Condensed data from the statement of income for Oak Ridge Corporation follow: (a) Using vertical...
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Condensed data from the statement of income for Oak Ridge Corporation follow: (a) Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, e.g. 15.2%.) OAK RIDGE CORPORATION Vertical Analysis of Statement of Income 2021 2020 Amount Percent Amount Percent Sales $794,000 % $596,000 % Cost of goods sold 552,624 % 370.712 % Gross profit 241,376 % 225.288 % Operating expenses 154,036 % 125.756 % % Income before income tax 87,340 % 99.532 % Income tax expense 15,086 % 17,880 % Net income $72,254 % $81.652 %
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