P-Town OMalleys 2000 income statement reported net income of $6 million. A vertical analysis of the income
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P-Town O’Malley’s 2000 income statement reported net income of $6 million. A vertical analysis of the income statement shows the following:
Net sales percentage ?%
Cost of products sold percentage ?
Gross profit percentage 48 Selling and administrative expense percentage ?
Operating income percentage ?
Income tax* percentage ?
Net income percentage 6
*Income tax rate: 40% of operating income.
Required Determine the missing percentages and the dollar amounts that are reported in P-Town’s income statement for each of the above items.
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Related Book For 
Financial Accounting Reporting And Analysis
ISBN: 9780324149999
6th Edition
Authors: Earl K. Stice, James Stice, Michael Diamond, James D. Stice
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