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
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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