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Question - For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $25,000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement:
Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1
20Y2
20Y1
Sales
$880,000
$757,000
Cost of merchandise sold
431,200
401,210
Gross profit
$448,800
$355,790
Selling expenses
$167,200
$136,260
Administrative expenses
88,000
90,840
Total operating expenses
$255,200
$227,100
Income from operations
$193,600
$128,690
Other revenue
35,200
30,280
Income before income tax expense
$228,800
$158,970
Income tax expense
60,560
Net income
$140,800
$98,410
Required - 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. Enter percentages as whole numbers. Enter all amounts as positive numbers.
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