Operating data for Poseidon Corporation are presented on page 687.

2007 2006 Sales $800,000 $600,000 Cost of goods sold 500,000 408,000 Selling expenses 120,000 72,000 Administrative expenses 72,000 48,000 Income tax expense 32,000 21,600 Net income 76,000 50,400 Instructions Prepare a schedule showing a vertical analysis for 2007 and 2006.

Exercises 68 7