Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648b5e71c6fc_1906648b5e6787ca.jpg)
Transcribed Image Text:
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 expenses 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. Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent % % % Year 1 Amount Year 1 Percent % % % % % Total expenses % % % % b. Complete the following regarding the significant changes disclosed by the comparative income statement. The vertical analysis indicates that the cost of goods sold as a percent of sales Selling and administrative expenses as a percentage of sales between the two years. and income tax expense Overall, net income as a percent of sales 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 expenses 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. Young Technologies Inc. Comparative Income Statement For the Years Ended December 31, Year 2 and Year 1 Year 2 Amount Year 2 Percent % % % Year 1 Amount Year 1 Percent % % % % % Total expenses % % % % b. Complete the following regarding the significant changes disclosed by the comparative income statement. The vertical analysis indicates that the cost of goods sold as a percent of sales Selling and administrative expenses as a percentage of sales between the two years. and income tax expense Overall, net income as a percent of sales
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Explain how to transform sin tan + cos into sec.
-
The Southern Rail Lines (SRL) is considering replacing its power jack tamper, used to maintain track and roadbed, with a new automatic-raising power tamper. SRL spent $18,000 five years ago for the...
-
The number of nonconformities found on final inspection of a tape deck is shown in Table 6E.11. Can you conclude that the process is in statistical control? What center line and control limits would...
-
Professional practice models allow for autonomous nursing practice. This concept is based on the relationship between the worker and the workplace. An example of a professional practice model is: A....
-
Harriet Knox, Ralph Patton, and Marcia Diamond work for a family physician, Dr. Gwen Conrad, who is in private practice. Dr. Conrad is knowledgeable about office management practices and has...
-
Prof Douglas weighs 20.0H in air, 18.0M in water and 16.0M in oil. Find his up thrust in water
-
62 of 78 LAMINI. 4.4 Draw a block diagram of a digital optical receiver showing its various compo- nents. Explain the function of each component. How is the signal used by the decision circuit...
-
Consider the complexity of the following code segment in terms of the number f(n) of arithmetic operations performed on the variable a. determine justifying the expression of f(n) and indicates its...
-
For a network with subnet masks given below: a) Calculate the total number of IP addresses that can be allocated. b) Write the start and end IP ranges for each subnet. 223.1.1.0/22 223.2.2.0/23 X...
-
a) Use Regula-Falsi method to find a real root of the equation (a) = a - 3 = 0 and consider error till 0.0001. b) What are the advantages of Newton-Raphson method over Bisection method?
-
Ali and Ahmad have AY LLP. On January 1, 2020 the capital balances are $20000 for Ali and Ahmad $30000. On March 1 Ali invest $2000. On August 1 Ali withdrew $1000. On May 1 Ahmad invests $4000. On...
-
Net Income $0 A Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first...
-
A manager of a manufacturing company is considering adding either a drilling machine or a knurling machine. The life cycle of the drilling machine follows a uniform distribution with parameters (2.1,...
-
CLASS PERIO Solving Linear Equations: Variable on Both Sides Solve each equation. 1) 6r+ 7 = 13 + 7r 3) -7x-3x+2=-8x-8 5)-14 +66+7-26=1+5b 7) n-3n = 14-4n 2) 13-4x=1-x 4)-8-x= x - 4x 6)n+2=-14-n 8)...
-
Geary Company had the following transactions: Apr. 15 Issued a \(\$ 6,000,60\)-day, eight percent note payable in payment of an account with Marion Company. May 22 Borrowed \(\$ 50,000\) from...
-
The Longo Corporation issued \(\$ 50\) million maturity value of six percent coupon rate bonds, with interest paid semiannually. At the time of the bond issuance, equivalent risk-rated debt...
-
At December 31, 2017, Seattle Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2018, Seattle also had two notes payable outstanding (notes 3 and 4). These notes are...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App