Prepare a comparative income statement for the two-year period, presenting a vertical analysis of each item in relationship to sales for each of the years. Fishing Experiences Inc.Comparative Income StatementFor the Years Ended December 31, 20Y6 and 20Y5 20Y6 Amount 20Y6 Percent 20Y5 Amount 20Y5 Percent Sales $498,000 fill in the blank 1753e5018073ffe_1% $428,000 fill in the blank 1753e5018073ffe_2% Cost of goods sold (268,920) fill in the blank 1753e5018073ffe_3% (196,880) fill in the blank 1753e5018073ffe_4% Gross profit $229,080 fill in the blank 1753e5018073ffe_5% $231,120 fill in the blank 1753e5018073ffe_6% Selling expenses $(114,540) fill in the blank 1753e5018073ffe_7% $(85,600) fill in the blank 1753e5018073ffe_8% Administrative expenses (49,800) fill in the blank 1753e5018073ffe_9% (55,640) fill in the blank 1753e5018073ffe_10% Total operating expenses $(164,340) fill in the blank 1753e5018073ffe_11% $(141,240) fill in the blank 1753e5018073ffe_12% Operating income $64,740 fill in the blank 1753e5018073ffe_13% $89,880 fill in the blank 1753e5018073ffe_14% Other revenue 14,940 fill in the blank 1753e5018073ffe_15% 25,680 fill in the blank 1753e5018073ffe_16% Income before income tax $79,680 fill in the blank 1753e5018073ffe_17% $115,560 fill in the blank 1753e5018073ffe_18% Income tax expense (29,880) fill in the blank 1753e5018073ffe_19% (47,080) fill in the blank 1753e5018073ffe_20% Net income $49,800 fill in the blank 1753e5018073ffe_21% $68,480 fill in the blank 1753e5018073ffe_22% Feedback Area

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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. Prepare a comparative income statement for the two-year period, presenting a vertical analysis of each item in relationship to sales for each of the years.

Fishing Experiences Inc.Comparative Income StatementFor the Years Ended December 31, 20Y6 and 20Y5

	20Y6 Amount	20Y6 Percent	20Y5 Amount	20Y5 Percent
Sales	$498,000	fill in the blank 1753e5018073ffe_1%	$428,000	fill in the blank 1753e5018073ffe_2%
Cost of goods sold	(268,920)	fill in the blank 1753e5018073ffe_3%	(196,880)	fill in the blank 1753e5018073ffe_4%
Gross profit	$229,080	fill in the blank 1753e5018073ffe_5%	$231,120	fill in the blank 1753e5018073ffe_6%
Selling expenses	$(114,540)	fill in the blank 1753e5018073ffe_7%	$(85,600)	fill in the blank 1753e5018073ffe_8%
Administrative expenses	(49,800)	fill in the blank 1753e5018073ffe_9%	(55,640)	fill in the blank 1753e5018073ffe_10%
Total operating expenses	$(164,340)	fill in the blank 1753e5018073ffe_11%	$(141,240)	fill in the blank 1753e5018073ffe_12%
Operating income	$64,740	fill in the blank 1753e5018073ffe_13%	$89,880	fill in the blank 1753e5018073ffe_14%
Other revenue	14,940	fill in the blank 1753e5018073ffe_15%	25,680	fill in the blank 1753e5018073ffe_16%
Income before income tax	$79,680	fill in the blank 1753e5018073ffe_17%	$115,560	fill in the blank 1753e5018073ffe_18%
Income tax expense	(29,880)	fill in the blank 1753e5018073ffe_19%	(47,080)	fill in the blank 1753e5018073ffe_20%
Net income	$49,800	fill in the blank 1753e5018073ffe_21%	$68,480	fill in the blank 1753e5018073ffe_22%

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