Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows Miller Electronics Corporation Comparative Income Statement For Years Ended December 31, 20 2 and 20 1 20 2 20 1 Net Sales (all on account) $641,170 $411,670 Cost ...

Miller Electronics Corporation Vertical Analysis For Years Ended December 31 202 and 201 Miller Elec ...

Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two

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Question:

Amounts from the comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are as follows:

Miller Electronics Corporation Comparative Income Statement For Years Ended December 31, 20-2 and 20-1
	20-2		20-1
Net Sales (all on account)		$641,170		$411,670
Cost of goods sold		402,200		263,360
Gross profit		$238,970		$148,310
Administrative expenses		$65,431		$42,787
Selling expenses		67,292		44,286
Total operating expenses		$132,723		$87,073
Operating income		$106,247		$61,237
Interest expense		1,329		1,249
Income before income taxes		$104,918		$59,988
Income tax expense		31,736		14,095
Net income		$73,182		$45,893

Miller Electronics Corporation Comparative Balance Sheet December 31, 20-2 and 20-1
	20-2		20-1
Assets
Current assets:
Cash		$43,450		$22,083
Receivables (net)		73,524		47,170
Merchandise inventory		91,786		49,916
Supplies and prepayments		3,650		1,146
Total current assets		$212,410		$120,315
Property, plant, and equipment:
Office equipment (net)		$11,792		$8,160
Factory equipment (net)		105,693		71,730
Total property, plant, and equipment		$117,485		$79,890
Total assets		$329,895		$200,205
Liabilities
Current liabilities
Notes payable		$10,420		$6,120
Accounts payable		43,194		29,913
Accrued and withheld payroll taxes		6,190		5,380
Total current liabilities		$59,804		$41,413
Stockholders' Equity
Common stock ($10 par)		$100,000		$84,000
Retained earnings		170,091		74,792
Total stockholders' equity		$270,091		$158,792
Total liabilities and stockholders' equity		$329,895		$200,205

Required:

Prepare a vertical analysis of the income statement and balance sheet. Show each item on the income statement as a percentage of the net sales for each year. On the balance sheet, show each asset item as a percentage of the total assets and each liability and equity item as a percentage of the total liabilities and stockholders' equity. Round percentages to one decimal place. Do not enter the percent sign. For example, 60% would be entered as 60.

Miller Electronics Corporation
Comparative Income Statement
For Years Ended December 31, 20-2 and 20-1
	20-2 Amount	20-2 Percent	20-1 Amount	20-1 Percent
Net sales (all on account)	$641,170		$411,670
Cost of goods sold	402,200		263,360
Gross profit	$238,970		$148,310
Administrative expenses	$65,431		$42,787
Selling expenses	67,292		44,286
Total operating expenses	$132,723		$87,073
Operating income	$106,247		$61,237
Interest expense	1,329		1,249
Income before income taxes	$104,918		$59,988
Income tax expense	31,736		14,095
Net income	$73,182		$45,893

Miller Electronics Corporation
Comparative Balance Sheet
December 31, 20-2 and 20-1
Assets
	20-2 Amount	20-2 Percent	20-1 Amount	20-1 Percent
Current assets:
Cash	$43,450		$22,083
Receivables (net)	73,524		47,170
Merchandise inventory	91,786		49,916
Supplies and prepayments	3,650		1,146
Total current assets	$212,410		$120,315
Property, plant, and equipment:
Office equipment (net)	$11,792		$8,160
Factory equipment (net)	105,693		71,730
Total prop., plant, and equip.	$117,485		$79,890
Total assets	$329,895		$200,205
Liabilities
Current liabilities:
Notes payable	$10,420		$6,120
Accounts payable	43,194		29,913
Accrued and withheld payroll taxes	6,190		5,380
Total current liabilities	$59,804		$41,413
Stockholders' Equity
Common stock ($10 par)	$100,000		$84,000
Retained earnings	170,091		74,792
Total stockholders' equity	$270,091		$158,792
Total liab. and stockholders' equity	$329,895		$200,205