Income statement information for Lucy Company is provided below:
$\begin{array}{l}
\begin{array}{l}
\text { Sales } \
\text { Cost of goods sold }\
\text { Gross profit }
\end{array}
\begin{array}{r}
\$ 175,000 \
105,000 \
\hline\$ 70,000\
\hline
\end{array}
\end{array}$
Prepare a vertical analysis of the income statement for Lucy Company.

Question

Income statement information for Lucy Company is provided below:
 $\begin{array}{l}
\begin{array}{l}
\text { Sales } \
\text { Cost of goods sold }\
\text { Gross profit }
\end{array}
\begin{array}{r}
\$ 175,000 \
105,000 \
\hline\$ 70,000\
\hline
\end{array}
\end{array}$ 
Prepare a vertical analysis of the income statement for Lucy Company.

Quizplus · Accepted Answer

The Answer of Income statement information for Lucy Company is provided below:
 $\begin{array}{l}
\begin{array}{l}
\text { Sales } \
\text { Cost of goods sold }\
\text { Gross profit }
\end{array}
\begin{array}{r}
\$ 175,000 \
105,000 \
\hline\$ 70,000\
\hline
\end{array}
\end{array}$ 
Prepare a vertical analysis of the income statement for Lucy Company.

Income Statement Information for Lucy Company Is Provided Below Prepare a Vertical Analysis of the Income Statement for Lucy