OComplete the "%" columns to be used in a vertical analysis of Sports Emporium's two operating segramount as a percentage of sales. (Round your answers to 1 decimal place.)Net salesCost of goods soldGross profitOperating expensesOperating incomeOther income (expense)Income before taxIncome tax expenseNet income2SPORTS EMPORIUMIncome StatementsFor the Year Ended December 31, 2024Sporting GoodsAmount$ 1,800,0001,040,000760,000450,000310,00020,000330,00080,000$ 250,000%Amount100.0 $ 970,00042.2 x440,00057.8 x530,00025.0340,000190,000(15,000)175,00070,000105,000Required 1Sports Apparel$%100.042.3 x57.732.7 xRequired 2 > 20Sports Emporium has two operating segments: sporting goods and sports apparel. The income statement for each operating segmentis presented below.Required:1. Complete the "%" columns to be used in a vertical analysis of Sports Emporium's two operating segments. Express each amount as apercentage of sales.2. Use vertical analysis to compare the profitability of the two operating segments. Which segment is more profitable?Answer is not complete.Complete this question by entering your answers in the tabs below.Required 1 Required 2Complete the "%" columns to be used in a vertical analysis of Sports Emporium's two operating segments. Express eachamount as a percentage of sales. (Round your answers to 1 decimal place.).Net salesSPORTS EMPORIUMIncome StatementsFor the Year Ended December 31, 2024Sporting GoodsAmount$1,800,000%100.0Sports ApparelAmount970,000100.0***Maid

VERTICAL ANALYSIS OF BALANCE SHEET Vertical analysis is a proportional analysis of financial…

Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income 2 SPORTS EMPORIUM Income Statements For the Year Ended December 31, 2024 Sporting Goods Amount $ 1,800,000 1,040,000 760,000 450,000 310,000 20,000 330,000 80,000 $ 250,000 % 100.0 42.2 x 57.8 x 25.0 < Required 1 $ $ Sports Apparel Amount 970,000 440,000 530,000 340,000 190,000 (15,000) 175,000 70,000 105,000 % 100.0 42.3 x 57.7 x 32.7 x Required 2 >

Net sales Cost of goods sold Gross profit Operating expenses Operating income Other income (expense) Income before tax Income tax expense Net income 2 SPORTS EMPORIUM Income Statements For the Year Ended December 31, 2024 Sporting Goods Amount $ 1,800,000 1,040,000 760,000 450,000 310,000 20,000 330,000 80,000 $ 250,000 % 100.0 42.2 x 57.8 x 25.0 < Required 1 $ $ Sports Apparel Amount 970,000 440,000 530,000 340,000 190,000 (15,000) 175,000 70,000 105,000 % 100.0 42.3 x 57.7 x 32.7 x Required 2 >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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