1.
SIMULTECH CORPORATION | ||||||
Income Statement (summarized) | ||||||
(in millions of U.S. dollars) | ||||||
Current Year | Previous Year | |||||
Sales revenues | 2,067 | 100 | % | 2,500 | 100 | % |
Cost of goods sold | 1,557 | 75 | % | 1,801 | 72 | % |
Selling, general and administrative expenses | 410 | 20 | % | 426 | 17 | % |
Other operating expenses | 42 | 2 | % | 13 | 1 | % |
Interest expense | 16 | 1 | % | 18 | 1 | % |
Income before income taxes | 42 | 2 | % | 242 | 10 | % |
Income tax expense | 8 | 0 | % | 30 | 1 | % |
Net Income | 34 | 2 | % | 212 | 8 | % |
2. Cost of goods sold represents worse situation since in the current year cost of goods sold percentage has increased as compared to the previous year.
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A condensed income statement for Simultech Corporation and a partially completed vertical analysis are presented below....
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