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Use the Following Information About the Reimer Company to Do

Question 41

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Use the following information about The Reimer Company to do a vertical analysis of the income statement for the current year.Fill in the missing components in the table.
 Account  Current  Prior  Percent  Net sales revenue $350,000$312,000 Cost of goods sold $203,000$215,000 Gross profit $147,000$97,000 Selling/general expenses $80,500$36,500 Net income before tax $66,500$60,500 Income tax $10,500$6,400 Net income $56,000$54,100\begin{array} { | l | l | l | l | } \hline \text { Account } & \text { Current } & \text { Prior } & \text { Percent } \\\hline \text { Net sales revenue } & \$ 350,000 & \$ 312,000 & \\\hline \text { Cost of goods sold } & \$ 203,000 & \$ 215,000 & \\\hline \text { Gross profit } & \$ 147,000 & \$ 97,000 & \\\hline \text { Selling/general expenses } & \$ 80,500 & \$ 36,500 & \\\hline \text { Net income before tax } & \$ 66,500 & \$ 60,500 & \\\hline \text { Income tax } & \$ 10,500 & \$ 6,400 & \\\hline \text { Net income } & \$ 56,000 & \$ 54,100 & \\\hline\end{array}

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