Prepare a vertical analysis of the income statement shown below
(Round to two decimal places.)
Trucker, Inc
Income Statement
For the Year Ended December 31, 2017
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 Revenues and (Expenses):
Interest Revenue 0
Interest Expense (750 )
Total Revenues and (Expenses) (750 )
Income Before Income Taxes 830
Income Tax Expense 150
Net Income $680
What will be an ideal response
Trucker, Inc.
Income Statement
For the Year Ended December 31, 2017
Percent of
Total
Net Sales $7,000 100.00
Cost of Goods Sold 3,800 54.29
Gross Profit 3,200 45.71
Operating Expenses:
Selling Expenses 950 13.57
Administrative Expenses 670 9.57
Total Operating Expenses 1,620 23.14
Operating Income 1,580 22.57
Other Revenues and (Expenses):
Interest Revenue 0 0.00
Interest Expense (750 ) (10.71 )
Total Other Revenues and (Expenses) (750 ) (10.71 )
Income Before Income Taxes 830 11.86
Income Tax Expense 150 2.14
Net Income $680 9.71
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