Franklin Company reported the following operating results for two consecutive years: Required Compute each income statement component for each of the two years as a percent of sales. (Percentages may not add exactly due to rounding. Round your answers to 1 decimal place.
(i.e., 0.234 should be entered as 23.4):) Percentage of Sales Salos Cost of goods sold Gross margin on sales Operating expenses Income before taxes Income taxes Net Income FRANKLIN COMPANY Vertical Analysis of Income Statements Year 4 Percentage of Sales Year 3 $ 1,002,000 1,083,000 551,100 601,200 450,900 481,800 130,800 151,600 320,100 330,200 80,600 81,200 $ 239,500 249,000
