Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $ 3,400,000 $3,750,000 Cost of goods sold 2,046,800 2,040,000 Selling...


Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows:








































Current Year


Previous Year

Sales$ 3,400,000$3,750,000
Cost of goods sold2,046,8002,040,000
Selling expenses374,000600,000
Administrative expenses530,400465,000
Income tax expense170,000217,500















A.Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers.
B.Comment on the significant changes disclosed by the comparative income statement.



Jun 02, 2022
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