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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.
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