Vertical Analysis of Income Statement

For 20Y2, Tri-Comic Company initiated a sales promotion campaign that included the expenditure of an additional $19,000 for advertising. At the end of the year, Lumi Neer, the president, is presented with the following condensed comparative income statement:

Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1
	20Y2		20Y1
Sales	$687,000		$591,000
Cost of merchandise sold	316,020		295,500
Gross profit	$370,980		$295,500
Selling expenses	$144,270		$118,200
Administrative expenses	75,570		76,830
Total operating expenses	$219,840		$195,030
Income from operations	$151,140		$100,470
Other revenue	34,350		29,550
Income before income tax expense	$185,490		$130,020
Income tax expense	75,570		53,190
Net income	$109,920		$76,830

Required:

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.

Tri-Comic Company
Comparative Income Statement
For the Years Ended December 31, 20Y2 and 20Y1
	20Y2 Amount	20Y2 Percent	20Y1 Amount	20Y1 Percent
Sales	$687,000	fill in the blank 9acddbff0f9bff5_1%	$591,000	fill in the blank 9acddbff0f9bff5_2%
Cost of merchandise sold	316,020	fill in the blank 9acddbff0f9bff5_3%	295,500	fill in the blank 9acddbff0f9bff5_4%
Gross profit	$370,980	fill in the blank 9acddbff0f9bff5_5%	$295,500	fill in the blank 9acddbff0f9bff5_6%
Selling expenses	$144,270	fill in the blank 9acddbff0f9bff5_7%	$118,200	fill in the blank 9acddbff0f9bff5_8%
Administrative expenses	75,570	fill in the blank 9acddbff0f9bff5_9%	76,830	fill in the blank 9acddbff0f9bff5_10%
Total operating expenses	$219,840	fill in the blank 9acddbff0f9bff5_11%	$195,030	fill in the blank 9acddbff0f9bff5_12%
Income from operations	$151,140	fill in the blank 9acddbff0f9bff5_13%	$100,470	fill in the blank 9acddbff0f9bff5_14%
Other revenue	34,350	fill in the blank 9acddbff0f9bff5_15%	29,550	fill in the blank 9acddbff0f9bff5_16%
Income before income tax expense	$185,490	fill in the blank 9acddbff0f9bff5_17%	$130,020	fill in the blank 9acddbff0f9bff5_18%
Income tax expense	75,570	fill in the blank 9acddbff0f9bff5_19%	53,190	fill in the blank 9acddbff0f9bff5_20%
Net income	$109,920	fill in the blank 9acddbff0f9bff5_21%	$76,830	fill in the blank 9acddbff0f9bff5_22%