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Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two...

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Accounting

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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 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. $4,000,000 2,280,000 600,000 520,000 240,000 $3,600,000 1,872,000 648,000 360,000 216,000

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