Here are the comparative income statements of Cullumber Corporation. CULLUMBER...
90.2K
Verified Solution
Link Copied!
Question
Accounting
Here are the comparative income statements of Cullumber Corporation.
CULLUMBER CORPORATION Comparative Income Statement For the Years Ended December 31
2022
2021
Net sales
$619,900
$541,200
Cost of goods sold
464,600
415,500
Gross Profit
155,300
125,700
Operating expenses
70,400
49,600
Net income
$ 84,900
$ 76,100
Prepare a horizontal analysis of the income statement data for Cullumber Corporation, using 2021 as a base. (If amo the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CULLUMBER CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 2022 2021 Amount Percentage $619,900 $541,200 $ Net sales Cost of goods sold 464,600 415,500 Gross Profit 155,300 125,700 Operating expenses 49,600 70,400 $84,900 $76,100 $ Net income Prepare a vertical analysis of the income statement data for Cullumber Corporation for both years. (Round percentag CULLUMBER CORPORATION Condensed Income Statements 2022 2021 Percent Percent $619,900 % $541,200 Net sales Cost of goods sold 464,600 415,500 Gross Profit 155,300 125,700 Operating expenses 70,400 49,600 $ 84,900 $76,100 Net income
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
