Prepare an income statement in comparative form

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Reference no: EM13530903

Income statement data for Starr Canning Corporation are as follows:

 

2009

2008

Sales

$1,400,000

$1,200,000

Cost of goods sold

850,000

730,000

Selling expenses

205,000

240,000

General expenses

140,000

100,000

Income tax expense

82,000

50,000

Required

a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales (vertical common-size analysis).

b. Comment on the findings in (a).

Reference no: EM13530903

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