Will someone please give me the correct answer to these problems. Using the foll

Question

Will someone please give me the correct answer to these problems. Using the following income statement perform the calculations need for vertical analyses. Round percentage values to 1 decimal place.) Lockey Fencing Coporation; Income Statements; For the Years ended December 31. Current and Previous 1. Net Sales 105,ooo Current, $78,000 Previous. 2. Cost of Goods Sold 60,000 Current,46,500 Previous. 3. Gross Profit 45,000 Current, 31,500 Previous. 4. Selling, General, and Administrative Expenses 9,300 Current 4,700 Previous. 5. Income from Operations 35,700 Current, 26,800 Previous. 6. Interest Expense 3,100 Current, 3,900 Previous Income before Income Tax 32,600 Current, 22,900 Previous. 7. Income Tax Expense 9,780 Current, 6,870 Previous. 8. Net Income 22,820 Current, $16,030 Previous. Net Income is not 42.4. ASP

Explanation / Answer

Current Previous Amount % Amount % Net Sales 105000 100.0% 78000 100.0% Cost of Goods Sold 60000 57.1% 46500 59.6% Gross Profit 45000 42.9% 31500 40.4% Selling, General, and Administrative Expenses 9300 8.9% 4700 6.0% Income from Operations 35700 34.0% 26800 34.4% Interest Expense 3100 3.0% 3900 5.0% Income before Income Tax 32600 31.0% 22900 29.4% Income Tax Expense 9780 9.3% 6870 8.8% Net Income 22820 21.7% 16030 20.6%

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