: Sales returns and allowances Net sales Cost of goods sold Gross profit on sales $1,646,745 91,745 $ 1,555,000 1,026,300 $ 528,700 2021 %$ 1,495,655 % 80,655 %$ 1,415,000 % 931,070 % $ 483,930 % 88 % % % %
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Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
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