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Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Y1 Sales.. $1,500,000 $1,250,000 Cost of merchandise sold.. 510.000 $ 990,000 $ 270,000 180,000 $ 450,000 $ 540,000 60.000 $ 600,000 475,000 $ 775,000 $ 200,000 156,250 $ 356,250 $ 418,750 50,000 $ 468,750 375,000 $ 93,750 Gross profit.. Selling expenses... Administrative expenses... Total operating expenses.. Income from operations.. Other revenue... Income before income tax expense.. Income tax expense.. 450,000 Net income.. $ 150,000 Instructions 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round percentages to one decimal place.

Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Y1 Sales.. $1,500,000 $1,250,000 Cost of merchandise sold.. 510.000 $ 990,000 $ 270,000 180,000 $ 450,000 $ 540,000 60.000 $ 600,000 475,000 $ 775,000 $ 200,000 156,250 $ 356,250 $ 418,750 50,000 $ 468,750 375,000 $ 93,750 Gross profit.. Selling expenses... Administrative expenses... Total operating expenses.. Income from operations.. Other revenue... Income before income tax expense.. Income tax expense.. 450,000 Net income.. $ 150,000 Instructions 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round percentages to one decimal place.

Fundamentals of Financial Management (MindTap Course List)
Fundamentals of Financial Management (MindTap Course List)
15th Edition
ISBN:9781337395250
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter4: Analysis Of Financial Statements
Section: Chapter Questions
Problem 24P: Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of...
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For 20Y2, Tri-Comic Company initiated a sales promotion campaigns that included the expenditure of an additional $50,000for advertising. At the end of the year Lumi Neer, the president, is presented with the following condensed comparativeincome statement:

 

 

 

 

please fill the table

Prob. 17-2A 1. TRI-COMIC COMPANY Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Amount Percent Amount Percent Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income
Transcribed Image Text:Prob. 17-2A 1. TRI-COMIC COMPANY Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Υ1 Amount Percent Amount Percent Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue Income before income tax Income tax expense Net income
Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales.. $1,500,000 $1,250,000 510,000 $ 990,000 S 270,000 Cost of merchandise sold.. 475,000 $ 775,000 $ 200,000 156,250 $ 356,250 $ 418,750 Gross profit.. Selling expenses.. Administrative expenses... Total operating expenses. Income from operations.. 180,000 $ 450,000 $ 540,000 Other revenue.... Income before income tax expense. 60,000 50,000 $ 468,750 375,000 $ 93,750 $ 600,000 Income tax expense... 450,000 Net income... $ 150,000 Instructions 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round percentages to one decimal place. 2. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1).
Transcribed Image Text:Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Υ1 Sales.. $1,500,000 $1,250,000 510,000 $ 990,000 S 270,000 Cost of merchandise sold.. 475,000 $ 775,000 $ 200,000 156,250 $ 356,250 $ 418,750 Gross profit.. Selling expenses.. Administrative expenses... Total operating expenses. Income from operations.. 180,000 $ 450,000 $ 540,000 Other revenue.... Income before income tax expense. 60,000 50,000 $ 468,750 375,000 $ 93,750 $ 600,000 Income tax expense... 450,000 Net income... $ 150,000 Instructions 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round percentages to one decimal place. 2. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1).
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