Perform a vertical analysis on the income statement.

$($Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the Instructions tab you will be marked wrong. All values should be added as positive numbers.$)$

RIVERSIDE SWEETS

Income Statement

Year Ended June $30,2024$

Net Sales $$2,800,000$

Cost of Goods Sold $1,551,600$

Gross Profit $1,248,400$

Operating Expenses $450,540$

Operating Income $797,860$

Other Income and $($Expenses$)$

Interest Expense $15,000$

Income Before Income Taxes $782,860$

Income Tax Expense $153,529$

Net Income $$629,331$