Accounting
MANND1975
09072014.docxOperating data for Navarro Corporation are presented below.
|
|
|
2015 |
|
2014 |
|
Net sales |
|
$750,000 |
|
$600,000 |
|
Cost of goods sold |
|
465,000 |
|
390,000 |
|
Selling expenses |
|
105,000 |
|
66,000 |
|
Administrative expenses |
|
60,000 |
|
54,000 |
|
Income tax expense |
|
36,000 |
|
27,000 |
|
Net income |
|
84,000 |
|
63,000 |
Prepare a schedule showing a vertical analysis for 2015 and 2014. (Round answers to 1 decimal place, e.g. 48.5%.)
|
NAVARRO CORPORATION Condensed Income Statements For the Years Ended December 31 |
|||||||
|
|
2015 |
|
2014 |
||||
|
|
Amount |
|
Percent |
|
Amount |
|
Percent |
|
Net sales |
$750,000 |
|
|
|
$600,000 |
|
|
|
Cost of goods sold |
465,000 |
|
|
|
390,000 |
|
|
|
Gross profit |
285,000 |
|
|
|
210,000 |
|
|
|
Selling expenses |
105,000 |
|
|
|
66,000 |
|
|
|
Administrative expenses |
60,000 |
|
|
|
54,000 |
|
|
|
Total operating expenses |
165,000 |
|
|
|
120,000 |
|
|
|
Income before income taxes |
120,000 |
|
|
|
90,000 |
|
|
|
Income taxes expense |
36,000 |
|
|
|
27,000 |
|
|
|
Net income |
$84,000 |
|
|
|
$63,000 |
|
|
