Exercise 13-04

Operating data for Sheffield Corp. are presented below.

		2022		2021
Sales revenue		$839,100		$649,000
Cost of goods sold		522,400		410,700
Selling expenses		121,700		76,300
Administrative expenses		76,200		54,000
Income tax expense		34,200		24,400
Net income		84,600		83,600

Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)

SHEFFIELD CORP. Condensed Income Statement choose the accouning period For the Month Ended December 31December 31For the Years Ended December 31
	2022					2021
	Amount		Percent			Amount		Percent
Sales	$839,100		enter percentages	%		$649,000		enter percentages	%
Cost of goods sold	522,400		enter percentages	%		410,700		enter percentages	%
Gross profit	316,700		enter percentages	%		238,300		enter percentages	%
Selling expenses	121,700		enter percentages	%		76,300		enter percentages	%
Administrative expenses	76,200		enter percentages	%		54,000		enter percentages	%
Total operating expenses	197,900		enter percentages	%		130,300		enter percentages	%
Income before income taxes	118,800		enter percentages	%		108,000		enter percentages	%
Income tax expense	34,200		enter percentages	%		24,400		enter percentages	%
Net income	$ 84,600		enter percentages	%		$ 83,600		enter percentages