Question

Chapter 13 Excel Simulations 1 Saved Help Jiyn. TUNIVIULAJ HUIVIE IIVJERT THUL LATOUI KEVIEVV VIEVY A A Calibri 11 1 Conditional Format as Cll Formatting Table Styles в IU- Paste Alignment Number Cells Editing Clipboard Font Styles C9 fx 30 points 1 Lake Athletics sells two distinct product lines: Apparel and Equipment. Skipped 2 The income statement for each product line appears below. LAKE ATHLETICS Income Statement eBook For the Year Ended December 31, 20X1 Apparel Equipment Amount Percent Amount Percent 9 Net sales Print $3,150,000 $5.550,000 10 Cost of goods sold 11 Gross profit 12 Operating expenses 13 Operating income 1.400.000 2,720,000 1,750,000 2,830.000 800,000 875,000 References 1,955,000 950,000 14 Other income 20,000 10,000 15 Income before tax 1,965,000 970,000 16 Income tax expense 241,250 491.000 $728,750 $1.474,750 17 Net income 18 19 Required: 20 1. Use appropriate Excel formulas to perform vertical analysis and complete the "Percent" columns for both product lines above. Express each amount as a percentage of net sales. 21 22 Note: You should use absolute references in the divisors of all formulas. 23 2. Use the Excel IF function and the completed vertical analysis above to answer each of the questions below: 24 Sheet1 ..

Answer 1

TB D E co ou AwN+ LAKE ATHLETICS Income Statement For the year Ended December 31, 20X1 Apparel Equipment Amount Percent Amount Percent 9 Net Sales $3,150,000 100.00% $5.550.000 100.00% 10 Cost of Goods Sold $1,400,000 44.44% $2,720,000 49.01% 11 Gross profit $1,750,000 55.56% $2,830,000 50.99% 12 Operating expenses $ 800,000 25.40% $ 875,000 15.77% 13 Operating income $ 950,000 30.16% $1,955,000 35.23% 14 Other income $ 20,000 0.63% $ 10,000 0.18% 15 Income before tax $ 970,000 30.79% $1,965,000 35.41% 16 Income tax expense $ 241,250 7.66% $ 491,000 8.85% 17 Net Income $ 728,750 23.13% $1.474.000 26.56% 18

в с D E 9 Net Sales 10 Cost of Goods Sold 11 Gross profit 12 Operating expenses 13 Operating income 14 Other income 15 Income before tax 16 Income tax expense 17 Net Income 18 LAKE ATHLETICS Income Statement For the year Ended December 31, 20X1 Apparel Equipment Amount Percent Amount Percent 3150000 =B9/$B$9 5550000 =D9/$D$9 1400000 =B10/$B$9 2720000 =D10/$D$9 =B9-B10 =B11/$B$9 =D9-D10 =D11/$D$9 800000 =B12/$B$9 875000 =D12/$D$9 =B11-B12 =B13/$B$9 =D11-D12 =D13/$D$9 20000 =B14/$B$9 10000 =D14/$D$9 =B13+B14 =B15/$B$9 =D13+D14 =D15/$D$9 241250 =B16/$B$9 491000 =D16/$D$9 =B15-B16 =B17/$B$9 =D15-D16 =D17/$D$9

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