The income statements for Federer Sports Apparel for 2022 and 2021 are presented below. Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount Net sales %24 19,100,000 $ 15,800,000 Cost of goods sold 13,064,400 7,189,000 Gross profit 6,035,600 8,611,000 1,264,000 Operating expenses Depreciation expense 1,680,800 1,069,600 1,069,600 267,400 Inventory write-down LOss (litigation) 1,585,300 347,600 Income before tax 1,432,500 5,929,800 Income tax expense 515,700 2,085,600 %24 916,800 S 3,844,200 Net income
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- Zoobilee Inc. reported the following sales and net income amounts: (in thousands) 2020 2019 2018 2017 9,180 $ 8,990 $ 8,770 $ 8,550 Net income 520 500 460 400 Show Zoobilee's trend percentages for sales and net income. Use 2017 as the base year. Sales.... $ (Round your answers to the nearest percent.) Sales.. Net income.. 2020 % % 2019 % % 2018 % % 2017 100 % 100 %Begin by calculating the gross profit for each year, then prepare a horizontal analysis of revenues and gross profitlong dash—both in dollar amounts and in percentageslong dash—for 20192019 and 20182018. (Enter amounts in millions as provided to you in the problem statement. Round the percentages to one decimal place, X.X%. Use a minus sign or parentheses to indicate a decrease.) McDonald Corp. Income Statement - (Partial) Years Ended December 31, 2019 and 2018 (Amounts in millions) 2019 2018 2017 Revenues $9,575 $9,300 $8,975 Cost of Goods Sold 6,250 6,000 5,890 Gross ProfitThe income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below.Required:1. Complete the “Amount” and “%” columns to be used in a horizontal analysis of Galaxy Tennis income statement. (Decreases should be indicated by a minus sign. Round your percentage answers to 1 decimal place.) GALAXY TENNIS Income Statements For the Years Ended December 31 Increase (Decrease) 2021 2020 Amount % Net sales $6,030,000 $6,170,000 Cost of goods sold 2,810,000 2,900,000 Gross profit 3,220,000 3,270,000 Operating expenses 1,490,000 1,374,000 Operating income 1,730,000 1,896,000 Other income (expense) 56,000 77,000 Income before tax 1,786,000 1,973,000 Income tax expense 382,000 431,000 Net income $1,404,000 $1,542,000
- Required: Prepare a horizontal analysis for 2022 using 2021 as the base year. (Decreases should be indicated with a minus sign. Round your percentage answers to 1 decimal place.) FEDERER SPORTS APPAREL Income Statement For the Years Ended December 31 Year Increase (Decrease) 2022 2021 Amount % Net sales $ 18,900,000 $ 15,600,000 $ 3,300,000 2.1 Cost of goods sold 13,154,400 7,066,800 6,087,600 86.1 Gross profit 5,745,600 8,533,200 (2,787,600) (32.6): Operating expenses 1,625,400 1,216,800 408,600 33.5 Depreciation expense 1,020,600 1,020,600 Inventory write-down 226,800 226,800 0.0 Loss (litigation) 1,530,900 312,000 1,218,900 39.0 Income before tax 1,341,900 5,983,800 4,641,900 0.7 Income tax expense 472,500 2,028,000 1,555,500 0.7 Net income $ 869,400 $ 3,955,800 $ 3,086,400 0.7Zebra Company reports the following figures for the years ending December 31, 2019 and 2018: 2019 2018 Net Sales $65,000 $40,000 Cost of Goods Sold 42,000 31,000 Gross Profit $23,000 $9,000 What are the percentage changes from 2018 to 2019 for Net Sales, Cost of Goods Sold and Gross Profit, respectively? (Round your final answers to one decimal place, X.X%) A. 100%, 155.6%, 35.5% B. 62.5%, 35.5%, 155.6% C. 100%, 0.7%, 0.4% D. 155.6%, 62.5%, 35.5%Operating data for Indigo Corporation are as follows. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $810,000 535,410 124,740 59,940 27,540 62,370 2021 $590,000 371,700 66,080 44,840 24,190 83,190 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)
- Operating data for Joshua Corporation are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense 2022 Net income $800,000 520,000 120,000 60,000 30,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) 70,000 Amount $800,000 520,000 280,000 120,000 60,000 180,000 100,000 30,000 2021 $70,000 $600,000 408,000 72,000 48,000 24,000 48,000 JOSHUA CORPORATION Condensed Income Statement 2022 Percent % % % % % % % % % Amount $600,000 408,000 192,000 72,000 48,000 120,000 72,000 24,000 $48,000 2021 Percent % % % % % % % % % SUPPOIPrepare a vertical analysis of the income statement data for Whispering Winds Corporation for both years. (Round percentages to 1 decimal place, e.g. 12.1%.) WHISPERING WINDS CORPORATIONComparative Income StatementsFor the Years Ended December 31 2022 2021 $ Percent $ Percent Net sales $688,000 Enter percentages % $576,000 Enter percentages % Cost of goods sold 445,000 Enter percentages % 417,000 Enter percentages % Gross profit 243,000 Enter percentages % 159,000 Enter percentages % Operating expenses 145,000 Enter percentages % 108,000 Enter percentages % Net income $98,000 Enter percentages % $51,000 Enter percentages %prepare a horizontal analysis of revenues and grossin dollar amounts and in 2019 and 2018. (Enter amounts in millions as provided to you in the problem statement. Round the percentages to one decimal place, X.X%. Use a minus sign or parentheses to indicate a decrease.) (In millions) 2019 2018 2017 Revenue $9,575 $9,300 $8,975 cost of goods sold $6,250 $6,000 $5,890 Increase (decrease) 2019 2018 Amount Percentage Amount Percentage Revenue Gross Profit
- help meThe following information was taken from the financial statements of Sunland Company: 2021 2020 Gross profit on sales $678,600 $760,000 Income before income taxes 205,400 225,000 Net income 260,000 225,000 Net income as a percentage of net sales 10% 9% Please show steps to finding answer Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%) 2021 2020 Cost of goods sold in dollars $enter a dollar amount $enter a dollar amount Cost of goods sold as a percentage of net sales nter percentages rounded to 1 decimal place % nter percentages rounded to 1 decimal place %Operating data for Cheyenne Corp. are presented below. 2022 2021 Sales revenue $831,900 $629,500 Cost of goods sold 529,700 410,900 Selling expenses 125,400 74,300 Administrative expenses 79,400 52,000 Income tax expense 37,000 24,500 Net income 60,400 67,800 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)