Here are the comparative condensed income statements of Bramble Corporation.Bramble CorporationCondensed Income StatementsFor the Years Ended December 31 2022 2021Net sales $755,000 $631,000 Cost of goods sold 588,900 512,372 Gross profit 166,100 118,628 Operating expenses 104,190 58,683 Net income $ 61,910 $ 59,945 Prepare a horizontal analysis of the income statement data for Bramble Corporation, using 2021 as a base (Show the amounts ofincrease or decrease.) (Enter negative amounts and percentoges using either a negative sign preceding the number eg -45.-45% orparentheses eg (45). (45%). Round percentagesto 1 decimal place, eg. 12.3%)BRAMBLE CORPORATIONCondensed Income StatementsIncrease or (Decrease)During 202220222021AmountPercentageNet sales$755,000$631,000%Cost of goods sold588,900512,372Gross profit166,100118,628%Operating expenses104,19058,683%Net income$61,910$59,945(h) Prepare a vertical analysis of the income statement data for Bramble Corporation for both years. (Round percentages to 1 decimalplace, eg 12.3%.)BRAMBLE CORPORATIONCondensed Income Statements20222021AmountPercentAmountPercentNet sales$755,000%$631,000Cost of goods sold588,900%512,372Gross profit166,100%118,628%Operating expenses104,190%58,683%Net income$ 61,910$ 59,945

Horizontal analysis is done to review and analyze financial statements for a number of years. It…

BRAMBLE CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $755,000 $631,000 Cost of goods sold 588,900 512,372 Gross profit 166,100 118,628 % Operating expenses 104,190 58,683 % Dlet ingem t1.010

BRAMBLE CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $755,000 $631,000 Cost of goods sold 588,900 512,372 Gross profit 166,100 118,628 % Operating expenses 104,190 58,683 % Dlet ingem t1.010

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 74E

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Question

Here are the comparative condensed income statements of Bramble Corporation.

Bramble Corporation Condensed Income Statements For the Years Ended December 31
	2022	2021
Net sales	$755,000		$631,000
Cost of goods sold	588,900		512,372
Gross profit	166,100		118,628
Operating expenses	104,190		58,683
Net income	$ 61,910		$ 59,945

Prepare a horizontal analysis of the income statement data for Bramble Corporation, using 2021 as a base (Show the amounts of
increase or decrease.) (Enter negative amounts and percentoges using either a negative sign preceding the number eg -45.-45% or
parentheses eg (45). (45%). Round percentagesto 1 decimal place, eg. 12.3%)
BRAMBLE CORPORATION
Condensed Income Statements
Increase or (Decrease)
During 2022
2022
2021
Amount
Percentage
Net sales
$755,000
$631,000
%
Cost of goods sold
588,900
512,372
Gross profit
166,100
118,628
%
Operating expenses
104,190
58,683
%
Net income
$61,910
$59,945
(h)

Prepare a vertical analysis of the income statement data for Bramble Corporation for both years. (Round percentages to 1 decimal
place, eg 12.3%.)
BRAMBLE CORPORATION
Condensed Income Statements
2022
2021
Amount
Percent
Amount
Percent
Net sales
$755,000
%
$631,000
Cost of goods sold
588,900
%
512,372
Gross profit
166,100
%
118,628
%
Operating expenses
104,190
%
58,683
%
Net income
$ 61,910
$ 59,945

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