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Prepare a vertical analysis of the income statement shown below. (Round the percentages to two decimal places, X.XX\%.) View the Income Statement. & 20 &
\ \hline Net Sales & $ & 8,300
\ \hline Cost of Goods Sold & & 4,400
\ \hline Gross Profit & & 3,900
\ \hline Operating Expenses: & &
\ \hline Selling Expenses & & 1,050
\ \hline Administrative Expenses & & 550
\ \hline Total Operating Expenses & & 1,600
\ \hline Operating Income & & 2,300
\ \hline Other Income and (Expenses): & &
\ \hline Interest Expense & & (450)
\ \hline Total Other Income and (Expenses) & & (450)
\ \hline Income Before Income Taxes & & 1,850
\ \hline Income Tax Expense & & 190
\ \hline Net Income & $ & 1,660
\ \hline \end{tabular}
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