Solution-Prepare an income statement in comparative form

Prepare an income statement in comparative form

Assignment Help Accounting Basics

Reference no: EM132691631

Problem - Vertical Analysis of Income Statement

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

	Current Year	Previous Year
Sales	$4,000,000	$3,600,000
Cost of goods sold	2,280,000	1,872,000
Selling expenses	600,000	648,000
Administrative expenses	520,000	360,000
Income tax expense	240,000	216,000

Required -

a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.

b. Comment on the significant changes disclosed by the comparative income statement.

Reference no: EM132691631

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Prepare an income statement in comparative form

Reference no: EM132691631

Reference no: EM132691631

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