Revenue and expense data for Young Technologies Inc. are as follows: Sales Cost of goods sold...

Transcribed Image Text:

Revenue and expense data for Young Technologies Inc. are as follows: Sales Cost of goods sold Selling expense Year 2 $500,000 325,000 70,000 75,000 10,500 Year 1 $440,000 242,000 79,200 70,400 16,400 Administrative expenses Income tax expense 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. Revenue and expense data for Young Technologies Inc. are as follows: Sales Cost of goods sold Selling expense Year 2 $500,000 325,000 70,000 75,000 10,500 Year 1 $440,000 242,000 79,200 70,400 16,400 Administrative expenses Income tax expense 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.

Answer rating: 100% (QA)

To prepare the income statement in comparative form well calculate ... View the full answer