Operating data for Marigold Corp. are presented below. 2017 2016 Prepare a sched

Question

Operating data for Marigold Corp. are presented below.

2017

2016

Prepare a schedule showing a vertical analysis for 2017 and 2016. (Round percentages to 1 decimal place, e.g. 12.1%.)

2017

2016

Amount

Percent

Amount

Percent

Sales

$837,800

%

$621,700

%

Cost of goods sold

528,600

%

409,400

%

Gross profit

309,200

%

212,300

%

Selling expenses

121,500

%

73,300

%

Administrative expenses

76,900

%

54,800

%

Total operating expenses

198,400

%

128,100

%

Income before income taxes

110,800

%

84,200

%

Income tax expense

35,900

%

28,300

%

Net income

$ 74,900

%

$ 55,900

%

2017

2016

Sales revenue $837,800 $621,700 Cost of goods sold 528,600 409,400 Selling expenses 121,500 73,300 Administrative expenses 76,900 54,800 Income tax expense 35,900 28,300 Net income 74,900 55,900

Explanation / Answer

December 31For the Month Ended December 31For the Years Ended December 31 2017 2016 Amount Percent Amount Percent Sales $837,800 100.0% % $621,700 100.0% % Cost of goods sold 528,600 63.1% % 409,400 65.9% % Gross profit 309,200 36.9% % 212,300 34.1% % Selling expenses 121,500 14.5% % 73,300 11.8% % Administrative expenses 76,900 9.2% % 54,800 8.8% % Total operating expenses 198,400 23.7% % 128,100 20.6% % Income before income taxes 110,800 13.2% % 84,200 13.5% % Income tax expense 35,900 4.3% % 28,300 4.6% % Net income $ 74,900 8.9 % $ 55,900 9 %

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