Question
Sales $575,000 $483,000 Cost of merchandise sold 368,000 280,140 Selling expenses 80,500 82,110 Administrative expenses 92,000 72,450 Income tax expense 11,500 19,320 Question Content Area
| Sales | $575,000 | $483,000 | ||
| Cost of merchandise sold | 368,000 | 280,140 | ||
| Selling expenses | 80,500 | 82,110 | ||
| Administrative expenses | 92,000 | 72,450 | ||
| Income tax expense | 11,500 | 19,320 |
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.
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Survey of Accounting
Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi
3rd Edition
978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856
