Question
Selected data (in thousands) from the statement of income of Speedway Inc. are shown below. Using vertical analysis, calculate the percentage of the base
Selected data (in thousands) from the statement of income of Speedway Inc. are shown below. Using vertical analysis, calculate the percentage of the base amount for each year. (Round answers to 1 decimal place, e.g. 5.2%.) Sales Cost of goods sold 1,615 Gross profit Operating expenses Income before income tax Income tax expense Net income 2021 2020 Amount Percentage Amount Percentage % % $1,896 $2,092 do % do % 1,680 % do do % 281 412 % 220 do do % % 209 61 12 $49 % do 203 do % do % 41 % % $162
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