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Exercise 250 Operating data for Panola Land Corporation are presented below. Sales revenue Cost of goods...

Question

Exercise 250 Operating data for Panola Land Corporation are presented below. Sales revenue Cost of goods...

Exercise 250 Operating data for Panola Land Corporation are presented below. Sales revenue Cost of goods sold Selling expense
Exercise 250 Operating data for Panola Land Corporation are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net Income 2014 $800,000 480,000 120,000 80,000 24,000 96,000 2013 $600,000 390,000 78,000 $4,000 25,000 53,000 Prepare a schedule showing a vertical analysis for 2014 and 2013. (Round percentage answers to 1 decimal place, e.g. 15.2%.) PANOLA LAND COMPANY Condensed Income Statement For the Years Ended December 31 2014 Amount

Answers

PANOLA LAND COMPANY
Condensed Income Statement
For the year ended December 31
2014 2013
amount percent amount percent
sale revenue 800000 100% 600000 100%
Cost of goods sold 480000 60% 390000 65%
Gross profit 320000 40% 210000 35%
selling expenses 120000 15% 78000 13%
administrative expenses 80000 10% 54000 9%
Total operating expenses 200000 25% 132000 22%
Income before tax 120000 15% 78000 13%
income tax expenses 24000 3% 25000 4.2%
Net income 96000 12% 53000 8.8%

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