Prepare a vertical analysis of the income statement shown below. (Round to two decimal places.) ABC, Inc.
Question:
Prepare a vertical analysis of the income statement shown below. (Round to two decimal places.)
ABC, Inc.
Income Statement
For the Year Ended December 31, 2019
Net Sales $7,000
Cost of Goods Sold 3,800
Gross Profit 3,200
Operating Expenses:
Selling Expenses 950
Administrative Expenses 670
Total Operating Expenses 1,620
Operating Income 1,580
Other Income and (Expenses):
Interest Expense (750)
Total Other Income and (Expenses) (750)
Income Before Income Taxes 830
Income Tax Expense 150
Net Income $680
College Accounting Chapters 1-30
ISBN: 978-1259631115
15th edition
Authors: John Price, M. David Haddock, Michael Farina