Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 2011 1 2 Sales 2012 2011 $890,000.00 $600,000.00 Cost of goods sold 520,400.00 228,000.00 Gross profit $569,600.00 $372,000.00 Selling expenses $142,400.00 $84,000.00 Administrative expenses 62,300.00 $4,000.00 Total operating expenses $204,700.00 $138,000.00 Income from operations $364,900.00 $234,000.00 Other income 80,100.00 I $4,000.00 10 Income before income tax $445,000.00 $288,000.00 11 Income tax expense 231,400.00 156,000.00 12 Net income $213,600.00 $132,000.00 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round your percentages to one decimal place. Enter all amounts as positive numbers 2. To the extent the data permit, comment on the significant relationships revealed by the vertical analysis prepared in (1) 1. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages to one decimal place. Enter all amounts as positive numbers Question not attempted. Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 Score: 0/76 1 2012 2012 2011 2011 Amount Percent Amount Percent Sales Cost of goods sold Gross profit $890,000.00 $600,000.00 320,400.00 228,000.00 $569,600.00 $372,000.00 Selling expenses $142,400.00 I $84,000.00 7 Administrative expenses 62,300.00 $4,000.00 Total operating expenses $204,700.00 $138,000.00 Income from operations $364,900.00 $234,000.00 10 Other income 80,100.00 54,000.00 11 Income before income tax $445,000.00 $288,000.00 12 Income tax expense 231,400.00 156,000.00 15 Net income $213,600.00 $132,000.00