11. Vertical Analysis of Income Statement

Revenue and expense data for Soldner Inc. are as follows: 2014 2013 Sales $1,500,000 $1,450,000 Cost of goodssold 930,000 812,000 Selling expenses 210,000 261,000 Administrative expenses 255,000 232,000 Income tax expense 52,500 72,500 Prepare an income statement in comparative form, stating each item for both 2014 and 2013 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers