Prepare a Vertical Analysis of the 2019 Income Statements for Nike, Inc. (F/Y 5/31/19) and Under Armour, Inc. (F/Y 12/31/19), expressing each Income Statement item as a percentage of total revenue. (Total Revenue = 100%.)

• Use a spreadsheet program to do this part of the assignment.
• Label the spreadsheet Vertical Analysis 2019 Income Statements Nike, Inc. and Under Armour, Inc.
• List each line item from the Income Statement of Under Armour, Inc. (from Net Revenue to Net Income 11 line items in total) in Column A. (Skip Restructuring and impairment charges.)
• In Columns B, enter the 2019 amounts for Nike, Inc.
• In Column D, enter the 2019 amounts for Under Armour, Inc.
• In Columns C and E, use a formula to convert the amounts in Columns B and D, respectively, to a percentage of that companys Total Revenue.

NIKE, INC. CONSOLIDATED STATEMENTS OF INCOME $ (In millions, except per share data) Revenues Cost of sales Gross profit Demand creation expense Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense NET INCOME Earnings per common share: Basic Diluted Weighted average common shares outstanding: Basic Diluted YEAR ENDED MAY 31, 2019 2018 39,117 $ 36,397 $ 21,643 20,441 17,474 15,956 3,753 3,577 8,949 7,934 12,702 11,511 49 54 (78) 66 4,801 4,325 772 2,392 4,029 $ 1,933 $ 2017 34,350 1 9,038 15,312 3,341 7,222 10,563 59 (196) 4,886 646 4,240 $ $ $ 2.55 $ 2.49 $ 1.19 $ 1.17 $ 2.56 2.51 1,579.7 1,618.4 1,623.8 1,659.1 1,657.8 1,692.0 The accompanying Notes to the Consolidated Financial Statements are an integral part of this statement. Under Armour, Inc. and Subsidiaries Consolidated Statements of Operations (In thousands, except per share amounts) Net revenues Cost of goods sold Gross profit Selling, general and administrative expenses Restructuring and impairment charges Income (loss) from operations Interest expense, net Other expense, net Income (loss) before income taxes Income tax expense (benefit) Income (loss) from equity method investment Net income (loss) Year Ended December 31, 2019 2018 2017 $ 5,267,132 $ 5,193,185 $ 4,989,244 2,796,599 2,852,714 2,737,830 2,470,533 2.340,471 2 ,251,414 2,233,763 2,182,339 2 ,099,522 183,149 124,049 236,770 (25,017) 27,843 (21,240) (33,568) (34,538) (5,688) (9,203) (3,614) 209,842 (67,788) (10,309) 70,024 (20,552) 37,951 (47,679) 934 $ 92,139 $ (46,302) $ (48.260) Basic net income (loss) per share of Class A, B and C common stock Diluted net income (loss) per share of Class A, B and C common stock $ $ 0.20 0.20 $ $ (0.10) $ (0.10) $ (0.11) (0.11) Weighted average common shares outstanding Class A, B and C common stock Basic Diluted 450,964 454,274 445,815 445,815 4 40,729 440,729