Operating data for Pandemonium Inc. are presented below

2022 2021

Sales revenue $800,000 $600,000

Cost of goods sold 480,000 390,000

Selling expenses 120,000 78,000

Administrative expenses 80,000 54,000

Income tax expense 24,000 25,000

Instructions: Cut and paste the multi-step Income Statement form in your window and perform a vertical analysis for 2022 and 2021.

Pandemonium Inc

Condensed Income Statements

For the year Ended December 31

	2022		2021
	Amount	Percent	Amount	Percent
Sales Revenue
Cost of Goods Sold
Gross Profit
Selling Expenses
Admin Expenses
Total Operating Expenses
Income before taxes
Income tax expense
Net Income

Answer question below your vertical analysis:

What is your overall impression of Pandemoniums operating performance when comparing 2022 to 2021?