Prepare a Vertical Analysis of the Income Statement Shown Below $$\begin{array} { l l } \text { Net Sales } & \$ 7,000 \\\text { Cost of Goods Sold } & 3,800 \\\text { Gross Profit } & 3,200\end{array}$$

question 93

Essay

Prepare a vertical analysis of the income statement shown below.(Round to two decimal places.)
Buckner, Inc.
Income Statement
For the Year Ended December 31, 2019 $$\begin{array} { l l } \text { Net Sales } & \$ 7,000 \\\text { Cost of Goods Sold } & 3,800 \\\text { Gross Profit } & 3,200\end{array}$$ Operating Expenses:
$$\begin{array} { l l } \text { Selling Expenses } & 950 \\\text { Administrative Expenses } & \underline { 670 } \\\text { Total Operating Expenses } & \underline { 1,620 } \\\text { Operating Income } & 1,580\end{array}$$ Other Income and (Expenses):
$\begin{array}{ll}\text { Interest Expense } & \underline{(750)} \\\text { Total Other Income and (Expenses) } &\underline{(750)} \\\text { Income Before Income Taxes } & \underline{150}\\\text { Income Tax Expense } & \underline{\$ 680} \\\text { Net Income }\end{array}$

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Definitions:

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Positive Romberg Sign

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Ortolani Sign

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Modified Allen Test

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