Operating Data for Panola Land Corporation Are Presented Below Instructions
Prepare a Schedule Showing a Vertical Analysis for 2017

question 227

Essay

Operating data for Panola Land Corporation are presented below $\begin{array}{lrr}&2017&2016\\\text { Sales revenue } & \$ 800,000 & \$ 600,000 \\\text { Cost of goods sold } & 480,000 & 390,000 \\\text { Selling expenses } & 120,000 & 78,000 \\\text { Administrative expenses } & 80,000 & 54,000 \\\text { Income tax expense } & 24,000 & 25,000 \\\text { Net income } & 96,000 & 53,000\end{array}$ Instructions
Prepare a schedule showing a vertical analysis for 2017 and 2016.

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Definitions:

National-Average Poverty Rates

The proportion of the population that lives below the poverty line, averaged across a nation, indicating the level of economic hardship and inequality.

Hispanics

A demographic group in the United States and other countries, often characterized by a heritage, language, or culture related to Spain or Spanish-speaking Latin American countries.

Foreign-Born Noncitizens

Foreign-born noncitizens are individuals born outside of a given country who have not acquired citizenship by naturalization within that country.

Income Inequality

The uneven distribution of income within a population, where some individuals earn significantly more than others.