Preparing Income Statements by Using Net Sales as the Base: Vertical Analysislt Jasmine Company provided the following income statements for its first 3 years of operation:
Year 1 Year 2 Year 3
Net sales $5,000,000 $4,500,000 $4,000,000
Less: Cost of goods sold (3,000,000) (3,250,000) (3,600,000)
Required: Prepare common-size income statements by using net sales as the base. Round answers to the nearest whole percentage.
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Home » Business » Preparing Income Statements by Using Net Sales as the Base: Vertical Analysislt Jasmine Company provided the following income statements for its first 3 years of operation: Year 1 Year 2 Year 3 Net sales $5,000,000 $4,500,000 $4,000,000 Less: Cost