Income statement information for Lucy Company is provided below: Sales $175,000 Cost of goods sold 105,000 Gross profit $ 70,000 Required: Prepare a vertical analysis of the income statement for Lucy Company.

Income statement information for Lucy Company is provided below: Sales $175,000 Cost of goods sold 105,000 Gross profit $ 70,000 Required: Prepare a vertical analysis of the income statement for Lucy Company.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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Question

Income statement information for Lucy Company is provided below:
Sales
$175,000
Cost of goods sold
105,000
Gross profit
$70,000
Required:
Prepare a vertical analysis of the income statement for Lucy Company.
Lucy Company
Vertical Analysis of the Income Statement
Amount Percentage
Sales
$175,000
%
Cost of goods sold 105,000
Gross profit
$70,000
%

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