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Q1) Following is the income statement for Commerce Corporation for year ended December 31, 20X7:

Commerce Corporation
Income Statement
For the Year Ended December 31, 20X7
Net sales $661,000
Expenses:
Cost of goods sold 268,500
Selling expenses 45,000
General expenses 49,300
Interest expense 35,000
Income tax expense 30,000
Total expenses 427,800
Net income $233,200

a) Make a vertical analysis of income statement illustrating suitable percentages for each item listed above.

b) What extra information would you require to find out whether these percentages are good or bad?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M919928

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