Here are comparative statement data for Duke Company and Lord Company, two competitors. All balance sheet data are as of December 31, 2020, and December 31, 2019.

		Duke Company				Lord Company
		2020		2019		2020		2019
Net sales		$1,836,000				$561,000
Cost of goods sold		1,029,996				297,330
Operating expenses		269,892				79,662
Interest expense		9,180				4,488
Income tax expense		53,244				6,171
Current assets		326,500		$310,300		83,200		$78,000
Plant assets (net)		519,000		499,100		139,200		125,700
Current liabilities		65,000		75,600		36,200		29,600
Long-term liabilities		107,600		89,800		28,800		24,400
Common stock, $10 par		505,000		505,000		116,000		116,000
Retained earnings		167,900		139,000		41,400		33,700

(a)

Prepare a vertical analysis of the 2020 income statement data for Duke Company and Lord Company. (Round percentages to 1 decimal place, e.g. 12.1%.)

Condensed Income Statement choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Quarter Ended December 31, 2020
	Duke Company				Lord Company
	Dollars		Percent		Dollars		Percent
select an income statement item Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues	$enter your answer in dollars		enter your answer in percentages rounded to 1 decimal place %		$enter your answer in dollars		enter your answer in percentages rounded to 1 decimal place %
select an income statement item Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues	enter your answer in dollars		enter your answer in percentages rounded to 1 decimal place %		enter your answer in dollars		enter your answer in percentages rounded to 1 decimal place %
select a closing name for section one Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues	enter a total amount for section one		enter your answer in percentages rounded to 1 decimal place %		enter a total amount for section one		enter your answer in percentages rounded to 1 decimal place %
select an income statement item Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues	enter your answer in dollars		enter your answer in percentages rounded to 1 decimal place %		enter your answer in dollars		enter your answer in percentages rounded to 1 decimal place %
select a closing name for section two Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues	enter a total amount for section two		enter your answer in percentages rounded to 1 decimal place %		enter a total amount for section two		enter your answer in percentages rounded to 1 decimal place %
select an opening name for section three Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues
select an income statement item Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues	enter your answer in dollars		enter your answer in percentages rounded to 1 decimal place %		enter your answer in dollars		enter your answer in percentages rounded to 1 decimal place %
select a summarizing line for the first part Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues	enter a total amount for the first part		enter your answer in percentages rounded to 1 decimal place %		enter a total amount for the first part		enter your answer in percentages rounded to 1 decimal place %
select an income statement item Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues	enter your answer in dollars		enter your answer in percentages rounded to 1 decimal place %		enter your answer in dollars		enter your answer in percentages rounded to 1 decimal place %
select a closing name for this statement Cost of Goods SoldDividendsExpensesGross ProfitIncome Before Income TaxesIncome From OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Net SalesOperating ExpensesOther Expenses and LossesRevenuesTotal ExpensesTotal Revenues	$enter a total net income or loss amount		enter your answer in percentages rounded to 1 decimal place %		$enter a total net income or loss amount		enter your answer in percentages rounded to 1 decimal place %

eTextbook and Media