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Content Area Two income statements for Toby Sam Enterprises are shown below: Toby Sam Enterprises Income Statement For the Years 2 and 1 Ending December

Content Area Two income statements for Toby Sam Enterprises are shown below: Toby Sam Enterprises Income Statement For the Years 2 and 1 Ending December 31 Year 2 Year 1 Fees earned $674,350 $520,600 Operating expenses 472,045 338,390 Operating income $202,305 $182,210 Prepare a vertical analysis of Toby Sam Enterprises' income statements. Has operating income increased or decreased as a percentage of revenue

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