In a vertical analysis, operating expenses would be represented as: O 11.4% 23.3% 59.3% 32.6% Year ended December 31, 20xx Revenue Cost of goods sold Operating expenses Interest expense Income tax expense Net Income Balance Sheet December 31, 20xx Cash Accounts receivable Inventory Property, plant, and equipment, net Total assets Accounts payable Salaries payable Note payable, due in 5 years Common stock Retained earnings Total liabilities and stockholders' equity : $86,000 35,000 20,000 1.000 2.000 $ 28,000 $ 45,000 25,000 6,000 100,000 $ 176.000 $17,000 5,000 19,000 60,000 75,000 $176,000