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Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating segment is presented below. Required: 1. Complete
Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating segment is presented below. Required: 1. Complete the "%" columns to be used in a vertical analysis of Game-On Sports' two operating segments. Express each amount as a percentage of sales. (Round your percentage answers to 1 decimal place.) GAME-ON SPORTS Income Statement For the Year Ended December 31, 2021 Athletic Equipment Accessories Amount % Amount % Net sales Cost of goods sold Gross profit Operating expenses Operating income $ 3,100,000 $ 3,550,000 1,370,000 1,680,000 1,730,000 770,000 960,000 Other income (expense) 81,000 1,870,000 820,000 1,050,000 (16,000) Income before tax 1,041,000 1,034,000 Income tax expense 237,000 212,000 Net income $ 804,000 $ 822,000
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