2015 2014 NAVARRO CORPORATION Condensed Income Statements For the Years Ended De
ID: 2427271 • Letter: 2
Question
2015
2014
NAVARRO CORPORATION
Condensed Income Statements
For the Years Ended December 31
2015
2014
Amount
Percent
Amount
Percent
Net sales
$747,590
$598,500
Cost of goods sold
464,480
394,810
Gross profit
283,110
203,690
Selling expenses
122,560
71,310
Administrative expenses
64,810
52,040
Total operating expenses
187,370
123,350
Income before income taxes
95,740
80,340
Income taxes expense
34,690
23,810
Net income
$61,050
$56,530
Operating data for Navarro Corporation are presented below.2015
2014
Net sales $747,590 $598,500 Cost of goods sold 464,480 394,810 Selling expenses 122,560 71,310 Administrative expenses 64,810 52,040 Income tax expense 34,690 23,810 Net income 61,050 56,530Prepare a schedule showing a vertical analysis for 2015 and 2014. (Round answers to 1 decimal place, e.g. 48.5%.)
NAVARRO CORPORATION
Condensed Income Statements
For the Years Ended December 31
2015
2014
Amount
Percent
Amount
Percent
Net sales
$747,590
%
$598,500
%
Cost of goods sold
464,480
%
394,810
%
Gross profit
283,110
%
203,690
%
Selling expenses
122,560
%
71,310
%
Administrative expenses
64,810
%
52,040
%
Total operating expenses
187,370
%
123,350
%
Income before income taxes
95,740
%
80,340
%
Income taxes expense
34,690
%
23,810
%
Net income
$61,050
%
$56,530
%
Explanation / Answer
NAVARRO CORPORATION Condensed Income Statements For the Years Ended December 31 2015 2014 Amount Percent Amount Percent Net sales 747590 100% 598500 100% Cost of goods sold 464480 62.13 394810 65.97 Gross Profit 283110 37.87 203690 34.03 Selling expenses 122560 16.39 71310 11.91 Administrative expenses 64810 8.67 52040 8.70 Total operating expenses 187370 25.06 123350 20.61 Income before income taxes 95740 12.81 80340 13.42 Income taxes expense 34690 4.64 23810 3.98 Net Income 61050 8.17 56530 9.45
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.