Operating Data for Panola Land Corporation Are Presented Below Instructions
Prepare a Schedule Showing a Vertical Analysis for 2017

Essay

Operating data for Panola Land Corporation are presented below $\begin{array}{lrr}&2017&2016\\\text { Sales revenue } & \$ 800,000 & \$ 600,000 \\\text { Cost of goods sold } & 480,000 & 390,000 \\\text { Selling expenses } & 120,000 & 78,000 \\\text { Administrative expenses } & 80,000 & 54,000 \\\text { Income tax expense } & 24,000 & 25,000 \\\text { Net income } & 96,000 & 53,000\end{array}$ Instructions
Prepare a schedule showing a vertical analysis for 2017 and 2016.