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Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers. Question not attempted.   Score: 0/62 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 1   Current year Current year Previous year Previous year 2   Amount Percent Amount Percent 3 Sales $3,400,000.00   $3,750,000.00   4 Cost of goods sold 2,046,800.00   2,040,000.00   5 Gross profit $1,353,200.00   $1,710,000.00   6 Selling expenses $374,000.00   $600,000.00   7 Administrative expenses 530,400.00   465,000.00   8 Total operating expenses $904,400.00   $1,065,000.00   9 Income from operations $448,800.00   $645,000.00   10 Income tax expense 170,000.00   217,500.00   11 Net income $278,800.00   $427,500.00

Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers. Question not attempted.   Score: 0/62 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 1   Current year Current year Previous year Previous year 2   Amount Percent Amount Percent 3 Sales $3,400,000.00   $3,750,000.00   4 Cost of goods sold 2,046,800.00   2,040,000.00   5 Gross profit $1,353,200.00   $1,710,000.00   6 Selling expenses $374,000.00   $600,000.00   7 Administrative expenses 530,400.00   465,000.00   8 Total operating expenses $904,400.00   $1,065,000.00   9 Income from operations $448,800.00   $645,000.00   10 Income tax expense 170,000.00   217,500.00   11 Net income $278,800.00   $427,500.00

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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Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers.
Question not attempted.
 
Score: 0/62
Innovation Quarter Inc.
Comparative Income Statement
For the Years Ended December 31
1
 
Current year
Current year
Previous year
Previous year
2
 
Amount
Percent
Amount
Percent
3
Sales
$3,400,000.00
 
$3,750,000.00
 
4
Cost of goods sold
2,046,800.00
 
2,040,000.00
 
5
Gross profit
$1,353,200.00
 
$1,710,000.00
 
6
Selling expenses
$374,000.00
 
$600,000.00
 
7
Administrative expenses
530,400.00
 
465,000.00
 
8
Total operating expenses
$904,400.00
 
$1,065,000.00
 
9
Income from operations
$448,800.00
 
$645,000.00
 
10
Income tax expense
170,000.00
 
217,500.00
 
11
Net income
$278,800.00
 
$427,500.00
 
 
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