Question
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $405,000 $360,000 Cost of goods
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
Current Year Previous Year Sales $405,000 $360,000 Cost of goods sold 226,800 180,000 Selling expenses 72,900 72,000 Administrative expenses 76,950 64,800 Income tax expense 12,150 18,000
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 $405,000 fill in the blank 37fb9cff1034070_1% $360,000 fill in the blank 37fb9cff1034070_2% Cost of goods sold 226,800 fill in the blank 37fb9cff1034070_3% 180,000 fill in the blank 37fb9cff1034070_4% Gross profit $fill in the blank 37fb9cff1034070_6 fill in the blank 37fb9cff1034070_7% $fill in the blank 37fb9cff1034070_8 fill in the blank 37fb9cff1034070_9% Selling expenses 72,900 fill in the blank 37fb9cff1034070_10% 72,000 fill in the blank 37fb9cff1034070_11% Administrative expenses 76,950 fill in the blank 37fb9cff1034070_12% 64,800 fill in the blank 37fb9cff1034070_13% Total operating expenses $fill in the blank 37fb9cff1034070_15 fill in the blank 37fb9cff1034070_16% $fill in the blank 37fb9cff1034070_17 fill in the blank 37fb9cff1034070_18% Income from operations fill in the blank 37fb9cff1034070_20 fill in the blank 37fb9cff1034070_21% fill in the blank 37fb9cff1034070_22 fill in the blank 37fb9cff1034070_23% Income tax expense 12,150 fill in the blank 37fb9cff1034070_24% 18,000 fill in the blank 37fb9cff1034070_25% Net income $fill in the blank 37fb9cff1034070_27 fill in the blank 37fb9cff1034070_28% $fill in the blank 37fb9cff1034070_29 fill in the blank 37fb9cff1034070_30%
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
| Current Year | Previous Year | |||
| Sales | $405,000 | $360,000 | ||
| Cost of goods sold | 226,800 | 180,000 | ||
| Selling expenses | 72,900 | 72,000 | ||
| Administrative expenses | 76,950 | 64,800 | ||
| Income tax expense | 12,150 | 18,000 | ||
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 | $405,000 | fill in the blank 37fb9cff1034070_1% | $360,000 | fill in the blank 37fb9cff1034070_2% |
| Cost of goods sold | 226,800 | fill in the blank 37fb9cff1034070_3% | 180,000 | fill in the blank 37fb9cff1034070_4% |
| Gross profit | $fill in the blank 37fb9cff1034070_6 | fill in the blank 37fb9cff1034070_7% | $fill in the blank 37fb9cff1034070_8 | fill in the blank 37fb9cff1034070_9% |
| Selling expenses | 72,900 | fill in the blank 37fb9cff1034070_10% | 72,000 | fill in the blank 37fb9cff1034070_11% |
| Administrative expenses | 76,950 | fill in the blank 37fb9cff1034070_12% | 64,800 | fill in the blank 37fb9cff1034070_13% |
| Total operating expenses | $fill in the blank 37fb9cff1034070_15 | fill in the blank 37fb9cff1034070_16% | $fill in the blank 37fb9cff1034070_17 | fill in the blank 37fb9cff1034070_18% |
| Income from operations | fill in the blank 37fb9cff1034070_20 | fill in the blank 37fb9cff1034070_21% | fill in the blank 37fb9cff1034070_22 | fill in the blank 37fb9cff1034070_23% |
| Income tax expense | 12,150 | fill in the blank 37fb9cff1034070_24% | 18,000 | fill in the blank 37fb9cff1034070_25% |
| Net income | $fill in the blank 37fb9cff1034070_27 | fill in the blank 37fb9cff1034070_28% | $fill in the blank 37fb9cff1034070_29 | fill in the blank 37fb9cff1034070_30% |
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Introduction To Health Care Management
Authors: Sharon B. Buchbinder, Nancy H. Shanks
3rd Edition
128408101X, 9781284081015
