2. Income Statement For the Year Ended December 31, 2023

Item	Amount ($)	% of Total Revenue
Total Revenue	$120,000,000	100%
Cost of Goods Sold	?	62.5%
Gross Profit	?	37.5%
Operating Expenses	?	25%
Net Income Before Tax	?	20%
Income Tax Expense	?	12.5%
Net Income After Tax	?	16%

Calculate the missing values for Cost of Goods Sold, Gross Profit, Operating Expenses, Net Income Before Tax, Income Tax Expense, and Net Income After Tax. Then, perform a vertical analysis by expressing each item as a percentage of total revenue.