1. Perform a vertical analysis for each course. Round your percentages to one decimal place. Bluff Run Golf Courses Income Statement Month Ending July 31, 2018 Course Blue Course Black Course Gold Revenues Greens fees revenue $62,500 $89,000 $42,700 Outings revenue 10,600 X 6,000 28,000 Total revenue $74,400 $95,000 $70,700 Expenses Landscaping $7,800 12.54 X % $14,200 % $6,400 % Wages 43,900 70.58 X % % 32,600 % Repairs and maintenance 5,600 % 2,600 % 4,300 % Fuel 3,100 % 3,000 % 1,980 % Utilities 1,800 100 X % 3,000 100 X % 1,700 100 X % Total expenses $62200 $79400 $46980 Operating income $12,200 $15,600 $ 23,720 Operating income % 16.4 % 16.4 % 33.5 X %