PE 3-10A Vertical analysis
Two income statements for Fortson Company are shown below.
| Fortson Company | ||
| Income Statements a | ||
| For Years Ended December 31 | ||
| 2012 | 2011 | |
| Fees earned | $425,000 | $375,000 |
| Operating expenses | 263,500 | 225,000 |
| Operating income | $161,500 | $150,000 |
a. Prepare a vertical analysis of Fortson Company’s income statements.
b. Does the vertical analysis indicate a favorable or unfavorable trend?
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