A condensed income statement for Weber Associates and a partially completed vertical analysis follow.Required:1. Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year, Cost ofGoods Sold was 31 percent of Net Revenues, computed as ($1,397 ÷ $4,571).2. Does Cost of Goods Sold, as a percentage of Net Revenues, represent better or worse performance in 2019 as compared to 2018?Complete this question by entering your answers in the tabs below.Required 1 Required 2Complete the vertical analysis by computing each missing line item as a percentage of net revenues. TIP: In the prior year,Cost of Goods Sold was 31 percent of Net Revenues, computed as ($1,397 ÷ $4,571). (Decreases should be indicated by aminus sign. Round your answers to the nearest whole percent.)Net RevenuesCost of Goods SoldResearch and Development ExpenseSales and Marketing ExpenseGeneral and Administrative ExpenseIncome from OperationsOther ExpensesIncome before Income TaxIncome Tax Recovery (Expense)Net IncomeWEBER ASSOCIATESIncome Statement (summarized)For the Year Ended March 31(in millions of U.S. dollars)2019$ 4,2291,1841,18178240168140641311$ 952100 %%%%9 %16 %1%15 %7%2018$ 4,5711,3971,27565545678829759(55)704% $100 %31 %28 %14 %10 %17 %1%17%(1) %15 %

2019 2018 Net revenue 4229 100% 4571 100% Cost of Goods Sold 1184 28% 1397 31% Research and…

WEBER ASSOCIATES Income Statement (summarized) For the Year Ended March 31 (in millions of U.S. dollars) 2019 let Revenues Cost of Goods Sold Research and Development Expense Sales and Marketing Expense General and Administrative Expense come from Operations Other Expenses ncome before Income Tax come Tax Recovery (Expense) $ 4,229 1,184 1,181 782 401 681 40 641 311 100% % % % 9% 16 % 1% 15 % 7% 2018 $4,571 1,397 1,275 655 456 788 29 759 (55) TO 100 % 31 % 28 % 14 % 10 % 17 % 1% 17% (1) %

WEBER ASSOCIATES Income Statement (summarized) For the Year Ended March 31 (in millions of U.S. dollars) 2019 let Revenues Cost of Goods Sold Research and Development Expense Sales and Marketing Expense General and Administrative Expense come from Operations Other Expenses ncome before Income Tax come Tax Recovery (Expense) $ 4,229 1,184 1,181 782 401 681 40 641 311 100% % % % 9% 16 % 1% 15 % 7% 2018 $4,571 1,397 1,275 655 456 788 29 759 (55) TO 100 % 31 % 28 % 14 % 10 % 17 % 1% 17% (1) %

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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