Prepare a vertical analysis of the 2017 income statement data for Crane Company and Sheridan Company. (Round all ratios to 1 decimal place, e.g. 2.5%.) Condensed Income Statement For the Year Ended December 31, 2017 Sheridan Company Crane Company Dollars Dollars Percent Percent $1,855,000 $596,000 Net Sales 100 % 100 % 1,063,000 291,000 57.3 % 48.8 % Cost of Goods Sold 792,000 305,000 Gross Profit 42.7 % 51.2 % 265,000 89,000 14.3 % 14.9 % Operating Expenses 527,000 216,000 Income From Operations 28.4% 36.2 % Other Expenses and Losses 8,600 3,200 Interest Expense 0.5 % 0.5 % X 518,400 212,800 28.9% 35.7 % Income Before Income Taxes 74,900 35,000 Income Tax Expense 4.0 % 5.9 % X $443,500 $177,800 24.8 % 29.8 % Net Income / (Loss)

Question

I need help with the two I got wrong which are highlighted in red. 

Prepare a vertical analysis of the 2017 income statement data for Crane Company and Sheridan Company. (Round all ratios to 1 decimal place, e.g. 2.5%.)
Condensed Income Statement
For the Year Ended December 31, 2017
Sheridan Company
Crane Company
Dollars
Dollars
Percent
Percent
$1,855,000
$596,000
Net Sales
100 %
100 %
1,063,000
291,000
57.3 %
48.8 %
Cost of Goods Sold
792,000
305,000
Gross Profit
42.7 %
51.2 %
265,000
89,000
14.3 %
14.9 %
Operating Expenses
527,000
216,000
Income From Operations
28.4%
36.2 %
Other Expenses and Losses
8,600
3,200
Interest Expense
0.5 %
0.5 %
X
518,400
212,800
28.9%
35.7 %
Income Before Income Taxes
74,900
35,000
Income Tax Expense
4.0 %
5.9 %
X
$443,500
$177,800
24.8 %
29.8 %
Net Income / (Loss)

Image Transcription

Prepare a vertical analysis of the 2017 income statement data for Crane Company and Sheridan Company. (Round all ratios to 1 decimal place, e.g. 2.5%.) Condensed Income Statement For the Year Ended December 31, 2017 Sheridan Company Crane Company Dollars Dollars Percent Percent $1,855,000 $596,000 Net Sales 100 % 100 % 1,063,000 291,000 57.3 % 48.8 % Cost of Goods Sold 792,000 305,000 Gross Profit 42.7 % 51.2 % 265,000 89,000 14.3 % 14.9 % Operating Expenses 527,000 216,000 Income From Operations 28.4% 36.2 % Other Expenses and Losses 8,600 3,200 Interest Expense 0.5 % 0.5 % X 518,400 212,800 28.9% 35.7 % Income Before Income Taxes 74,900 35,000 Income Tax Expense 4.0 % 5.9 % X $443,500 $177,800 24.8 % 29.8 % Net Income / (Loss)

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