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Comparative Income Statement This Year Last Year Sales 7,360,000 $ 5,593,600 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses 4,760,000 3,511,000 2,600,000 2,082,600 1,384,000 1,081,500 709,000 615,000 2,093,000 1,696,500

Comparative Income Statement This Year Last Year Sales 7,360,000 $ 5,593,600 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses 4,760,000 3,511,000 2,600,000 2,082,600 1,384,000 1,081,500 709,000 615,000 2,093,000 1,696,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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 income statement with percentages comparatively

Comparative Income Statement This Year Last Year Sales 7,360,000 $ 5,593,600 Cost of goods sold Gross margin 4,760,000 3,511,000 2,600,000 2,082,600 Selling and administrative expenses: Selling expenses Administrative expenses 1,384,000 1,081,500 709,000 615,000 Total expenses 2,093,000 1,696,500 Net operating income 507,000 386,100 Interest expense 96,000 90,000 Net income before taxes $ 411,000 $ 296,100 %24
Transcribed Image Text:Comparative Income Statement This Year Last Year Sales 7,360,000 $ 5,593,600 Cost of goods sold Gross margin 4,760,000 3,511,000 2,600,000 2,082,600 Selling and administrative expenses: Selling expenses Administrative expenses 1,384,000 1,081,500 709,000 615,000 Total expenses 2,093,000 1,696,500 Net operating income 507,000 386,100 Interest expense 96,000 90,000 Net income before taxes $ 411,000 $ 296,100 %24
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