Question 21 (9 points) Comparative data, in thousands, is given below for the Martin Company...
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Question 21 (9 points) Comparative data, in thousands, is given below for the Martin Company for the years' 2020 and 2019. Required: 1. Using the table below, complete a Vertical Analysis to determine the changes in net income. Round answers to 1 decimal place. (7 marks) 2. Despite sales having decreased in 2020 compared to 2019, net income is the same in 2020 compared to 2019. Provide two trends that you see that are contributing to this. (2 marks) Paragraph V UA of 11 Qo + . Part 1: 2020 Amount Percentage $4,450 % 2019 Amount Percentage $4,600 % Sales 2,300 % 2,500 % Cost of goods sold Gross profit Operating expenses Income before income tax $2,150 % $2,100 % 1,305 % 1,250 % $845 % $850 % 2021 e Left:2:03:37 Samuel Laryea: Attempt 1 2020 Amount Percentage $4,450 % 2019 Amount Percentage $4,600 % Sales 2,300 % % Cost of goods sold Gross profit Operating expenses 2,500 $2,100 % % $2,150 1,305 % 1,250 % Income before income tax $845 % $850 % 120 % 125 % Income tax expense Net income $725 % $725 % Part 2: Part 2
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