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

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year $3,600,000 Cost of goods sold $1,000,000 2,780,000 600,000 520,000 240,000 1,872,000 548,000 Selling expenses Administrative expenses 360,000 216,000 Income tax expense a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Current year Previous year Previous year Amount Percent Amount 54,000,000 $3,600,000 200 000 1872.000 Cost of goods sold Sales Sen expenses expenses Previous Next a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales Round to the nearest whole percentage. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Current year Amount 54 000.000 Sales Cost of goods sold (2,280,000) Selling expenses 5/600,000) Administrative expenses (240,000 Income tax expense by 5 percentage points, while selling by 3 percentage point. Thus, net income b. The vertical analysis indicates that the cost of goods sold as a percent of sales expenses by 3 percentage points, and administrative expenses as a percent of sales by 5 percentage points. Previous Next