Problem - Vertical Analysis of Income Statement

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Reference no: EM132479946

Problem - Vertical Analysis of Income Statement

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


Current Year

Previous Year




Cost of goods sold



Selling expenses



Administrative expenses



Income tax expense



a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers.

Reference no: EM132479946

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