Comparative Income StatementsConsider the following income statement data from the Ross Company: Current YearPrevious YearSales revenue$525,000$450,000Cost of goods sold336,000279,000Selling expenses105,00099,000Administrative expenses60,00054,000Income tax expense7,8005,400Prepare a comparative income statement, showing increases and decreases in dollars and in percentages. Note: Round "Percent Change" answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANYComparative Income Statements Current YearPrevious YearIncrease(Decrease)PercentChangeSales RevenueAnswerAnswerAnswerAnswerCost of Goods SoldAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswer Selling ExpensesAnswerAnswerAnswerAnswerAdministrative ExpensesAnswerAnswerAnswerAnswerTotalAnswerAnswerAnswerAnswerIncome before Income TaxesAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswerAnswer

HORIZONTAL ANALYSISHorizontal Analysis is one of the Important analysis techniques of financial…

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Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 40E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...

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Comparative Income Statements
Consider the following income statement data from the Ross Company:

	Current Year	Previous Year
Sales revenue	$525,000	$450,000
Cost of goods sold	336,000	279,000
Selling expenses	105,000	99,000
Administrative expenses	60,000	54,000
Income tax expense	7,800	5,400

Prepare a comparative income statement, showing increases and decreases in dollars and in percentages.

Note: Round "Percent Change" answers to one decimal place (ex: 0.2345 = 23.5%).

ROSS COMPANY Comparative Income Statements
	Current Year	Previous Year	Increase (Decrease)	Percent Change
Sales Revenue	Answer	Answer	Answer	Answer
Cost of Goods Sold	Answer	Answer	Answer	Answer
Answer	Answer	Answer	Answer	Answer
Answer
Selling Expenses	Answer	Answer	Answer	Answer
Administrative Expenses	Answer	Answer	Answer	Answer
Total	Answer	Answer	Answer	Answer
Income before Income Taxes	Answer	Answer	Answer	Answer
Answer	Answer	Answer	Answer	Answer
Answer	Answer	Answer	Answer	Answer

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