Fill out income statement please and thank you ### Vertical Analysis of Income Statements for Fanning CompanyThe following table represents the vertical analysis of the income statements for Fanning Company for Year 4 and Year 3. The analysis is presented in both absolute amounts and as a percentage of total revenues.---#### Year 4- **Revenues** - Sales (net): $230,300 - Other revenues: $8,100 - **Total revenues:** $238,400- **Expenses** - Cost of goods sold: $118,500 - Selling, general, and administrative expense: $53,800 - Interest expense: $7,900 - Income tax expense: $22,800 - **Total expenses:** $203,000- **Net Income:** $35,400---#### Year 3- **Revenues** - Sales (net): $211,400 - Other revenues: $6,600 - **Total revenues:** $218,000- **Expenses** - Cost of goods sold: $102,200 - Selling, general, and administrative expense: $49,200 - Interest expense: $7,100 - Income tax expense: $21,800 - **Total expenses:** $180,300- **Net Income:** $37,700---### Note- The percentage calculations need to be performed to complete the vertical analysis.- Round your answers to two decimal places.- Ensure percentages in the table add up correctly as they might not add exactly due to rounding.This analysis helps in understanding the relative size of various income statement components in relation to total revenues for each year.

Vertical Analysis of Income Statement - Vertical analysis of income statement is a method of financial analysis where each line item as a percentage of total sales, showing whether performance trends are up or down..This means line items on income statements are stated in percentages of gross sales, instead of in exact amounts of money, such as dollars.

Business

Accounting

Required Prepare a vertical analysis of both the balance sheets and income statements for Year 4 and Year 3. Complete this question by entering your answers in the tabs below. Balance Sheet Prepare a vertical analysis of the income statements for Year 4 and Year 3. Note: Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45). Revenues Sales (net) Other revenues Income Statement Total revenues Expenses Cost of goods sold Selling, general, and administrative expense Interest expense Income tax expense Total expenses Net income FANNING COMPANY Vertical Analysis of Income Statements Year 4 Amount $ 230,300 8.100 238,400 118,500 53,800 7,900 22,800 203.000 $35.400

Required Prepare a vertical analysis of both the balance sheets and income statements for Year 4 and Year 3. Complete this question by entering your answers in the tabs below. Balance Sheet Prepare a vertical analysis of the income statements for Year 4 and Year 3. Note: Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45). Revenues Sales (net) Other revenues Income Statement Total revenues Expenses Cost of goods sold Selling, general, and administrative expense Interest expense Income tax expense Total expenses Net income FANNING COMPANY Vertical Analysis of Income Statements Year 4 Amount $ 230,300 8.100 238,400 118,500 53,800 7,900 22,800 203.000 $35.400

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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