Following is the income statement for Lovesick Lake Group Inc.,for the year ended December 31,2017:
Expenses:
Required:
a.Prepare a vertical analysis of the income statement showing appropriate percentages for each item listed above.Round percentages to one-tenth percent.
b.What additional information would you need to determine whether these percentages are good or bad?

Question

Following is the income statement for Lovesick Lake Group Inc.,for the year ended December 31,2017:
   Expenses:
  Required:
a.Prepare a vertical analysis of the income statement showing appropriate percentages for each item listed above.Round percentages to one-tenth percent.
b.What additional information would you need to determine whether these percentages are good or bad?

Quizplus · Accepted Answer

The Answer of Following is the income statement for Lovesick Lake Group Inc.,for the year ended December 31,2017:
   Expenses:
  Required:
a.Prepare a vertical analysis of the income statement showing appropriate percentages for each item listed above.Round percentages to one-tenth percent.
b.What additional information would you need to determine whether these percentages are good or bad?

Following Is the Income Statement for Lovesick Lake Group Inc