Revenue and expense data for Reuters Company are as follows: ...
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Accounting
Revenue and expense data for Reuters Company are as follows:
|
| 2017 | 2016 |
| Administrative expenses | $ 24,750 | $ 18,000 |
| Cost of goods sold | 500,000 | 375,000 |
| Income tax | 11,600 | 12,000 |
| Net sales | 750,000 | 600,000 |
| Selling expenses | 182,250 | 154,800 |
|
| Prepare a comparative income statement, with vertical analysis, stating each item for both 2017 and 2016 as a percent of sales. |
|
| Comment upon significant changes disclosed by the comparative income statement. |
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