Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below. (Round to the nearest tenth) $$\begin{array} { l l }
\text { Revenue } & \
\text { Gross Sales } & \$ 290,000 \
\text { Less: Sales returns and Allowances } & 10,000 \
\text { Net Sales } & 280,000 \
\text { Operating Expenses } & \
\text { Salaries and Benefits } & 90,900 \
\text { Rent and Utilities } & 21,300 \
\text { Advertising and Promotions } & 1,250 \
\text { Insurance } & 2,500 \
\text { Miscellaneous Expenses } & 17,500 \
\text { Total Operating Expenses } & \$ 133,450 \
\hline
\end{array}$$

Question

Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below. (Round to the nearest tenth) $$\begin{array} { l l } 
\text { Revenue } & \
\text { Gross Sales } & \$ 290,000 \
\text { Less: Sales returns and Allowances } & 10,000 \
\text { Net Sales } & 280,000 \
\text { Operating Expenses } & \
\text { Salaries and Benefits } & 90,900 \
\text { Rent and Utilities } & 21,300 \
\text { Advertising and Promotions } & 1,250 \
\text { Insurance } & 2,500 \
\text { Miscellaneous Expenses } & 17,500 \
\text { Total Operating Expenses } & \$ 133,450 \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below. (Round to the nearest tenth) $$\begin{array} { l l } 
\text { Revenue } & \
\text { Gross Sales } & \$ 290,000 \
\text { Less: Sales returns and Allowances } & 10,000 \
\text { Net Sales } & 280,000 \
\text { Operating Expenses } & \
\text { Salaries and Benefits } & 90,900 \
\text { Rent and Utilities } & 21,300 \
\text { Advertising and Promotions } & 1,250 \
\text { Insurance } & 2,500 \
\text { Miscellaneous Expenses } & 17,500 \
\text { Total Operating Expenses } & \$ 133,450 \
\hline
\end{array}$$

Perform a Vertical Analysis for the Entry "Gross Sales" on the Portion