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Presented below is selected data from the financial statements of Vert, Inc. for the current and prior year (select all that apply). 12/31/20X2 12/31/20X1 Current assets $330,000 $220,000 Total assets $2,300,000 $1,950,000 Current liabilities $195,000 $180,000 Total liabilities $1,190,000 $1,180,000 Total stockholders' equity $1,110,000 $770,000 Net sales $5,200,000 $3,900,000 Cost of Goods Sold $3,800,000 $2,690,000 Wages expense $953,000 $869,000 Supplies expense $60,000 $50,000 Depreciation expense $35,000 $32,000 Interest expense $12,000 $9,000 Net income $340,000 $250,000 A vertical analysis of the data would show (select all that apply): O A. The net profit margin for 20X2 is 6.54%. O B. The net profit margin for 20X1 is 6.54%. O C. Net income increased 36% from 20X1 to 20X2. O D. Cost of goods sold in 20X2 is 73% of net sales. O E. Cost of goods sold increased 40.89% from 20X1 to 20X2.

Presented below is selected data from the financial statements of Vert, Inc. for the current and prior year (select all that apply). 12/31/20X2 12/31/20X1 Current assets $330,000 $220,000 Total assets $2,300,000 $1,950,000 Current liabilities $195,000 $180,000 Total liabilities $1,190,000 $1,180,000 Total stockholders' equity $1,110,000 $770,000 Net sales $5,200,000 $3,900,000 Cost of Goods Sold $3,800,000 $2,690,000 Wages expense $953,000 $869,000 Supplies expense $60,000 $50,000 Depreciation expense $35,000 $32,000 Interest expense $12,000 $9,000 Net income $340,000 $250,000 A vertical analysis of the data would show (select all that apply): O A. The net profit margin for 20X2 is 6.54%. O B. The net profit margin for 20X1 is 6.54%. O C. Net income increased 36% from 20X1 to 20X2. O D. Cost of goods sold in 20X2 is 73% of net sales. O E. Cost of goods sold increased 40.89% from 20X1 to 20X2.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Presented below is selected data from the financial statements of Vert, Inc. for the current and prior year (select all that apply): 12/31/20X2 12/31/20X1 Current assets $330,000 $220,000 Total assets $2,300,000 $1,950,000 Current liabilities $195,000 $180,000 Total liabilities $1,190,000 $1,180,000 Total stockholders' equity $1,110,000 $770,000 Net sales $5,200,000 $3,900,000 Cost of Goods Sold $3,800,000 $2,690,000 Wages expense $953,000 $869,000 Supplies expense $60,000 $50,000 Depreciation expense $35,000 $32,000 Interest expense $12,000 $9,000 Net income $340,000 S250,000 A vertical analysis of the data would show (select all that apply): O A. The net profit margin for 20X2 is 6.54%. O B. The net profit margin for 20X1 is 6.54%. O C. Net income increased 36% from 20X1 to 20X2. O D. Cost of goods sold in 20X2 is 73% of net sales. O E. Cost of goods sold increased 40.89% from 20X1 to 20X2.
Transcribed Image Text:Presented below is selected data from the financial statements of Vert, Inc. for the current and prior year (select all that apply): 12/31/20X2 12/31/20X1 Current assets $330,000 $220,000 Total assets $2,300,000 $1,950,000 Current liabilities $195,000 $180,000 Total liabilities $1,190,000 $1,180,000 Total stockholders' equity $1,110,000 $770,000 Net sales $5,200,000 $3,900,000 Cost of Goods Sold $3,800,000 $2,690,000 Wages expense $953,000 $869,000 Supplies expense $60,000 $50,000 Depreciation expense $35,000 $32,000 Interest expense $12,000 $9,000 Net income $340,000 S250,000 A vertical analysis of the data would show (select all that apply): O A. The net profit margin for 20X2 is 6.54%. O B. The net profit margin for 20X1 is 6.54%. O C. Net income increased 36% from 20X1 to 20X2. O D. Cost of goods sold in 20X2 is 73% of net sales. O E. Cost of goods sold increased 40.89% from 20X1 to 20X2.
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