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(solution) Exercise 18-2 Operating data for Navarro Corporation are


 

Exercise 18-2Operating data for Navarro Corporation are presented below.

2015 2014
Net sales $747,860 $604,870
Cost of goods sold 460,260 388,110
Selling expenses 119,060 73,890
Administrative expenses 62,440 55,940
Income tax expense 30,150 26,060
Net income 75,950 60,870


Prepare 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 $747,860  % $604,870  %
Cost of goods sold 460,260  % 388,110  %
Gross profit 287,600  % 216,760  %
Selling expenses 119,060  % 73,890  %
Administrative expenses 62,440  % 55,940  %
Total operating expenses 181,500  % 129,830  %
Income before income taxes 106,100  % 86,930  %
Income taxes expense 30,150  % 26,060  %
Net income $75,950  % $60,870

%



 


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