Comparative Income Statements Consider the following income statement data from the Ross Company: Current Year Previous Year Sales revenue $525,000 $450,000 Cost of goods sold 336,000 279,000 Selling expenses 105,000 99,000 Administrative expenses 60,000 54,000 Income tax expense 7,800 5,400 Prepare a comparative income statement, showing increases and decreases in dollars and in percentages. Note: Round "Percent Change" answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANY Comparative Income Statements Current Year Previous Year Increase (Decrease) Percent Change Sales Revenue Answer Answer Answer Answer Cost of Goods Sold Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Selling Expenses Answer Answer Answer Answer Administrative Expenses Answer Answer Answer Answer Total Answer Answer Answer Answer Income before Income Taxes Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer
Comparative Income Statements Consider the following income statement data from the Ross Company: Current Year Previous Year Sales revenue $525,000 $450,000 Cost of goods sold 336,000 279,000 Selling expenses 105,000 99,000 Administrative expenses 60,000 54,000 Income tax expense 7,800 5,400 Prepare a comparative income statement, showing increases and decreases in dollars and in percentages. Note: Round "Percent Change" answers to one decimal place (ex: 0.2345 = 23.5%). ROSS COMPANY Comparative Income Statements Current Year Previous Year Increase (Decrease) Percent Change Sales Revenue Answer Answer Answer Answer Cost of Goods Sold Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Selling Expenses Answer Answer Answer Answer Administrative Expenses Answer Answer Answer Answer Total Answer Answer Answer Answer Income before Income Taxes Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Comparative Income Statements
Consider the following income statement data from the Ross Company:
| Current Year | Previous Year | |
|---|---|---|
| Sales revenue | $525,000 | $450,000 |
| Cost of goods sold | 336,000 | 279,000 |
| Selling expenses | 105,000 | 99,000 |
| Administrative expenses | 60,000 | 54,000 |
| Income tax expense | 7,800 | 5,400 |
Prepare a comparative income statement, showing increases and decreases in dollars and in percentages.
Note: Round "Percent Change" answers to one decimal place (ex: 0.2345 = 23.5%).
| ROSS COMPANY Comparative Income Statements |
||||
|---|---|---|---|---|
Current Year |
Previous Year |
Increase (Decrease) |
Percent Change |
|
| Sales Revenue | Answer | Answer | Answer | Answer |
| Cost of Goods Sold | Answer | Answer | Answer | Answer |
| Answer | Answer | Answer | Answer | Answer |
| Answer | ||||
| Selling Expenses | Answer | Answer | Answer | Answer |
| Administrative Expenses | Answer | Answer | Answer | Answer |
| Total | Answer | Answer | Answer | Answer |
| Income before Income Taxes | Answer | Answer | Answer | Answer |
| Answer | Answer | Answer | Answer | Answer |
| Answer | Answer | Answer | Answer |
Answer
|
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