Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:

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.

Ch 17-3 Exercises and Problems eBook Show Me How Calculator Print Item 1. EX.17-01.ALGO Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year 2. EX.17-04.ALGO $400,000 3. EX.17-05.ALGO 204,000 Sales Cost of goods sold Selling expenses Administrative expenses $455,000 254,800 81,900 86,450 4. EX.17-06.ALGO & 80,000 68,000 5. EX.17-19.ALGO Income tax expense 13,650 20,000 6. EX.17-20.ALGO 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. 7. EX.17-21.ALGO 8. PR. 17-04.ALGO Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent $455,000 100 % $400,000 100 % 254,800 59 X % 204,000 53 X % Sales Cost of goods sold Gross profit $ 186,550 X $ 194,580 x Selling expenses 81,900 80,000 Administrative expenses 86,450 68,000 Income tax expense 13,650 20,000 Fredhack Check My Work 1 more Check My Work uses remaining. Next Progress: 1/8 items Assignment Score: 60.27% All work saved. Email Instructor Save and Exit Submit Assignment for Grading