In completing the preliminary analytical procedures, the audit teams expectations are that there will be some growth over the prior year, the relationships among financial statement items will remain relatively stable, and Biltrites ratios will be comparable to reported industry ratios. After scrutinizing the documentation, perform the following: a. Using the Comparative Income Statements data in WP A.1, calculate each income statement component as a percentage of sales for 2009. (Hint: For help with the cell equations, examine the comparable cells for 2008.)

) [ Compatibility Mode] Excel Sign in 2009 analy Share Tell me what you want to do File Home Page Layout Formulas Dats Review View Help Insert Cut General Wrap Text Courier Nornal O.unourin Conditional Format as Formatting Table Insert Delete Format Paste Merge & Center- Sort & Find & A E Good Neutral BI Format Painter Cleat: Iter Select Clipboard Font Alignment Number Styles Cells Editing F35 P F C BILTRITE BICYCLES, INC ecumbay 312 s-Planning Prepared bu: vp A 1 Date Comparative Innome Statements (in thous ands ol dulla) 2004 2D 2007 2000 2005 La t Cost of Goods Sold 209 440 Gaoxx Profit #64 400 3.00% t07 200 23.00% #62.560 3.00 23.00 1,364 1Opatingu Lapunses .30% - - - a zuo 3.0% 15.0G0 0.700 ,240 0.150 Diher Eupenses Inet 0,300 Net Inenme befnee Taxes 12.460 $4.150 45,762 13 725 113 4.GUX 182% 4.50% 12.0s 4.70% 12,334 $3.760 ,70% $4 512 $3.865 Inoome Tanes 1.53 % 1414 25 Nut Incume bufur e8 5e8 s8 310' $32.033 3 06% 3 08% 9.028 3.23% 18.774 3.29% Nt rain Gainlosa. #0 -0.97% #1,23 0.44 % (2,650 0.00% t 310 Net Ineome 2.32% 23rc t32.033 t803 3.50% 3.06x t 376 t8.774 - 39 VP A 2 Prepared by SALES AND COST OF GODDS SOLD BY PRODUCT LINE For the Yas and 2000 Huviewud by -Planning 2U0 ra Pre Toudng Tota Peioen Pergent Peroent Poroont Peraent n430e analy1 (+ -+ 750 (?) O Type here to search 6/27/2015