{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T17:06:11-04:00", "answer_date": "2024-05-26 17:06:11", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1750365", "url": "\/study-help\/questions\/a-prepare-an-income-statement-in-comparative-form-stating-each-1750365", "question_creation_date_js": "2024-05-26T17:06:11-04:00", "question_creation_date": "May 26, 2024 05:06 PM", "meta_title": "[Solved] a. Prepare an income statement in compara | SolutionInn", "meta_description": "Answer of - a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If require | SolutionInn", "meta_keywords": "prepare,income,statement,comparative,form,stating,item,years,percent,sales,required,round", "question_title_h1": " a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to", "question_title": " a. Prepare an income statement in comparative form, stating each item", "question_title_for_js_snippet": "a Prepare an income statement in comparative form, stating each item for both years as a percent of sales If required, round percentages to one decimal place Enter all amounts as positive numbers Innovation Quarter Inc Comparative Income Statement For the Years Ended December 31 Previous year Amount Previous year Percent Current year Amount Current year Percent Sales Cost of merchandise sold $523,000 308,570 $450,000 238,500 Selling expenses 83,680 85,500 Administrative expenses 94,140 76,500 3 Income tax expense 15,690 18,000 b The vertical analysis indicates that the cost of merchandise sold as a percent of sales selling expenses by 3 percentage points, and administrative expenses Thus, net income as a percent of sales by 3 percentage points by 6 percentage points, while by 1 percentage points ", "question_description": "\"image\"image", "transcribed_text": "a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Previous year Amount Previous year Percent Current year Amount Current year Percent Sales Cost of merchandise sold $523,000 % 308,570 % % $450,000 % 238,500 % % Selling expenses 83,680 % 85,500 % Administrative expenses 94,140 % 76,500 % % % 3 % % Income tax expense 15,690 % 18,000 % % % b. The vertical analysis indicates that the cost of merchandise sold as a percent of sales selling expenses by 3 percentage points, and administrative expenses Thus, net income as a percent of sales by 3 percentage points. by 6 percentage points, while by 1 percentage points.", "related_book": { "title": "Intermediate accounting", "isbn": "978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094", "edition": "7th edition", "authors": "J. David Spiceland, James Sepe, Mark Nelson", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/270.jpg", "uri": "\/textbooks\/intermediate-accounting-7th-edition-270", "see_more_uri": "" }, "free_related_book": { "isbn": "1521287821", "uri": "\/textbooks\/advanced-algebra-and-trigonometry-1st-edition-978-1521287828-122397", "name": "Advanced Algebra And Trigonometry", "edition": "1st Edition" }, "question_posted": "2024-05-26 17:06:11", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/hi-the-task-is-to-critically-evaluated-two-or-more-713534", "description": "Hi, the task is to critically evaluated two or more types of market segmentation, and applied to own organisations customer base. 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