Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales $500,000 $440,000 Cost of goods sold 325,000 242,000 Selling expense 70,000 79,200 Administrative expenses 75,000 70,400 Income tax expense 10,500 16,400 Required: a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent $fill in the blank 0b884b011fe8068_2 fill in the blank 0b884b011fe8068_3% $fill in the blank 0b884b011fe8068_4 fill in the blank 0b884b011fe8068_5% fill in the blank 0b884b011fe8068_7 fill in the blank 0b884b011fe8068_8% fill in the blank 0b884b011fe8068_9 fill in the blank 0b884b011fe8068_10% $fill in the blank 0b884b011fe8068_12 fill in the blank 0b884b011fe8068_13% $fill in the blank 0b884b011fe8068_14 fill in the blank 0b884b011fe8068_15% fill in the blank 0b884b011fe8068_17 fill in the blank 0b884b011fe8068_18% fill in the blank 0b884b011fe8068_19 fill in the blank 0b884b011fe8068_20% fill in the blank 0b884b011fe8068_22 fill in the blank 0b884b011fe8068_23% fill in the blank 0b884b011fe8068_24 fill in the blank 0b884b011fe8068_25% Total expenses $fill in the blank 0b884b011fe8068_26 fill in the blank 0b884b011fe8068_27% $fill in the blank 0b884b011fe8068_28 fill in the blank 0b884b011fe8068_29% fill in the blank 0b884b011fe8068_31 fill in the blank 0b884b011fe8068_32% fill in the blank 0b884b011fe8068_33 fill in the blank 0b884b011fe8068_34% fill in the blank 0b884b011fe8068_36 fill in the blank 0b884b011fe8068_37% fill in the blank 0b884b011fe8068_38 fill in the blank 0b884b011fe8068_39% $fill in the blank 0b884b011fe8068_41 fill in the blank 0b884b011fe8068_42% $fill in the blank 0b884b011fe8068_43 fill in the blank 0b884b011fe8068_44%

Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales $500,000 $440,000 Cost of goods sold 325,000 242,000 Selling expense 70,000 79,200 Administrative expenses 75,000 70,400 Income tax expense 10,500 16,400 Required: a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent. Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent Year 1 Amount Year 1 Percent $fill in the blank 0b884b011fe8068_2 fill in the blank 0b884b011fe8068_3% $fill in the blank 0b884b011fe8068_4 fill in the blank 0b884b011fe8068_5% fill in the blank 0b884b011fe8068_7 fill in the blank 0b884b011fe8068_8% fill in the blank 0b884b011fe8068_9 fill in the blank 0b884b011fe8068_10% $fill in the blank 0b884b011fe8068_12 fill in the blank 0b884b011fe8068_13% $fill in the blank 0b884b011fe8068_14 fill in the blank 0b884b011fe8068_15% fill in the blank 0b884b011fe8068_17 fill in the blank 0b884b011fe8068_18% fill in the blank 0b884b011fe8068_19 fill in the blank 0b884b011fe8068_20% fill in the blank 0b884b011fe8068_22 fill in the blank 0b884b011fe8068_23% fill in the blank 0b884b011fe8068_24 fill in the blank 0b884b011fe8068_25% Total expenses $fill in the blank 0b884b011fe8068_26 fill in the blank 0b884b011fe8068_27% $fill in the blank 0b884b011fe8068_28 fill in the blank 0b884b011fe8068_29% fill in the blank 0b884b011fe8068_31 fill in the blank 0b884b011fe8068_32% fill in the blank 0b884b011fe8068_33 fill in the blank 0b884b011fe8068_34% fill in the blank 0b884b011fe8068_36 fill in the blank 0b884b011fe8068_37% fill in the blank 0b884b011fe8068_38 fill in the blank 0b884b011fe8068_39% $fill in the blank 0b884b011fe8068_41 fill in the blank 0b884b011fe8068_42% $fill in the blank 0b884b011fe8068_43 fill in the blank 0b884b011fe8068_44%

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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Question

Revenue and expense data for Young Technologies Inc. are as follows:

	Year 2	Year 1
Sales	$500,000	$440,000
Cost of goods sold	325,000	242,000
Selling expense	70,000	79,200
Administrative expenses	75,000	70,400
Income tax expense	10,500	16,400

Required:

a. Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round percentage amounts to nearest whole percent.

Young Technologies Inc.
Comparative Income Statement
For the Years Ended December 31, Year 2 and Year 1
	Year 2 Amount	Year 2 Percent	Year 1 Amount	Year 1 Percent
	$fill in the blank 0b884b011fe8068_2	fill in the blank 0b884b011fe8068_3%	$fill in the blank 0b884b011fe8068_4	fill in the blank 0b884b011fe8068_5%
	fill in the blank 0b884b011fe8068_7	fill in the blank 0b884b011fe8068_8%	fill in the blank 0b884b011fe8068_9	fill in the blank 0b884b011fe8068_10%
	$fill in the blank 0b884b011fe8068_12	fill in the blank 0b884b011fe8068_13%	$fill in the blank 0b884b011fe8068_14	fill in the blank 0b884b011fe8068_15%
	fill in the blank 0b884b011fe8068_17	fill in the blank 0b884b011fe8068_18%	fill in the blank 0b884b011fe8068_19	fill in the blank 0b884b011fe8068_20%
	fill in the blank 0b884b011fe8068_22	fill in the blank 0b884b011fe8068_23%	fill in the blank 0b884b011fe8068_24	fill in the blank 0b884b011fe8068_25%
Total expenses	$fill in the blank 0b884b011fe8068_26	fill in the blank 0b884b011fe8068_27%	$fill in the blank 0b884b011fe8068_28	fill in the blank 0b884b011fe8068_29%
	fill in the blank 0b884b011fe8068_31	fill in the blank 0b884b011fe8068_32%	fill in the blank 0b884b011fe8068_33	fill in the blank 0b884b011fe8068_34%
	fill in the blank 0b884b011fe8068_36	fill in the blank 0b884b011fe8068_37%	fill in the blank 0b884b011fe8068_38	fill in the blank 0b884b011fe8068_39%
	$fill in the blank 0b884b011fe8068_41	fill in the blank 0b884b011fe8068_42%	$fill in the blank 0b884b011fe8068_43	fill in the blank 0b884b011fe8068_44%

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