Vertical Analysis
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The following income statement was prepared by Edwards Company for 2007:
Sales $100,000
Cost of goods sold $58,500
Gross margin $41,500
Selling and administrative expense $25,000
Interest expense $3,000
Total operating expenses $28,000
Income before taxes $13,500
Income tax expense $4,050
Net income $9,450
Perform vertical analysis for Edwards Company's 2007 income statement.
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Solution Summary
The solution explains how to perform a vertical analysis on the income statement.
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