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Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $746,000 $603,000 Cost of...

Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $746,000 $603,000 Cost of goods sold 466,250 384,714 Selling expenses 124,582 67,536 Administrative expenses 55,204 54,873 Income tax expense 37,300 24,120 Net income 62,664 71,757 Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.)

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Answer #1
2020 % of sales 2019 % of sales
Sales revenue $746,000 100.0% (746000/746000) $603,000 100.0% (603000/603000)
Cost of goods sold $466,250 62.5% (466250/746000) $384,714 63.8% (384714/603000)
Gross profit $279,750 37.5% (279750/746000) $218,286 36.2% (218286/603000)
Selling expense $124,582 16.7% (124582/746000) $67,536 11.2% (67536/603000)
Admin expense $55,204 7.4% (55204/746000) $54,873 9.1% (54873/603000)
Income tax expense $37,300 5.0% (37300/746000) $24,120 4.0% (24120/603000)
Net income $62,664 8.4% (62664/746000) $71,757 11.9% (71757/603000)

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