Revenue and expense data for Tribal Technologies Co. are as follows: a. Prepare an income statement in
Question:
Revenue and expense data for Tribal 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:
20Υ8 20Y7 Sales $450,000 $362,500 Cost of goods sold Selling expenses 279,000 217,500 58,500 58,000 Administrative expenses 31,500 32,625 Income tax expense 38,250 29,000
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