FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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
Net Sales $7,000
Cost of Goods Sold 3,800
Gross Profit 3,200
Operating Expenses:
Selling Expenses 950
Administrative Expenses 670
Total Operating Expenses 1,620
Operating Income 1,580
Other Income and (Expenses):
Interest Expense (750)
Total Other Income and (Expenses) (750)
Income Before Income Taxes 830
Income Tax Expense 150
Net Income $680
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