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

 

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Revenue and expense data for Young Technologies Inc. are as follows: Sales Cost of goods sold Selling expense Administrative expenses Income tax expense Year 2 $500,000 325,000 70,000 Total expenses 75,000 10,500 Year 1 $440,000 242,000 79,200 70,400 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 36 d. Prepare an income Statement i Comparative form, Staung cach nemt for bour years as air amount and as percent of sales. Round percentage amounts to nearest whole percent. Total expenses 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 % % % % % % % % % % % % b. Comment on the significant changes disclosed by the comparative income statement. The vertical analysis indicates that the cost of goods sold as a percent of sales two years. Selling and administrative expense as a percentage of sales expense . Overall net income as a percent of sales % % 1011 % between the and income tax Revenue and expense data for Young Technologies Inc. are as follows: Sales Cost of goods sold Selling expense Administrative expenses Income tax expense Year 2 $500,000 325,000 70,000 Total expenses 75,000 10,500 Year 1 $440,000 242,000 79,200 70,400 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 36 d. Prepare an income Statement i Comparative form, Staung cach nemt for bour years as air amount and as percent of sales. Round percentage amounts to nearest whole percent. Total expenses 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 % % % % % % % % % % % % b. Comment on the significant changes disclosed by the comparative income statement. The vertical analysis indicates that the cost of goods sold as a percent of sales two years. Selling and administrative expense as a percentage of sales expense . Overall net income as a percent of sales % % 1011 % between the and income tax

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a Comparative Income Statement Year 2 Year 1 Sales 500000 440000 Cost of Goods Sold 325000 242000 Gr... View the full answer