Question: Willrick Corporation's controller has prepared the following vertical analysis for the president. Required Sales were $600,000 in 2011 and $750,000 in 2012. Convert the analysis

Willrick Corporation's controller has prepared the following vertical analysis for the president.

Required
Sales were $600,000 in 2011 and $750,000 in 2012. Convert the analysis to income statements for the two years.

2012 2011 Sales 100.0% 100.0% Cost of goods sold Gross margin Selling and administrative expense Interest expense 57.0 54.0 43.0 46.0 18.0 20.0 2.8 4.0 Total expenses 24.0 20.8 Income before taxes 22.2 22.0 Income tax expense 10.0 8.0 Net income 14.0% 12.2%

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