Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales 970,400.00 100.00% COGS (540,600.00) 55.71% Gross Income 429,800.00 46.29% OPEX (120,000.00) 12.37% Net Income before Tax 309,800.00 31.92% Tax Paid (3% of Sales) (29,112.00) 3.00% Net Income After Tax 280,688.00 28.92% The vertical analysis is correct. A False; error for VA of net income before tax B False; error for VA of net income after tax True D False; error for VA of gross income

Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales 970,400.00 100.00% COGS (540,600.00) 55.71% Gross Income 429,800.00 46.29% OPEX (120,000.00) 12.37% Net Income before Tax 309,800.00 31.92% Tax Paid (3% of Sales) (29,112.00) 3.00% Net Income After Tax 280,688.00 28.92% The vertical analysis is correct. A False; error for VA of net income before tax B False; error for VA of net income after tax True D False; error for VA of gross income

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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