Required-
Complete the "%" columns to be used in a vertical analysis of Sports Emporium's two operating segments. Express each amount as a percentage of sales
|
SPORTS EMPORIUM Income Statement For the Year Ended December 31, 2015
|
| Sporting Goods |
Sports Apparel |
| Amount |
% |
Amount |
% |
| Net sales |
$1,875,000 |
$1,000,000 |
| Cost of goods sold |
1,070,000 |
455,000 |
| Gross profit |
805,000 |
545,000 |
| Operating expenses |
480,000 |
370,000 |
| Operating income |
325,000 |
175,000 |
| Other income (expense) |
21,500 |
(16,500) |
| Income before tax |
346,500 |
158,500 |
| Income tax expense |
83,000 |
73,000 |
| Net income |
$263,500 |
$85,500 |