Following are the income statements for Marthas Miscellaneous for 2008 and 2009. Required Complete the comparative income
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Complete the comparative income statement by computing dollar change ($ change) and percentage change (%change).
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MARTHA'S MISCELLANEOUS COMPARATIVE STATEMENTS OF INCOME AND RETAINED EARNINGS 2009 2008 $Change % Change Sales revenue Cost of goods sold Gross profit Payroll expense Insurance expense Rent expense Depreciation Total expenses Operating income Interest expense Gain on vehicle sale Loss on sale of securities Interest revenue Net income before $700,000 $650,000 455,000 $200,000 $195,000 $50,000 42,250 29,000 18,000 15,000 $133,000 $104,250 $67,000 90,750 (5,000) 500,000 30,000 18,000 35,000 7,000) 25,000 (25,000) 75,000 50,000 interest and taxes Income taxes Net income Dividends Total retained earnings Retained earnings 1/1 Retained earnings 12/31 $135,000 135,750 40,250 $95,000 95,500 38,000 $57,000 57,500 136,000 $250,500 $193,500 40,000 38,000 193,500
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