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Q1) Following is the income statement for Commerce Corporation for 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) Make a vertical analysis of income statement illustrating suitable percentages for each item listed above.

b) What extra information would you require to find out whether these percentages are good or bad?

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