E15-2 Operating data for Gallup Corporation are presented below.
2009 2008
Sales $750,000 $600,000
Cost of goods sold 465,000 390,000
Selling expenses 120,000 72,000
Administrative expenses 60,000 54,000
Income tax expense 33,000 24,000
Net income 72,000 60,000
Instructions
Prepare a schedule showing a vertical analysis for 2009 and 2008.
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