Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous YearSales$488,000 $415,000 Cost of goods sold312,320 232,400 Selling expenses68,320 74,700 Administrative expenses78,080 62,250 Income tax expense9,760 16,600 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.

Comparative Income Statement of the business compares income and expenses of the business of two…

Answered: Revenue and expense data for Innovation…

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter17: Financial Statement Analysis

Section: Chapter Questions

Problem 1E: Revenue and expense data for Gresham Inc. for two recent years are as follows: a. Prepare an income...

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Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

	Current Year	Previous Year
Sales	$488,000		$415,000
Cost of goods sold	312,320		232,400
Selling expenses	68,320		74,700
Administrative expenses	78,080		62,250
Income tax expense	9,760		16,600

a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.

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