Reference no: EM132495564

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

Require

Question 1: Make a vertical analysis of the income statement showing appropriate percentages for each item listed above.