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.
Solved
Show answers
More tips
- C Computers and Internet How to Download Videos from YouTube? Simple Steps to Download Any Content...
- S Style and Beauty Tricks and Tips: How to Get Rid of Freckles...
- H Health and Medicine How to perform artificial respiration?...
- C Computers and Internet How to Get Rid of Windows Genuine Check?...
- F Food and Cooking The Disease That Haunted Abraham Lincoln...
- S Style and Beauty How to Make Your Lips Fuller? Ideas and Tips for Beautiful Lips...
- S Style and Beauty How are artificial nails removed?...
- F Family and Home How to Sew Curtain Tapes: Best Tips from Professionals...
- H Horoscopes, Magic, Divination How to Cast a Love Spell on a Guy? Guide for Guys...
- F Family and Home How to Properly Use a Water Level?...
Answers on questions: Business
- B Business Why do you think Zappos offers a $2,000 incentive to quit?...
- B Business Free p0intt Only if you answer me this question...
- B Business How does the government pay for roads, schools, and emergency services?...
- M Mathematics Find the slope between the 2 points (2,3) and (-4,6)...
- H History The money a government collects from taxes or other sources. the choices are a.) limited government b.) boycott c.) revenue d.) tariff...
- H History What set of reflections would carry hexagon abcdef onto itself...
- E English If this account were a fictionalized account instead of an autobiography, the first line might read a) april 25-- air quite sultry right now. b) april 25: why is the air so sultry...
- H History How was the byzantine class structure divided?...
- G Geography List these terms in order of size: bay,gulf,lake,ocean,pond,sea...
- B Biology Glycolysis is an anaerobic reaction because it needs sunlight to occur it requires a great deal of oxygen it produces carbon dioxide it happens when there is no oxygen present...
Ответ:
See explanation section
Explanation:
See the image below
Ответ:
True
Explanation:
The assumption of the LIFO method is that the most recent goods which are added to the inventory of a company have been sold first.
This brings about a better matching of the cost incurred and the revenue since the most recent products added are the ones which are then sold first. Therefore, the correct option is True.