the yellpw spots are what we have to fill in.

please show the formula and not just the answer.

Paste BIU.E.A. Clipboard Font Alignment A1 X fx Thornton Company F A B D E Thornton Company 2 Income Statement 3 For the Year Ending 2019 4 Sales $960,000 5 Cost of Goods Sold 586,000 6 Gross Profit (gross margin) use formula 7 Operating Expenses 254,400 8 Interest Expense 24,000 9 Total Expenses 278,400 10 Income before taxes use formula 11 Income tax expense 52,800 12 Net Income use formula 13 14 Perform a Verticle Analysis on Thornton Company for 2019: 15 Use formulas and Report as percentages, round percentages to one decimal place) 16 (the first 2 are done for you) 17 2019 18 Sales 100.0% 19 Cost of goods sold 61.0% 20 Gross margin Sheet1 Ready Type here to search . g e X Calibri 11 ' ' Paste BIU...A. EE Font 5 Clipboard Alignment A1 fx Thornton Company E F B C D 19 Cost of goods sold 61.0% 20 Gross margin 21 Operating expenses 22 Interest expense 23 Total expenses 24 Income before taxes 25 Income tax expense 26 Net margin 27 28 Last year (2018) Thornton reported the following information: 29 Thornton Company 30 Income Statement 31 For the Year Ending 2018 32 Sales $800,000 100.0% 33 Cost of Goods Sold 512,000 64.0% 34 Gross Profit (gross margin) 288,000 36.0% 35 Operating Expenses 175,000 21.9% 36 Interest Expense 16,000 2.0% 37 Total Expenses 191,000 23.9% 38 Income hefore taves 47.00 12 1% Sheet1 Ready O Type here to search 0 e AutoSave Off Formulas View File Insert Draw Data Review Home Page Layout X Calibri 11 A M ilil T! Paste BIU.L a. A Clipboard Font Alignment . A1 Thornton Company $ B D E F 38 Income before taxes 97,000 12.1% 39 Income tax expense 56,000 7.0% 40 Net Income 41,000 5.1% 41 Profit margin tells a company how much of every dollar of sales 42 they get to keep after accounting for all expenses. 43 In which year did Thornton Company have the highest net profit margin (and ultimately, 44 run a better business?) 45 46 47 48 49 50 51 52 53 54 55 56 57 Sheet1 Ready Type here to search 0