Question
Vertical Analysis of Income Statement For 2012, Tn-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $21,000 for advertising.
Vertical Analysis of Income Statement For 2012, Tn-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $21,000 for advertising. At the end of the year, the president, is presented with the following condensed comparative income statement Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 2012 and 20Y1 2012 2011 Sales Cost of goods sold $762,000 $655,000 403,860 386,450 Gross profit Selling expenses Administrative expenses Total operating expenses $358,140 $268,550 $152,400 $124,450 83,820 $236,220 85,150 $209,600 Income from operations $121,920 $58,950 Other income 38,100 39,300 Income before income tax $160,020 $98,250 60,960 39,300 Income tax expense $99,060 $56,950 Net income Required: triationship to sales for each of the years. Enter percentages as whole
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started