Vertical analysis (common-size) percentages for Cullumber Company’s sales revenue, cost of goods sold, and expenses are listed here.Vertical Analysis 2022 2021 2020Sales revenue 100.0% 100.0% 100.0%Cost of goods sold 60.0 64.2 65.6 Expenses 24.7 27.1 29.5 Calculate Cullumber’s net income as a percent of sales. (Round answers to 1 decimal place, e.g. 5.2.) 2022 2021 2020Net income Enter percentages rounded to 1 decimal place. Enter percentages rounded to 1 decimal place. Enter percentages rounded to 1 decimal place. Did Cullumber’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period?Cullumber’s net income as a percent of sales Choose the correct answer increaseddecreasedremained unchanged

Cullumber’s net income as a percent of sales has increased in 3 years from 4.9% to 8.7% and 15.3%…

Answered: Vertical analysis (common-size)…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 77E: Ratio Analysis The following information was taken from Logsden Manufacturings trial balances as of...

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Vertical analysis (common-size) percentages for Cullumber Company’s sales revenue, cost of goods sold, and expenses are listed here.

Vertical Analysis	2022		2021		2020
Sales revenue	100.0	%		100.0	%	100.0	%
Cost of goods sold	60.0			64.2		65.6
Expenses	24.7			27.1		29.5

Calculate Cullumber’s net income as a percent of sales. (Round answers to 1 decimal place, e.g. 5.2.)

		2022		2021		2020
Net income		Enter percentages rounded to 1 decimal place.		Enter percentages rounded to 1 decimal place.		Enter percentages rounded to 1 decimal place.

Did Cullumber’s net income as a percent of sales increase, decrease, or remain unchanged over the 3-year period?

Cullumber’s net income as a percent of sales

Choose the correct answer increaseddecreasedremained unchanged

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