Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 2012 and 2041 20Y2 2011 $517,000 253,330 $445,000 240,300 $204,700 $263,670 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations $98,230 51,700 $149,930 $80,100 53,400 $133,500 $71,200 $113,740 15,510 Other income 13,350 Income before income tax Income tax expense $129,250 51,700 $84,550 35,600 Net Income $77,550 $48,950 Required: Required: M 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. Enter percentages as whole numbers. Enter all amounts as positive numbers TH-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 2082 Amount 2072 Percent 2011 Amount 2011 Percent Sales $517,000 $445,000 Cost of goods sold 253,330 240,300 M Gross pront $263,670 5204,700 Selling expenses 90,239 30,100 Administrative expenses 51.700 53,400 Total operating expenses $149,930 $133,500 Income from operations $113,740 $71,200 Other Income 15,510 13.350 Income before income tax $129,250 $54,550 Income tax expense 51,700 35,600 Net Income $77,550 $48,950 2. The vertical analysis indicates that the costs other than selling expenses (cost of goods sold and administrative expenses) sales. As a result, net income as a percentage of sales The sales promotion campaign appears to have been expenses as a percent of sales slightly, the cost was more than made up for by as a percentage of While selling Sales