Answer Happy

Operating data for Swifty Corporation are presented as follows. Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $750,000 461,250 120,750 59,250 29,250 79,500 2021 $600,000 391,800 76,800 52,800 24,000 54,600 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round answers to 1 decimal place, e.g. 48.5%.)

Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income tax expense Amount Net income $750,000 461,250 288,750 120,750 59,250 Income before income taxes 108,750 180,000 29,250 $79,500 SWIFTY CORPORATION Condensed Income Statements For the Years Ended December 31 2022 Percent % % % % % % % % % Amount $600,000 391,800 208,200.0 76.800 52,800 129,600 78,600 24,000 $54,600 2021 Percent % % % % % % % % %