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: 0/62Innovation Quarter Inc.Comparative Income StatementFor the Years Ended December 311 Current yearCurrent yearPrevious yearPrevious year2 AmountPercentAmountPercent3Sales$3,400,000.00 $3,750,000.00 4Cost of goods sold2,046,800.00 2,040,000.00 5Gross profit$1,353,200.00 $1,710,000.00 6Selling expenses$374,000.00 $600,000.00 7Administrative expenses530,400.00 465,000.00 8Total operating expenses$904,400.00 $1,065,000.00 9Income from operations$448,800.00 $645,000.00 10Income tax expense170,000.00 217,500.00 11Net income$278,800.00 $427,500.00

We have the following information:Current year percent & Previous year percent = ParticularsSales × 100

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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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