Wertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent...

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Wertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $427,000 $363,000 Cost of goods sold 251,930 196,020 Selling expenses 68,320 65,340 Administrative expenses Income tax expense 76,860 12,810 61,710 14,520 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentag decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Sales Current year Amount Current year Percent $427,000 Previous year Amount Previous year Percent % $363,000 % Cost of goods sold, 251,930 % 196,020 % % % Selling expenses 68,320 % 65,340 % Administrative expenses 76,860 % 61,710 % $1 %

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