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Operating data for Blue Spruce Corp. are presented below. 2020 2019 $720,000 $580,000 439,200 368,300 112,320 75,980 Administrative expenses 57,600 42,340 25,200 24,360 85,680 69,020
Operating data for Blue Spruce Corp. are presented below. 2020 2019 $720,000 $580,000 439,200 368,300 112,320 75,980 Administrative expenses 57,600 42,340 25,200 24,360 85,680 69,020 Sales revenue Cost of goods sold Selling expenses Income tax expense Net income Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round percentages to 1 decimal place, eg. 1 2.1 %.) BLUE SPRUCE CORP Condensed Income Statement 2020 2019 Amount Percent Amount Percent Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense $720,000 439,200 280,800 112,320 57,600 169,920 110,880 25,200 $ 85,680 % $580,000 % 368,300 % 211,700 % 75,980 % 42.340 % 118,320 % 93,380 % 24.360 % $69,020 Net income
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