Business, 06.12.2021 16:50 kelleemaebarnha
Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:
Current Year Previous Year
Sales $4,000,000 $3,600,000
Cost of goods sold 2,280,000 1,872,000
Selling expenses 600,000 648,000
Administrative expenses 520,000 360,000
Income tax expense 240,000 216,000
Prepare an income statement in comparative form, stating each item for both years as a percent of sales.
Answers: 2
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Vertical Analysis of Income Statement
Revenue and expense data for Innovation Quarter Inc. for two...
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