Question

x + edugen.wileyplus.com/edugen/student/mainfr.uni US Kimmel, Accounting, 7e Practice Assignment Gradebook ORION Downloadable eTextbook ssignment ES Exercise 13-06 Here are the comparative income statements of Oriole Corporation. ORIOLE CORPORATION Comparative Income Statement For the Years Ended December 31 2022 2021 Net sales $632,300 $544,800 Cost of goods sold 456,600 415,500 Gross Profit 175,700 129,300 Operating expenses 74,100 44,500 Net income $ 101,600 $ 84,800 (a) Prepare a horizontal analysis of the income statement data for Oriole Corporation, using 2021 -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1 ORIOLE CORPORATION Comparative Income Statement Increase or (Decrease) During 2022 Amount _ Percentage 2022 $632,300 2021 $544,800 Net sales Cost of goods sold 456,600 415,500 sy Policy. I 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc

Answer 1

Solution a:

Comparative income statement
For the years ended December 31
Particulars	2022	2021	Increase of (decrease) in 2022
			Amount	Percentage
Net sales	$632,300.00	$544,800.00	$87,500.00	16.1%
Cost of goods sold	$456,600.00	$415,500.00	$41,100.00	9.9%
Gross profit	$175,700.00	$129,300.00	$46,400.00	35.9%
Operating expenses	$74,100.00	$44,500.00	$29,600.00	66.5%
Net income	$101,600.00	$84,800.00	$16,800.00	19.8%

Solution b:

Oriole Corporation
Comparative income statement
For the years ended December 31
Particulars	2022		2022
	Amount	Percent	Amount	Percent
Net sales	$632,300.00	100.0%	$544,800.00	100.0%
Cost of goods sold	$456,600.00	72.2%	$415,500.00	76.3%
Gross profit	$175,700.00	27.8%	$129,300.00	23.7%
Operating expenses	$74,100.00	11.7%	$44,500.00	8.2%
Net income	$101,600.00	16.1%	$84,800.00	15.6%