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.
b. Comment on the significant changes disclosed by the comparative income statement.
Answers: 3
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Revenue and expense data for Young Technologies Inc. are as follows:
Year 2 Year 1
Sales $50...
Sales $50...
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