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A vertical analysis is being conducted for TTG Ltd. TTG Ltd. Income Statement Year Ended December 31 2020 2021 2022 Revenue $ 732,000 $ 782,000
A vertical analysis is being conducted for TTG Ltd.
TTG Ltd. | |||
Income Statement | |||
Year Ended December 31 | |||
2020 | 2021 | 2022 | |
Revenue | $ 732,000 | $ 782,000 | $ 832,000 |
Cost of goods sold | 439,200 | 461,380 | 482,560 |
Gross profit | 292,800 | 320,620 | 349,440 |
Selling expenses | 109,800 | 109,480 | 124,800 |
Operating expenses | 36,600 | 46,920 | 41,600 |
Operating income | 146,400 | 164,220 | 183,040 |
Income tax expense | 51,240 | 57,477 | 64,064 |
Net income | 95,160 | 106,743 | 118,976 |
Based on the above comparative income statement, what percentage will 2022 net income be shown as? (Round to the nearest percent.)
Question 17 options:
| 14% |
| 22% |
| 100% |
| 114% |
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