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Prepare vertical analysis.
Following is the income statement for Commerce Corporation for the year ended December 31, 20X7:
Commerce Corporation Income Statement For the Year Ended December 31, 20X7
Net sales
$661,000
Expenses:
Cost of goods sold
268,500
Selling expenses
45,000
General expenses
49,300
Interest expense
35,000
Income tax expense
30,000
Total expenses
427,800
Net income
$233,200
a) Prepare a vertical analysis of the income statement showing appropriate percentages for each item listed above.
b) What additional information would you need to determine whether these percentages are good or bad?
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