Question

Following is the income statement for Masters Corporation for the year ended December 31, 2018: Masters...

Following is the income statement for Masters Corporation for the year ended December 31, 2018:

Masters Corporation

Income Statement

For the Year Ended December 31, 2018

Net sales $570,000

Expenses:

Cost of goods sold 278,500

Selling expenses 35,000

General expenses 39,300

Interest expense 42,000

Income tax expense 35,000

Total expenses 429,800

Net Income $140,200

Prepare a vertical analysis of the income statement showing appropriate percentages for each item listed above.

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