Homework Answers
Solution
| CRANE CORPORATION | ||||
| Comparative Income Statement | ||||
| For the year ended December 31 2021 and 2022 | ||||
| Increase or (decrease ) During 2022 | ||||
| 2022 | 2021 | Amount | Percentage | |
| Net sales | $ 625,500.00 | $ 573,800.00 | $ 51,700.00 | 9.0%* |
| Cost of goods sold | $ 457,900.00 | $ 434,800.00 | $ 23,100.00 | 5.3% |
| Gross profit | $ 167,600.00 | $ 139,000.00 | $ 28,600.00 | 20.6% |
| Operating expenses | $ 70,800.00 | $ 44,000.00 | $ 26,800.00 | 60.9% |
| Net income | $ 96,800.00 | $ 95,000.00 | $ 1,800.00 | 1.9% |
*51700/573800 that is change in amount divided by 2021 amounts.
.
| CRANE CORPORATION | ||||
| Comparative Income Statement | ||||
| For the year ended December 31 2021 and 2022 | ||||
| 2022 | 2021 | |||
| $ | Percent | $ | Percent | |
| Net sales | $ 625,500.00 | 100.0% | $ 573,800.00 | 100.0% |
| Cost of goods sold | $ 457,900.00 | 73.2% | $ 434,800.00 | 75.8% |
| Gross profit | $ 167,600.00 | 26.8% | $ 139,000.00 | 24.2% |
| Operating expenses | $ 70,800.00 | 11.3% | $ 44,000.00 | 7.7% |
| Net income | $ 96,800.00 | 15.5% | $ 95,000.00 | 16.6% |
All percentages are shown as a percentage of sales in respective years
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