Using the following income statements, perform the calculations needed for vertical analyses. Round percentage values...
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Accounting
Using the following income statements, perform the calculations needed for vertical analyses. Round percentage values to 1 decimal place.) LOCKEY FENCING COPORATION; Income Statements; For the years ended december 31. Current Previous: Net Sales $105,000 current, $78,000 Previous; Cost of Goods Sold 60,000 Current 46,500 Previous; Gross Profit 45,000 Current, 31,500 Previous; Selling, General, and Administrative Expense 9,300 current, 4,700 Previous; Income from Operations 35,700 Current, 26,800 Previous; Interest Expense 3,100 Current, 3,900 Previous; Income before Income Tax 32,600 Current, 22,900 Previous; Income Tax Expense 9,780 Current, 6,870 Previous; Net Income $22,820 Current, $16,030 Previous
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