Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $542,000 $466,000 Cost of goods sold 346,880 260,960 Selling expenses 75,880 83,880 Administrative expenses 86,720 69,900 Income tax expense 10,840 18,640 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. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Previous year Amount Previous year Percent Current year Amount Current year Percent Sales $542,000 $466,000 Cost of goods sold 346,880 260,960 Selling expenses 75,880 83,880

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $542,000 $466,000 Cost of goods sold 346,880 260,960 Selling expenses 75,880 83,880 Administrative expenses 86,720 69,900 Income tax expense 10,840 18,640 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. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Previous year Amount Previous year Percent Current year Amount Current year Percent Sales $542,000 $466,000 Cost of goods sold 346,880 260,960 Selling expenses 75,880 83,880

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 87PSB

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