Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet...

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Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of Dece

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Answer 1

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Condensed Income Statement
For the Year Ended December 31, 2020
	Duke Company	Lord company
Particulars	Amount	Percentage	Amount	Percentage
Net Sales	$1,800,000	100.00%	$561,000	100.00%
(-)Cost of goods sold	$1,090,800	60.60%	$297,330	53.00%
Gross Profit	$709,200	39.40%	$263,670	47.00%
(-)Operating Expenses	$273,600	15.20%	$78,540	14.00%
Income From Operations	$435,600	24.20%	$185,130	33.00%
Other Expenses and Losses
(-)Interest Expenses	$9,000	0.50%	$4,488	0.80%
Income Before Income Taxes	$426,600	23.70%	$180,642	32.20%
(-)Income Tax Expense	$54,000	3.00%	$6,732	1.20%
Net Income/(Loss)	$372,600	20.70%	$173,910	31.00%

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Answer 2

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