Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers. Question not attempted. Score: 0/62 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 1 Current year Current year Previous year Previous year 2 Amount Percent Amount Percent 3 Sales $3,400,000.00 $3,750,000.00 4 Cost of goods sold 2,046,800.00 2,040,000.00 5 Gross profit $1,353,200.00 $1,710,000.00 6 Selling expenses $374,000.00 $600,000.00 7 Administrative expenses 530,400.00 465,000.00 8 Total operating expenses $904,400.00 $1,065,000.00 9 Income from operations $448,800.00 $645,000.00 10 Income tax expense 170,000.00 217,500.00 11 Net income $278,800.00 $427,500.00
Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers. Question not attempted. Score: 0/62 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 1 Current year Current year Previous year Previous year 2 Amount Percent Amount Percent 3 Sales $3,400,000.00 $3,750,000.00 4 Cost of goods sold 2,046,800.00 2,040,000.00 5 Gross profit $1,353,200.00 $1,710,000.00 6 Selling expenses $374,000.00 $600,000.00 7 Administrative expenses 530,400.00 465,000.00 8 Total operating expenses $904,400.00 $1,065,000.00 9 Income from operations $448,800.00 $645,000.00 10 Income tax expense 170,000.00 217,500.00 11 Net income $278,800.00 $427,500.00
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 25BEB: Jasmine Company provided the following income statements for its first 3 years of operation: Refer...
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Question
Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers.
Question not attempted.
Score: 0/62
Innovation Quarter Inc.
|
Comparative Income Statement
|
For the Years Ended December 31
|
1
|
|
Current year
|
Current year
|
Previous year
|
Previous year
|
2
|
|
Amount
|
Percent
|
Amount
|
Percent
|
3
|
Sales
|
$3,400,000.00
|
|
$3,750,000.00
|
|
4
|
Cost of goods sold
|
2,046,800.00
|
|
2,040,000.00
|
|
5
|
Gross profit
|
$1,353,200.00
|
|
$1,710,000.00
|
|
6
|
Selling expenses
|
$374,000.00
|
|
$600,000.00
|
|
7
|
Administrative expenses
|
530,400.00
|
|
465,000.00
|
|
8
|
Total operating expenses
|
$904,400.00
|
|
$1,065,000.00
|
|
9
|
Income from operations
|
$448,800.00
|
|
$645,000.00
|
|
10
|
Income tax expense
|
170,000.00
|
|
217,500.00
|
|
11
|
Net income
|
$278,800.00
|
|
$427,500.00
|
|
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