Homework Answers
a)
| DELANEY CORPORATION | ||||
| Comparative Income Statement | ||||
| For the year Ended December 31 | ||||
| Increase or Decrease During 2020 | ||||
| 2020 | 2019 | Amount | Percentage | |
| Net Sales | 749,000.00 | 625,000.00 | 124,000.00 | 19.8% |
| Cost of Goods Sold | 584,220.00 | 508,125.00 | 76,095.00 | 15.0% |
| Gross Profit | 164,780.00 | 116,875.00 | 47,905.00 | 41.0% |
| Operating Expenses | 103,362.00 | 58,125.00 | 45,237.00 | 77.8% |
| Net income | 61,418.00 | 58,750.00 | 2,668.00 | 4.5% |
b)
| DELANEY CORPORATION | ||||
| Condensed Income Statement | ||||
| For the year Ended December 31 | ||||
| 2020 | 2019 | |||
| Amount | Percent | Amount | Percent | |
| Net Sales | 749,000.00 | 100.0% | 625,000.00 | 100.0% |
| Cost of Goods Sold | 584,220.00 | 78.0% | 508,125.00 | 81.3% |
| Gross Profit | 164,780.00 | 22.0% | 116,875.00 | 18.7% |
| Operating Expenses | 103,362.00 | 13.8% | 58,125.00 | 9.3% |
| Net income | 61,418.00 | 8.2% | 58,750.00 | 9.4% |
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Exercise 14-6 Here are the comparative income statements of...
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