Instructions Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 2011 2 Sales 3 Cost of goods sold 2092 $830,000.00 323,700.00 $506,300.00 $149,400.00 4 Gross profit $620,000.00 254,200.00 $365,800.00 $99,200.00 43,400.00 5 Selling expenses 6 Administrative expenses 41,500.00 7 Total operating expenses $190,900.00 8 Income from operations 9 Other income $315,400.00 66,400.00 $381,800.00 215,800.00 $142,600.00 $223,200.00 49,600.00 $272,800.00 161,200.00 $111,600.00 10 Income before income tax 11 Income tax expense 12 Net income $166,000.00 Check My Work 5 more Check My Work uses remaining Administrative expenses 45,400.00 $142,600.00 Total operating expenses Income from operations 41,500.00 $190,900.00 $315,400.00 66,400.00 $381,800.00 215,800.00 $166,000.00 $223,200.00 49,600.00 Other income Income before income tax 11 Income tax expense $272,800.00 161,200.00 $111,600.00 12 Net income Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to seves for each of the years. Round your percentages to one decimal place Enteral amounts as positive numbers 2. To the extent the data permit comment on the significant relationships revealed by the vertical analysis prepared in (1) Check My Work 5 more Check My Work uses remaining Address are an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages to one decimal place Enteral amounts as positive number Tn-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 2012 2012 2011 2011 Amount Percent Amount Percent $850,000.00 $620,000.00 254,200.00 Cost of goods sold 323,700.00 $506,300.00 $365,800.00 Selling expenses $149.400.00 $99.200.00 41.500.00 45,400.00 $190,900.00 $142,600.00 Income from operations $315,400.00 66,400.00 $381,800.00 215.800.00 $223,200.00 49,600.00 $272,800.00 Income before income tax 161,200.00 $166.000 DO $111.600.00 Check My Wlock 5 more Check My Work uses remaining Save and Exit Submit Assignment fo 1105A 11/25/20 Assignment Main.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inprogress=false Calculator tical analysis of income statement Income Statement Final Question 2 Comment on the significant relationships revealed by the vertical analysis prepared in (1) The vertical analysis indicates that the costs other than selling expenses (cost of goods sold and administrative expenses) by 2 percentage points. The sales promotion campaign appears to have been cost was more than made up for by as a percentage of sales. As a resulte While seling expenses as a percent of sales Check My Work 5 more Check My Work uses remaining Save and Exit Submit Assignment for Grae 1106 AM Address A 11/25/2019