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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
Sales
$4,000,000
$3,600,000
Cost of goods sold
2,280,000
1,872,000
Selling expenses
600,000
648,000
Administrative expenses
520,000
360,000
Income tax expense
240,000
216,000
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.
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