Operating data for Bramble Corp. are presented below 2017 2016 Sales revenue Cos

Question

Operating data for Bramble Corp. are presented below 2017 2016 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income $842,100 521,600 122,100 78,600 35,600 84,200 $637,500 409,900 77,500 54,800 29,500 65,800 Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, eg, 12.1%.) BRAMBLE CORP Condensed Income Statement 2017 2016 Percent Amount % $637,500 % 409,900 % 227,600 77,500 54,800 132,300 95,300 29,500 % $65,800 Percent Amount $842,100 521,600 320,500 122,100 78,600 Total operating expenses 200,700 Income before income taxes 119,800 35,600 84,200 Sales Cost of goods sold Gross proft Selling expenses Administrative expenses Income tax expense Net income Click if you would like to Show Work for this question:

Explanation / Answer

Condensed Income Statements For the Years Ended December 31 2017 2016 Amount Percent Amount Percent Net Sales 842100 100.0% 637500 100.0% Cost of goods sold 521600 61.9% 409900 64.3% Gross Profit 320500 38.1% 227600 35.7% Selling expenses 122100 14.5% 77500 12.2% Administrative expenses 78600 9.3% 54800 8.6% Total operating expenses 200700 23.8% 132300 20.8% Income before income taxes 119800 14.2% 95300 14.9% Income tax expense 35600 4.2% 29500 4.6% Net income 84200 10.0% 65800 10.3%

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