FMGT 2100 - Chapter 18 Homework education.wiley.com Question 1 of 4 < > -/1 E Comparative income statement data for Blossom Inc. and Pina Ltd., two competitors, are shown below for the year ended December 31.2021. Blossom Pina Net sales $1,650,000 $533,000 Cost of goods sold 948,750 341,120 Gross profit 701,250 191,880 Operating expenses 429,000 89,011 Profit from operations 272,250 102,869 Interest expense 7,190 1,252 Profit before income tax 265,060 101,617 Income tax expense 79,518 25,404 Profit $185,542 $76,213 Additional information: Average total assets $962,000 $318,563 238,808 Average total shareholders' equity 777,000 @32% FMGT 2100 - Chapter 18 Homework Question 1 of 4 education.wiley.com -/1 E Using vertical analysis, calculate the percentage of the base amount of the income statement for each company. (Round answers to 1 decimal place, e.g. 12.5%.) BLOSSOM AND PINA COMPANIES Income Statements Year Ended December 31, 2021 Net sales Cost of goods sold Blossom Percent % % Pina Percent % % Gross profit % % Operating expenses % % Profit from operations % % Interest expense % % Profit before income tax Income tax expense % % @32% FMGT 2100 - Chapter 18 Homework education.wiley.com Question 1 of 4 Net sales Cost of goods sold Percent % % Percent % % Gross profit % % Operating expenses % % Profit from operations % % Interest expense % % Profit before income tax % % Income tax expense % % Profit % % eTextbook and Media Save for Later Last saved 9 days ago. -/1 32% III Attempts: 0 of 3 used Submit