Please answer requirement 1 A condensed income statement for Trident Shipping and a partially completed vertical analysis are presented below.Required:1. Complete the vertical analysis by computing each missing line item as a percentage of sales revenues.2. Does Trident's Cost of Goods sold for the current year, as a percentage of revenues, represent better or worse performance ascompared to that for the previous year?3. Has Trident"s net profit margin increased, or decreased, over the two years?X Answer is not complete.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Complete the vertical analysis by computing each missing line item as a percentage of sales revenues. (Round your answers tothe nearest whole percent.)TRIDENT SHIPPINGIncome Statement (summarized)(in millions of U.S. dollars)Current YearPrevious YearSales Revenues$ 2,060100%$ 2,455100%Cost of Goods Sold1,53775%1,821%Selling, General, and Administrative Expenses43344618%Other Operating Expenses43%151%Interest Expense121 O%161%Income before Income Tax Expense352157Income Tax Expense5%241%Net Income$302 O%133%

Vertical analysis means each line item as a percentage of a base figure within the statement…

Answered: Complete the vertical analysis by…

Complete the vertical analysis by computing each missing line item as a percentage of sales revenues. (Round your answers to the nearest whole percent.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

Question

Please answer requirement 1

A condensed income statement for Trident Shipping and a partially completed vertical analysis are presented below.
Required:
1. Complete the vertical analysis by computing each missing line item as a percentage of sales revenues.
2. Does Trident's Cost of Goods sold for the current year, as a percentage of revenues, represent better or worse performance as
compared to that for the previous year?
3. Has Trident"s net profit margin increased, or decreased, over the two years?
X Answer is not complete.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Complete the vertical analysis by computing each missing line item as a percentage of sales revenues. (Round your answers to
the nearest whole percent.)
TRIDENT SHIPPING
Income Statement (summarized)
(in millions of U.S. dollars)
Current Year
Previous Year
Sales Revenues
$ 2,060
100
%
$ 2,455
100
%
Cost of Goods Sold
1,537
75
%
1,821
%
Selling, General, and Administrative Expenses
433
446
18
%
Other Operating Expenses
43
%
15
1
%
Interest Expense
12
1 O%
16
1
%
Income before Income Tax Expense
35
2
157
Income Tax Expense
5
%
24
1
%
Net Income
$
30
2 O%
133
%

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