The following $$nancial statement information is summarized from a recent Form $10-$K of Company X $($$ millions$).$

Company X

Balance Sheet

December $31$ Current Year Prior Year

Assets

Current assets

Cash $$3,000$ $$2,646$

Accounts receivable $6,8493,218$

Inventories $8,6786,076$

Other current assets $1,130302$

Total current assets $$19,657$ $$12,242$

Property, plant, and equipment $15,06812,257$

Equity investment $07,336$

Intangible assets $12,3511,180$

Goodwill $16,3722,359$

Other assets $5,3341,876$

Total assets $$68,782$ $$37,250$

Liabilities and Stockholders' Equity

Current liabilities

Short$-$term borrowings $$1,068$ $$774$

Accounts payable $10,0884,315$

Accrued liabilities $5,4013,806$

Total current liabilities $16,5578,895$

Long$-$term debt $13,3153,716$

Other liabilities $7,6104,022$

Total liabilities $37,48216,633$

Stockholders$$ Equity

Common stock $1280$

Additional paid$-$in capital $9,9531,172$

Accumulated other comprehensive income $(214)136$

Retained earnings $25,08722,322$

Treasury stock $(3,977)(3,197)$

Noncontrolling interest $439104$

Total stockholders$$ equity $31,30020,617$

Total liabilities and stockholders' equity $$68,782$ $$37,250$

Company X

Income Statement

For Year Ended December $31$ Current Year Prior Year

Net sales $$103,444$ $$76,392$

Cost of goods sold $76,52054,823$

Gross margins $26,92421,569$

Operating expenses $22,88618,609$

Other expenses, gains, losses $(182)1,028$

Net income $$4,220$ $$1,932$

Required

Horizontal Analysis

Vertical Analysis $$ Current Year

Vertical Analysis $$ Prior Year

b$.$ Prepare a vertical analysis of the income statement and balance sheet for the the current year.

$$Note: Include a negative sign $(-)$ as needed.

Company X

Balance Sheet

December $31$ Current Year Numerator Denominator Current Year $\%$ of Assets

Assets

Current assets

Cash $$3,000$ Answer $65$

$-$: Answer $66$

$=$

Accounts receivable $6,849$ Answer $67$

$-$:

$0$

$=$

Inventories $8,678$ Answer $68$

$-$:

$0$

$=$

Other current assets $1,130$ Answer $69$

$-$:

$0$

$=$

Total current assets $19,657$ Answer $70$

$-$:

$0$

$=$

Property, plant, and equipment $15,068$ Answer $71$

$-$:

$0$

$=$

Equity investment $0$ Answer $72$

$-$:

$0$

$=$

Intangible assets $12,351$ Answer $73$

$-$:

$0$

$=$

Goodwill $16,372$ Answer $74$

$-$:

$0$

$=$

Other assets $5,334$ Answer $75$

$-$:

$0$

$=$

Total assets $$68,782$ Answer $76$

$-$:

$0$

$=$

Liabilities and Stockholders' Equity

Current liabilities

Short$-$term borrowings $$1,068$ Answer $77$

$-$:

$0$

$=$

Accounts payable $10,088$ Answer $78$

$-$:

$0$

$=$

Accrued liabilities $5,401$ Answer $79$

$-$:

$0$

$=$

Total current liabilities $16,557$ Answer $80$

$-$:

$0$

$=$

Long$-$term debt $13,315$ Answer $81$

$-$:

$0$

$=$

Other liabilities $7,610$ Answer $82$

$-$:

$0$

$=$

Total liabilities $37,482$ Answer $83$

$-$:

$0$

$=$

Stockholders$$ Equity

Common stock $12$ Answer $84$

$-$:

$0$

$=$

Additional paid$-$in capital $9,953$ Answer $85$

$-$:

$0$

$=$

Accumulated other comprehensive income $(214)$ Answer $86$

$-$:

$0$

$=$

Retained earnings $25,087$ Answer $87$

$-$:

$0$

$=$

Treasury stock $(3,977)$ Answer $88$

$-$:

$0$

$=$

Noncontrolling interest $439$ Answer $89$

$-$:

$0$

$=$

Total stockholders$$ equity $31,300$ Answer $90$

$-$:

$0$

$=$

Total liabilities and stockholders' equity $$68,782$ Answer $91$

$-$:

$0$

$=$

Company X

Income Statement

For Year Ended December $31$ Current Year Numerator Denominator Current Year $\%$ of Net Sales

Net sales $$103,444$ Answer $92$

$-$: Answer $93$

$=$

Cost of goods sold $76,520$ Answer $94$

$-$:

$0$

$=$

Gross margins $26,924$ Answer $95$

$-$:

$0$

$=$

Operating expenses $22,886$ Answer $96$

$-$:

$0$

$=$

Other expenses, gains, losses $(182)$ Answer $97$

$-$:

$0$

$=$

Net income $$4,220$ Answer $98$

$-$:

$0$

$=$