Question

Operating data for Joshua Corporation are presented below.

		2020		2019
Sales revenue		$746,000		$603,000
Cost of goods sold		466,250		384,714
Selling expenses		124,582		67,536
Administrative expenses		55,204		54,873
Income tax expense		37,300		24,120
Net income		62,664		71,757

Prepare a schedule showing a vertical analysis for 2020 and 2019. (Round answers to 1 decimal place, e.g. 48.5%.)

JOSHUA CORPORATION Condensed Income Statements For the Years Ended December 31
	2020				2019
	Amount		Percent		Amount		Percent
Sales revenue	$746,000		%		$603,000		%
Cost of goods sold	466,250		%		384,714		%
Gross profit	279,750		%		218,286		%
Selling expenses	124,582		%		67,536		%
Administrative expenses	55,204		%		54,873		%
Total operating expenses	179,786		%		122,409		%
Income before income taxes	99,964		%		95,877		%
Income taxes expense	37,300		%		24,120		%
Net income	$62,664		%		$71,757		%