The comparative condensed income statements of emley, Ask an Expert

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The comparative condensed income statements of Emley Corporation are shown below.

EMLEY CORPORATION Comparative Condensed Income Statements For the Years Ended December 31
	2015		2014
Net sales		$660,000		$600,000
Cost of goods sold		483,000		420,000
Gross profit		177,000		180,000
Operating expenses		125,000		120,000
Net income		$ 52,000		$ 60,000

Prepare a horizontal analysis of the income statement data for Emley Corporation using 2014 as a base. (Round percentages to 1 decimal place, e.g. 12.3%.)

EMLEY CORPORATION Condensed Income Statements For the Years Ended December 31
			Increase or (Decrease) During 2015
	2015	2014	Amount	Percentage
Net sales	$660,000	$600,000	$	%
Cost of goods sold	483,000	420,000		%
Gross profit	177,000	180,000		%
Operating expenses	125,000	120,000		%
Net income	$52,000	$60,000	$	%

Prepare a vertical analysis of the income statement data for Emley Corporation in columnar form for both years. (Round percentages to 1 decimal place, e.g. 12.3%.)

EMLEY CORPORATION Condensed Income Statements For the Years Ended December 31
	2015		2014
	Amount	Percent	Amount	Percent
Net sales	$660,000	%	$600,000	%
Cost of goods sold	483,000	%	420,000	%
Gross profit	177,000	%	180,000	%
Operating expenses	125,000	%	120,000	%
Net income	$ 52,000	%	$ 60,000	%

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9899595

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