Revenue and expense data for Searle Technologies Co. are as follows: a. Prepare an income statement in
Question:
Revenue and expense data for Searle Technologies Co. are as follows:
a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. Round to one decimal place.
b. Comment on the significant changes disclosed by the comparative income statement.
Transcribed Image Text:
20Y8 Sales Cost of goods sold Selling expenses Administrative expenses Income tax expense 900,000 558,000 117,000 63,000 76,500 20Y7 $725,000 435,000 116,000 65,250 58,000
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