s Condensed data from the statement of income for Cato Corporation follow:(a) Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, e.g. 15.2%.)SalesCost of goods soldGross profitOperating expensesIncome before income taxIncome tax expenseNet incomeAmount$804,000552,348251,652155,97695,67612,864$82,812CATO CORPORATIONVertical Analysis of Statement of Income2024Percent%%%%%Amount$596,000374,288221,712122,77698,93622,052% $76,8842023Percent%%%%%%%

Vertical Analysis Is Also Known As Common-Size Analysis, Invloves Expressing Each Line Item On a…

Condensed data from the statement of income for Cato Corporation follow: (a) Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, e.g. 15.2%.) CATO CORPORATION Vertical Analysis of Statement of Income

Condensed data from the statement of income for Cato Corporation follow: (a) Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, e.g. 15.2%.) CATO CORPORATION Vertical Analysis of Statement of Income

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 23E: The following data (in millions) are taken from the financial statements of Target Corporation: a....

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Question

Condensed data from the statement of income for Cato Corporation follow:
(a) Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, e.g. 15.2%.)
Sales
Cost of goods sold
Gross profit
Operating expenses
Income before income tax
Income tax expense
Net income
Amount
$804,000
552,348
251,652
155,976
95,676
12,864
$82,812
CATO CORPORATION
Vertical Analysis of Statement of Income
2024
Percent
%
%
%
%
%
Amount
$596,000
374,288
221,712
122,776
98,936
22,052
% $76,884
2023
Percent
%
%
%
%
%
%
%

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