True or False: It is usually possible to eliminate all financial risks facing an organization if people are proactive\.\*

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. score: 0/76 tri-comic company comparative income statement for the years ended december 31, 20y2 and 20y1 1 20y2 20y2 20y1 20y1 2 amount percent amount percent 3 sales $1,500,000.00 $1,250,000.00 4 cost of goods sold 510,000.00 475,000.00 5 gross profit $990,000.00 $775,000.00 6 selling expenses $270,000.00 $200,000.00 7 administrative expenses 180,000.00 156,250.00 8 total operating expenses $450,000.00 $356,250.00 9 income from operations $540,000.00 $418,750.00 10 other income 60,000.00 50,000.00 11 income before income tax $600,000.00 $468,750.00 12 income tax expense 450,000.00 375,000.00 13 net income $150,000.00 $93,750.00