For 20Y2, Tri-Comic Company initiated a sales promotion campaigns that included the expenditure of an additional $50,000for advertising. At the end of the year Lumi Neer, the president, is presented with the following condensed comparativeincome statement: please fill the table Prob. 17-2A1.TRI-COMIC COMPANYComparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y120Υ220Υ1AmountPercentAmountPercentSalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal operating expensesIncome from operationsOther revenueIncome before income taxIncome tax expenseNet income Tri-Comic CompanyComparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y120Y220Υ1Sales..$1,500,000$1,250,000510,000$ 990,000S 270,000Cost of merchandise sold..475,000$ 775,000$ 200,000156,250$ 356,250$ 418,750Gross profit..Selling expenses..Administrative expenses...Total operating expenses.Income from operations..180,000$ 450,000$ 540,000Other revenue....Income before income tax expense.60,00050,000$ 468,750375,000$ 93,750$ 600,000Income tax expense...450,000Net income...$ 150,000Instructions1. Prepare a comparative income statement for the two-year period, presenting an analysisof each item in relationship to sales for each of the years. Round percentages to onedecimal place.2.To the extent the data permit, comment on the significant relationshipsrevealed by the vertical analysis prepared in (1).

Under common size analysis of financial statements, each item is shown as a percentage of total. In…

Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Y1 Sales.. $1,500,000 $1,250,000 Cost of merchandise sold.. 510.000 $ 990,000 $ 270,000 180,000 $ 450,000 $ 540,000 60.000 $ 600,000 475,000 $ 775,000 $ 200,000 156,250 $ 356,250 $ 418,750 50,000 $ 468,750 375,000 $ 93,750 Gross profit.. Selling expenses... Administrative expenses... Total operating expenses.. Income from operations.. Other revenue... Income before income tax expense.. Income tax expense.. 450,000 Net income.. $ 150,000 Instructions 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round percentages to one decimal place.

Tri-Comic Company Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Y1 Sales.. $1,500,000 $1,250,000 Cost of merchandise sold.. 510.000 $ 990,000 $ 270,000 180,000 $ 450,000 $ 540,000 60.000 $ 600,000 475,000 $ 775,000 $ 200,000 156,250 $ 356,250 $ 418,750 50,000 $ 468,750 375,000 $ 93,750 Gross profit.. Selling expenses... Administrative expenses... Total operating expenses.. Income from operations.. Other revenue... Income before income tax expense.. Income tax expense.. 450,000 Net income.. $ 150,000 Instructions 1. Prepare a comparative income statement for the two-year period, presenting an analysis of each item in relationship to sales for each of the years. Round percentages to one decimal place.

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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