Do not give image format Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, eg. 48.5%)BONITA CORPORATIONCondensed Income StatementsFor the Years Ended December 312022Net salesCost of goods soldGross profitSelling expensesAdministrative expenseslliTotal operating expensesIncome tax expenseAmountNet income$746,000468,488277,512115,63061.172Income before income taxes 100,710176,80229,840$70,870Percent%%%%%%%%%Amount$605,000387,200217,800.067.76055,660123,42094,38029,040$65,3402021Percent%%%%%22है% Operating data for Bonita Corporation are presented as follows.Net salesCost of goods soldSelling expensesAdministrative expensesIncome tax expenseNet income2022$746,000468,488115,63061,17229,84070,8702021$605,000387,20067,76055,66029,04065,340

In vertical analysis, financial statements are examined to determine how each line item compares to…

Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%) BONITA CORPORATION Condensed Income Statements For the Years Ended December 31 2022 Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense Net income Amount $746,000 468,488 277,512 115,630 61.172 176,802 100,710 29,840 $70,870 Percent % % % % % % % % % Amount $605,000 387,200 217,800.0 67,760 55,660 123,420 94,380 29,040 $65,340 2021 Percent % % % % % % %

Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%) BONITA CORPORATION Condensed Income Statements For the Years Ended December 31 2022 Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense Net income Amount $746,000 468,488 277,512 115,630 61.172 176,802 100,710 29,840 $70,870 Percent % % % % % % % % % Amount $605,000 387,200 217,800.0 67,760 55,660 123,420 94,380 29,040 $65,340 2021 Percent % % % % % % %

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
The comparative statements of Bonita Company are presented here. Net sales Bonita Company Income Statements For the Years Ended December 31 Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 2022 $1,811,500 1,008,900 802,600 518,600 284,000 17,800 266,200 80,152 $ 186,048 2021 $1,752,200 982,000 770,200 472,800 297,400 13,800 283,600 76,400 $207,200
Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income (expense) Income tax expense Net income Current assets Noncurrent assets Total assets Current liabilities Long-term debt Total stockholders' equity Total liabilities and stockholders' equity Total assets Total stockholders' equity Current liabilities Target Corporation Income Statement Data for Year $65,357 45,583 15,101 707 (94) 1,384 $ 2,488 $18,424 26,109 Balance Sheet Data (End of Year) $44,533 $11,327 17,859 15,347 Walmart Inc. $44,533 $408,214 304,657 79,607 10,512 2,065 (411) 7,139 $ 14,335 $48,331 122,375 $170,706 $55,561 44,089 71,056 $170,706 Beginning-of-Year Balances $44,106 13,712 $163,429 65,682 55,390
[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…
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