a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Total expenses Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent % % % % % % % % % $ $ $ % % The vertical analysis indicates that the cost of goods sold as a percent of sales administrative expense as a percentage of sales percent of sales % % % % % b. Comment on the significant changes disclosed by the comparative income statement. and income tax expense between the two years. Selling and Overall net income as a
a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Total expenses Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent % % % % % % % % % $ $ $ % % The vertical analysis indicates that the cost of goods sold as a percent of sales administrative expense as a percentage of sales percent of sales % % % % % b. Comment on the significant changes disclosed by the comparative income statement. and income tax expense between the two years. Selling and Overall net income as a
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round
percentage amounts to nearest whole percent.
Total expenses
Young Technologies Inc.
Comparative Income Statement
For the Years Ended December 31, Year 2 and Year 1
Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent
17
W
%
%
1%
%
%
%
%
%
%
%
%
%
%
%
%
The vertical analysis indicates that the cost of goods sold as a percent of sales
administrative expense as a percentage of sales
percent of sales
1%
%
b. Comment on the significant changes disclosed by the comparative income statement.
and income tax expense
between the two years. Selling and
Overall net income as a
Transcribed Image Text:Revenue and expense data for Young Technologies Inc. are as follows:
Sales
Cost of goods sold
Selling expense
Administrative expenses
Income tax expense
Required:
Year 2
$500,000
325,000
70,000
75,000
10,500
Year 1
$440,000
242,000
79,200
70,400
16,400
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