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Adams Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as

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Adams Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percent of sales. Note: Percentages may not add exactly due to rounding. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4). Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income Year 4 ADAMS COMPANY Vertical Analysis of Income Statements Percentage of Sales for Year 4 Year 3 Percentage of Sales for Year 3 $ 1,003,000 100.0% $ 1,082,000 100.0 % 551,650 55.0 601,000 451,350 481,000 129,200 149,000 322,150 332,000 80,300 82,400 $ 241,850 % $ 249,600 %

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