Question 2

Operating data for Marigold Corp. are as follows.

		2022		2021
Sales revenue		$780,000		$580,000
Cost of goods sold		478,920		409,480
Selling expenses		120,120		67,860
Administrative expenses		56,160		49,300
Income tax expense		28,080		23,200
Net income		96,720		30,160

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

MARIGOLD CORP. Condensed Income Statement choose the accounting period December 31For the Years Ended December 31For the Month Ended December 31
	2022					2021
	Amount		Percent			Amount		Percent
Sales	$780,000		enter sales as a percentage	%		$580,000		enter sales as a percentage	%
Cost of goods sold	478,920		enter cost of goods sold as a percentage	%		409,480		enter cost of goods sold as a percentage	%
Gross profit	301,080		enter gross profit as a percentage	%		170,520		enter gross profit as a percentage	%
Selling expenses	120,120		enter selling expenses as a percentage	%		67,860		enter selling expenses as a percentage	%
Administrative expenses	56,160		enter administrative expenses as a percentage	%		49,300		enter administrative expenses as a percentage	%
Total operating expenses	176,280		enter total operating expenses as a percentage	%		117,160		enter total operating expenses as a percentage	%
Income before income taxes	124,800		enter income before income taxes as a percentage	%		53,360		enter income before income taxes as a percentage	%
Income tax expense	28,080		enter income tax expenses as a percentage	%		23,200		enter income tax expenses as a percentage	%
Net income	$ 96,720		enter net income as a percentage	%		$ 30,160		enter net income as a percentage	%