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Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.) CHEYENNE CORP. Condensed Income Statement choose

Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)

CHEYENNE CORP. Condensed Income Statement choose the accounting period December 31For the Month Ended December 31For the Years Ended December 31
2022 2021
Amount Percent Amount Percent
Sales $810,000 enter sales as a percentage % $590,000 enter sales as a percentage %
Cost of goods sold 538,650 enter cost of goods sold as a percentage % 423,030 enter cost of goods sold as a percentage %
Gross profit 271,350 enter gross profit as a percentage % 166,970 enter gross profit as a percentage %
Selling expenses 116,640 enter selling expenses as a percentage % 70,800 enter selling expenses as a percentage %
Administrative expenses 59,940 enter administrative expenses as a percentage % 51,330 enter administrative expenses as a percentage %
Total operating expenses 176,580 enter total operating expenses as a percentage % 122,130 enter total operating expenses as a percentage %
Income before income taxes 94,770 enter income before income taxes as a percentage % 44,840 enter income before income taxes as a percentage %
Income tax expense 28,350 enter income tax expenses as a percentage % 24,190 enter income tax expenses as a percentage %
Net income $ 66,420 enter net income as a percentage % $ 20,650 enter net income as a percentage %

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