Prepare an income statement in comparative form

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Reference no: EM13835659

Revenue and expense data for Searle Technologies Co. are as follows: 20Y8 20Y7 Sales $900,000 $725,000 Cost of goods sold 558,000 435,000 Selling expenses 117,000 116,000 Administrative expenses 63,000 65,250 Income tax expense 76,500 58,000

a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. Round to one decimal place.

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

Reference no: EM13835659

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