Current xWileyPLUS ecure https://edugen.wileyplus.com/eduger/lti/main.un Return to Bla el, Survey of Accounting, 1e with J

Current xWileyPLUS ecure https://edugen.wileyplus.com/eduger/lti/main.un Return to Bla el, Survey of Accounting, 1e with Job Order Costing Your answer is partially correct. Try again. Operating data for Joshua Corporation are presented below l : ouRCEs 2017 2016 $800,000 520,000 120,000 60,000 30,000 70,000 600,000 408,000 72,000 48,000 24,000 48,000 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Prepare a schedule showing a vertical anarsis for 2017 and 2016. (Round percentages to i decimal place, eg. 12.190.) DOSHUA CORPORATION Amount PercentAmount Percent $800,000 $600,000 Cost of goods sold Gross profit Selling expenses 520,000 %408,000 280,000 % 192,000 120,000 72,000 dministranive expeses60,000 Total operating expes 180,c00 Income before income taxes 100,000 Income tax 48.000 % 120,000 72.000 30,000 24,000 Net income s 70,000 48.000 Click if you would like to Show Work for this question: sn Show.wark E22

Current xWileyPLUS ecure https://edugen.wileyplus.com/eduger/lti/main.un Return to Bla el, Survey of Accounting, 1e with Job Order Costing Your answer is partially correct. Try again. Operating data for Joshua Corporation are presented below l : ouRCEs 2017 2016 $800,000 520,000 120,000 60,000 30,000 70,000 600,000 408,000 72,000 48,000 24,000 48,000 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Prepare a schedule showing a vertical anarsis for 2017 and 2016. (Round percentages to i decimal place, eg. 12.190.) DOSHUA CORPORATION Amount PercentAmount Percent $800,000 $600,000 Cost of goods sold Gross profit Selling expenses 520,000 %408,000 280,000 % 192,000 120,000 72,000 dministranive expeses60,000 Total operating expes 180,c00 Income before income taxes 100,000 Income tax 48.000 % 120,000 72.000 30,000 24,000 Net income s 70,000 48.000 Click if you would like to Show Work for this question: sn Show.wark E22

Expert Answer

 

Joshua Corporation
Condensed Income Statement
For the Years Ended December 31
2017 2016
Amount Percent Amount Percent
Sales 800000 100.0% 600000 100.0%
Cost of goods sold 520000 65.0% 408000 68.0%
Gross Profit 280000 35.0% 192000 32.0%
Selling expenses 20000 2.5% 72000 12.0%
Administrative expenses 60000 7.5% 48000 8.0%
total operating expenses 80000 10.0% 120000 20.0%
income before income taxes 200000 25.0% 72000 12.0%
Income tax expense 30000 3.8% 24000 4.0%
Net income 170000 21.3% 48000 8.0%
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