Income statement information for Lucy Company is provided below.Sales$175,000Cost of goods sold105,000Gross profit$ 70,000 Required:Prepare a vertical analysis of the income statement for Lucy Company.Lucy CompanyVertical Analysis of the Income Statement AmountPercentageSales$175,000fill in the blank 1%Cost of goods sold105,000fill in the blank 2%Gross profit$70,000fill in the blank 3%

Vertical analysis is generally done to express the relative sizes of the different accounts reported…

Answered: Income statement information for Lucy…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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Income statement information for Lucy Company is provided below.

Sales	$175,000
Cost of goods sold	105,000
Gross profit	$ 70,000

Required:

Prepare a vertical analysis of the income statement for Lucy Company.

Lucy Company
Vertical Analysis of the Income Statement

	Amount	Percentage
Sales	$175,000	fill in the blank 1%
Cost of goods sold	105,000	fill in the blank 2%
Gross profit	$70,000	fill in the blank 3%

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