Question 2 of 6 View Policies Current Attempt in Progress The following information for Benton Furniture, a retail furniture and design firm. Benton Furniture Balance Sheets December 31 2021 December 31 2020 Assets Current assets Cash $41,214 551720 Accounts receivable 570,127 446,085 Inventory 5.110,536 4,822.890 Prepaid expenses 82428 77.580 Total current assets 5,804 305 5.398,275 Building and equipment, net 1,064,695 1,066.725 Total assets $6,869.000 $6.465.000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 5604472 $620.640 Bank loan payable 680,031 633,570 Other accrued payables 212.939 316,785 Total current liabilities 1.497 442 1.570,995 Long-term debt 1737,857 1.784340 Total liabilities 3.235.299 3355.335 Stockholders' equity Common stock 353193 1.353.193 Retained earnings 220508 1.756.472 Total stockholders equity 3833.701 3.109.685 Total abilities and stockholders' equity $6,869.000 $6.465.000 Benton Furniture Statement of Earnings Year Ended December 31, 2021 Year Ended December 31, 2020 Net sales $5,614,000 $52,110,000 Cost of goods sold 2,846,298 2,605,500 Gross margin 2,767,702 49,504,500 Operating expenses: Selling expenses 505,260 625,320 General and administrative expenses 842,100 781,650 Total operating expenses 1,347,360 1,406,970 Operating income 1,420,342 48,097,530 Interest expense 140,350 156,330 Income before taxes 1,279,992 47,941,200 Income taxes 255,998 9,588,240 Net income $1,023,994 $38,352,960 Perform a vertical analysis of the balance sheets for Benton Furniture. (Round answers to 1 decimal place, as 5.2%) Vertical Analysis Benton Furniture Balance Sheets December 31 2021 December 31, 2020 Assets Current assets: Cash $41.214 * $51,720 Accounts receivable 570,127 % 446,085 Inventory 5.110.536 X 4822890 Prepaid expenses B2428 77.580 Total current assets 5,804 305 5.398.275 Building and equipment, net 1,064.695 X 1,066,725 Total assets $6.869.000 $6,465.000 Liabilities and Stockholders' Equity Current liabilities Accounts payable 5604422 $620,640 Bank loan payable 680,031 633,570 Other accrued payables 212.939 316,785 Total current abilities 1.497.442 1.570,995 Long-term det 1,737,857 % 1.784 340 Total liabilities 3.235.299 3.355.335 Stockholders' equity Common stock 1.353193 1352.193 Retained earnings 2.280.500 1.756,472 Total stockholders' equity 1632 701 3.109.665 Total abilities and stockholders equity 56,869,000 5665 000 Perform a vertical analysis of the balance sheets for Benton Furniture. (Round answers to 1 decimal place.es 52%) Vertical Analysis Benton Furniture Balance Sheets December 31 2021 December 31, 2020 $41.214 551.720 vable 570,127 446,085 5.110,536 4.822.890 les 82428 77580 5,804,305 X 5,398.275 ipment.net 1,064,695 1.066.725 56.869.000 $6,465.000 ockholders' Equity ble $604,472 5620,640 ble 630.031 633,570 payables 212.939 316,785 1497 442 1.520.095 1.737.857 1.784,340 3.235.299 3.355.335 wity 1,353.193 1353,193 2.250.508 1.756,472 loty 33701 3,109.645 nd stockholders' equity 56,869 000 56.465.000 Perform a vertical analysis of the income statements for Benton Furniture. (Round answers to 1 decimal place, eg. 5.2%) Benton Furniture Statement of Earnings Year Ended December 31, 2021 Year Ended December 31. 2020 Net sales $5,614.000 % $52,110,000 Cost of goods sold 2,846,298 96 2,605,500 Gross margin 2,767,702 %6 49.504,500 Operating expenses: Selling expenses 505,260 % 625,320 General and administrative expenses 842.100 % 781,650 Total operating expenses 1,347,360 % 1,406,970 Operating income 1.420,342 % 48,097,530 Interest expense 140,350 % 156,330 Income before taxes 1.279,992 % 47.941,200 Income taxes 255,998 %6 9,588,240 Net Income $1,023,994 9 $38,352,960 Perform a ve a vertical analysis of the income statements for Benton Furniture. (Round answers to 1 decimal place, eg, 5.2%) Benton Furniture Statement of Earnings Year Ended December 31, 2021 Year Ended December 31, 2020 $5,614,000 96 $52,110,000 96 Id 2,846,298 % 2,605,500 96 2.767.702 96 R 49,504,500 96 ises: es 505,260 % 625,320 95 Iministrative expenses 842.100 % 781.650 % Texpenses 1,347,360 %6 1,406,970 %6 se 1.420,342 96 48,097.530 96 140,350 96 156,330 %6 axes 1,279,992 % 47.941,200 96 255,998 96 9,588,240 96 $1,023,994 % $38,352,960 %