CoronadoCorporation, Inc. has the following income statement (in millions): Coronado Corporation, Inc. Income Statement For the Year Ended December 31, 2017 Net Sales $340 Cost of Goods Sold 224 Gross Profit 116 Operating Expenses 65 Net Income $ 51 Using vertical analysis, what percentage is assigned to net income?

15 percent

Explanation:

Given that,

For the Year Ended December 31, 2017

Net Sales = $340

Cost of Goods Sold = $224

Operating Expenses = $65

Net Income = $51

Under vertical analysis, all the items are represented as a percentage of net sales.

Therefore, the percentage assigned to net income is determined as follows:

= (Net Income ÷ Net sales) × 100

= ($51 ÷ $340) × 100

= 0.15 × 100

= 15%

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