caption: 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 $409,000 $372,000 Cost of goods sold 257,670 208,320 61,350 66,960 Selling expenses Administrative expenses 65,440 55,800 Income tax expense 8,180 14,880 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. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Current year Previous year Previous year Amount Percent Amount Percent Sales $409,000 $372,000 Cost of goods sold 257,670 208,320 $4 Gross profit 151,330 Selling expenses 61,350 66,960 Administrative expenses 65,440 55,800 Total operating expenses 126,790 Income from operations 24,540 Income tax expense 8,180 14,880 2$ Net income 16,360 Feedback %24 %24 %24
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