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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% |
