2008 2007 Sales 755,000 676,000 Sales returns andallowances 5,000 6,000 Netsales

Question

                                                           2008                2007

Sales                                                   755,000          676,000                                      

Sales returns andallowances               5,000               6,000             

Netsales                                             750,000            670,000

Cost of goodssold                               292,500            274,700

Grossprofit                                          457,500            395,300

Salesexpenses                                      172,500            160,800

Administrativeexpenses                        82,500               80,400

Total operatingexpenses                       255,000            241,200

Income fromoperations                        202,500            154,100

Otherincome                                         7,500               6,700

Income before incometax                     210,000            160,800

Income taxexpense                               60,000               53,600

Netincome                                            150,000             107,200

Prepare a comparative income statement for the two-year-period,presenting an analysis of each item in relationship to netsales for each of the years. Round to one decimal place .

Explanation / Answer

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