Question
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
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 Amount Net sales Cost of goods sold Gross profit Operating expenses Operating income $ 3,000,000 1,330,000 Accessories % Amount % $ 3,450,000 1,660,000 1,670,000 1,790,000 730,000 780,000 940,000 1,010,000 Other income (expense) 79,000 (14,000) Income before tax 1,019,000 996,000 Income tax expense 233,000 208,000 Net income 786,000 $ 788,000
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