Billingham Industries, Inc. Comparative Income Statement For the years ended December 31, 2021 and 202 Particulars Amount (2021) Amount (2020) Amount (Increase/Decrease) Percentage Change Sales $1,280,000 $1,180,000 $100,000 8.47% Cost of goods sold 644,800 613,600 31,200 5.08% Gross profit 635,200 566,400 68,800 12.15% Selling expenses 230,500 188,800 41,700 22.09% Administrative expenses 182,500 177,000 5,500 3.10% Total operating expenses 413,000 365,800 47,200 12.90% Income from operations 222,200 200,600 21,600 10.77% Other income 77,000 70,800 6,200 8.757% Income before income tax 299,200 271,400 27,800 10.243% Income tax expense 121,600 106,200 15,400 14.500% Net income $177,600 $165,200 $12,400 7.506% 1. Perform a vertical analysis using the form provided below: (Enter as a formula computing % of sales)1. Perform a vertical analysis using the form provided below: (Enter as a formula computing % of sales)
Billingham Industries, Inc. Comparative Income Statement For the years ended December 31, 2021 and 202 Particulars Amount (2021) Amount (2020) Amount (Increase/Decrease) Percentage Change Sales $1,280,000 $1,180,000 $100,000 8.47% Cost of goods sold 644,800 613,600 31,200 5.08% Gross profit 635,200 566,400 68,800 12.15% Selling expenses 230,500 188,800 41,700 22.09% Administrative expenses 182,500 177,000 5,500 3.10% Total operating expenses 413,000 365,800 47,200 12.90% Income from operations 222,200 200,600 21,600 10.77% Other income 77,000 70,800 6,200 8.757% Income before income tax 299,200 271,400 27,800 10.243% Income tax expense 121,600 106,200 15,400 14.500% Net income $177,600 $165,200 $12,400 7.506% 1. Perform a vertical analysis using the form provided below: (Enter as a formula computing % of sales)1. Perform a vertical analysis using the form provided below: (Enter as a formula computing % of sales)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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Billingham Industries, Inc.
Comparative Income Statement
For the years ended December 31, 2021 and 202
| Particulars | Amount (2021) | Amount (2020) | Amount (Increase/Decrease) | Percentage Change |
| Sales | $1,280,000 | $1,180,000 | $100,000 | 8.47% |
| Cost of goods sold | 644,800 | 613,600 | 31,200 | 5.08% |
| Gross profit | 635,200 | 566,400 | 68,800 | 12.15% |
| Selling expenses | 230,500 | 188,800 | 41,700 | 22.09% |
| Administrative expenses | 182,500 | 177,000 | 5,500 | 3.10% |
| Total operating expenses | 413,000 | 365,800 | 47,200 | 12.90% |
| Income from operations | 222,200 | 200,600 | 21,600 | 10.77% |
| Other income | 77,000 | 70,800 | 6,200 | 8.757% |
| Income before income tax | 299,200 | 271,400 | 27,800 | 10.243% |
| Income tax expense | 121,600 | 106,200 | 15,400 | 14.500% |
| Net income | $177,600 | $165,200 | $12,400 |
7.506%
|
| 1. Perform a vertical analysis using the form provided below: (Enter as a formula computing % of sales)1. Perform a vertical analysis using the form provided below: (Enter as a formula computing % of sales) |
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