Prepare a vertical analysis of the income statement shown below. (Round the percentages to two...
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Accounting
Prepare a vertical analysis of the income statement shown below. (Round the percentages to two decimal places, X.XX\%.) View the Income Statement. \begin{tabular}{|c|c|c|} \hline \begin{tabular}{l} Variline, Inc. \\ Income Statemen \\ For the Year Ended Decemb \end{tabular} & 20 & \\ \hline Net Sales & $ & 8,300 \\ \hline Cost of Goods Sold & & 4,400 \\ \hline Gross Profit & & 3,900 \\ \hline Operating Expenses: & & \\ \hline Selling Expenses & & 1,050 \\ \hline Administrative Expenses & & 550 \\ \hline Total Operating Expenses & & 1,600 \\ \hline Operating Income & & 2,300 \\ \hline Other Income and (Expenses): & & \\ \hline Interest Expense & & (450) \\ \hline Total Other Income and (Expenses) & & (450) \\ \hline Income Before Income Taxes & & 1,850 \\ \hline Income Tax Expense & & 190 \\ \hline Net Income & $ & 1,660 \\ \hline \end{tabular}
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