Exercise 9-2A (Algo) Vertical analysis LO 9-1 Walton Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percentage of sales. (Percentages may not add due to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) Sales Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net income WALTON COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales Year 3 Percentage of Sales $ 1,001,500 % $ 1,079,000 550,825 598,800 450,675 480,200 129,700 149,200 320,975 331,000 80,700 80,600 $ 240,275 % $ 250,400 %