Express the following income statement information in common-size percents (round to nearest whole percent). Comment on the financial results in 2018 vs 2017. Thorsten Corp. Comparative Income Statements For Years Ended December 31, 2017 and 2018 2018 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Net profit $1,200,000 804,000 396,000 132,000 180,000 $84,000 2017 $1,000,000 650,000 $350,000 120,000 150,000 $80,000 Prepare a waterfall chart to show the increase/decrease from sales to net profit for year 2012. Compare that with 2011 to see if there are significant changes.

Express the following income statement information in common-size percents (round to nearest whole percent). Comment on the financial results in 2018 vs 2017. Thorsten Corp. Comparative Income Statements For Years Ended December 31, 2017 and 2018 2018 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Net profit $1,200,000 804,000 396,000 132,000 180,000 $84,000 2017 $1,000,000 650,000 $350,000 120,000 150,000 $80,000 Prepare a waterfall chart to show the increase/decrease from sales to net profit for year 2012. Compare that with 2011 to see if there are significant changes.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...

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