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

	Current Year	Previous Year
Sales	$548,000		$482,000
Cost of merchandise sold	323,320		255,460
Selling expenses	87,680		91,580
Administrative expenses	98,640		81,940
Income tax expense	16,440		19,280

Question Content Area

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.

	Current year Amount	Current year Percent	Previous year Amount	Previous year Percent
Sales	$548,000	fill in the blank 088056f80fcff9f_1%	$482,000	fill in the blank 088056f80fcff9f_2%
Cost of merchandise sold	323,320	fill in the blank 088056f80fcff9f_3%	255,460	fill in the blank 088056f80fcff9f_4%
Gross profitIncome from operationsNet incomeTotal operating expensesGross profit	$Gross profit	Gross profit%	$Gross profit	Gross profit%
Selling expenses	87,680	fill in the blank 088056f80fcff9f_10%	91,580	fill in the blank 088056f80fcff9f_11%
Administrative expenses	98,640	fill in the blank 088056f80fcff9f_12%	81,940	fill in the blank 088056f80fcff9f_13%
Gross profitIncome from operationsNet incomeTotal operating expensesTotal operating expenses	$Total operating expenses	Total operating expenses%	$Total operating expenses	Total operating expenses%
Gross profitIncome from operationsNet incomeTotal operating expensesIncome from operations	Income from operations	Income from operations%	Income from operations	Income from operations%
Income tax expense	16,440	fill in the blank 088056f80fcff9f_24%	19,280	fill in the blank 088056f80fcff9f_25%
Gross profitIncome from operationsNet incomeTotal operating expensesNet income	$Net income	Net income%	$Net income	Net income%