Question: Perform a vertical analysis on the following income statement, with sales as the base amount: Sales............ $ 35,000 Cost of goods sold ........14,000 Gross margin

Perform a vertical analysis on the following income statement, with sales as the base amount:

Sales............ $ 35,000

Cost of goods sold ........14,000

Gross margin ..........21,000

Other expenses........ 7,000

Net income ..........$ 14,000


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