Vertical Analysis of Comparative Financial Statements

A comparative income statement and balance sheet of Miller Electronics Corporation for the last two years are shown.

Miller Electronics Corporation Comparative Income Statement For Years Ended December 31, 20-2 and 20-1
	20-2		20-1
Net Sales (all on account)		$665,720		$427,120
Cost of goods sold		383,180		252,580
Gross profit		$282,540		$174,540
Administrative expenses		$62,648		$41,149
Selling expenses		66,183		44,248
Total operating expenses		$128,831		$85,397
Operating income		$153,709		$89,143
Interest expense		1,326		1,249
Income before income taxes		$152,383		$87,894
Income tax expense		31,759		13,442
Net income		$120,624		$74,452

Miller Electronics Corporation Comparative Balance Sheet December 31, 20-2 and 20-1
	20-2		20-1
Assets
Current assets:
Cash		$42,684		$22,683
Receivables (net)		74,780		47,940
Merchandise inventory		90,209		49,939
Supplies and prepayments		3,920		1,184
Total current assets		$211,593		$121,746
Property, plant, and equipment:
Office equipment (net)		$11,875		$8,350
Factory equipment (net)		104,371		70,160
Total property, plant, and equipment		$116,246		$78,510
Total assets		$327,839		$200,256
Liabilities
Current liabilities
Notes payable		$10,340		$6,040
Accounts payable		43,280		29,928
Accrued and withheld payroll taxes		6,337		5,447
Total current liabilities		$59,957		$41,415
Stockholders' Equity
Common stock ($10 par)		$100,000		$84,000
Retained earnings		167,882		74,841
Total stockholders' equity		$267,882		$158,841
Total liabilities and stockholders' equity		$327,839		$200,256

Required:

Prepare a vertical analysis of the income statement and balance sheet. Show each item on the income statement as a percentage of the net sales for each year. On the balance sheet, show each asset item as a percentage of the total assets and each liability and equity item as a percentage of the total liabilities and stockholders' equity. Round percentages to one decimal place.

Miller Electronics Corporation
Comparative Income Statement
For Years Ended December 31, 20-2 and 20-1
	20-2 Amount	20-2 Percent	20-1 Amount	20-1 Percent
Net sales (all on account)	$665,720	fill in the blank 3c1cd905b01f00f_1	$427,120	fill in the blank 3c1cd905b01f00f_2
Cost of goods sold	383,180	fill in the blank 3c1cd905b01f00f_3	252,580	fill in the blank 3c1cd905b01f00f_4
Gross profit	$282,540	fill in the blank 3c1cd905b01f00f_5	$174,540	fill in the blank 3c1cd905b01f00f_6
Administrative expenses	$62,648	fill in the blank 3c1cd905b01f00f_7	$41,149	fill in the blank 3c1cd905b01f00f_8
Selling expenses	66,183	fill in the blank 3c1cd905b01f00f_9	44,248	fill in the blank 3c1cd905b01f00f_10
Total operating expenses	$128,831	fill in the blank 3c1cd905b01f00f_11	$85,397	fill in the blank 3c1cd905b01f00f_12
Operating income	$153,709	fill in the blank 3c1cd905b01f00f_13	$89,143	fill in the blank 3c1cd905b01f00f_14
Interest expense	1,326	fill in the blank 3c1cd905b01f00f_15	1,249	fill in the blank 3c1cd905b01f00f_16
Income before income taxes	$152,383	fill in the blank 3c1cd905b01f00f_17	$87,894	fill in the blank 3c1cd905b01f00f_18
Income tax expense	31,759	fill in the blank 3c1cd905b01f00f_19	13,442	fill in the blank 3c1cd905b01f00f_20
Net income	$120,624	fill in the blank 3c1cd905b01f00f_21	$74,452	fill in the blank 3c1cd905b01f00f_22

Miller Electronics Corporation
Comparative Balance Sheet
December 31, 20-2 and 20-1
Assets
	20-2 Amount	20-2 Percent	20-1 Amount	20-1 Percent
Current assets:
Cash	$42,684	fill in the blank 056953fb005af99_1	$22,683	fill in the blank 056953fb005af99_2
Receivables (net)	74,780	fill in the blank 056953fb005af99_3	47,940	fill in the blank 056953fb005af99_4
Merchandise inventory	90,209	fill in the blank 056953fb005af99_5	49,939	fill in the blank 056953fb005af99_6
Supplies and prepayments	3,920	fill in the blank 056953fb005af99_7	1,184	fill in the blank 056953fb005af99_8
Total current assets	$211,593	fill in the blank 056953fb005af99_9	$121,746	fill in the blank 056953fb005af99_10
Property, plant, and equipment:
Office equipment (net)	$11,875	fill in the blank 056953fb005af99_11	$8,350	fill in the blank 056953fb005af99_12
Factory equipment (net)	104,371	fill in the blank 056953fb005af99_13	70,160	fill in the blank 056953fb005af99_14
Total prop., plant, and equip.	$116,246	fill in the blank 056953fb005af99_15	$78,510	fill in the blank 056953fb005af99_16
Total assets	$327,839	fill in the blank 056953fb005af99_17	$200,256	fill in the blank 056953fb005af99_18
Liabilities
Current liabilities:
Notes payable	$10,340.0	fill in the blank 056953fb005af99_19	$6,040	fill in the blank 056953fb005af99_20
Accounts payable	43,280	fill in the blank 056953fb005af99_21	29,928	fill in the blank 056953fb005af99_22
Accrued and withheld payroll taxes	6,337	fill in the blank 056953fb005af99_23	5,447	fill in the blank 056953fb005af99_24
Total current liabilities	$59,957	fill in the blank 056953fb005af99_25	$41,415	fill in the blank 056953fb005af99_26
Stockholders' Equity
Common stock ($10 par)	$100,000	fill in the blank 056953fb005af99_27	$84,000	fill in the blank 056953fb005af99_28
Retained earnings	167,882	fill in the blank 056953fb005af99_29	74,841	fill in the blank 056953fb005af99_30
Total stockholders' equity	$267,882	fill in the blank 056953fb005af99_31	$158,841	fill in the blank 056953fb005af99_32
Total liab. and stockholders' equity	$327,839	fill in the blank 056953fb005af99_33	$200,256	fill in the blank 056953fb005af99_34