EX 3-28 Vertical analysis of income statement
The following data (in millions) are taken from the financial statements of Nike Inc. for the years ending May 31, 2009 and 2008:
| 2009 | 2008 | |
| Net sales (revenues) | $19,176 | $18,627 |
| Net income | 1,487 | 1,883 |
a. Determine the amount of change (in millions) and percent of change in net income for 2009. Round to one decimal place.
b. Determine the percentage relationship between net income and net sales (net income divided by net sales) for 2009 and 2008. Round to one decimal place.
c. What conclusions can you draw from your analysis?
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