Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Previous Year Sales Cost of merchandise sold Selling expenses Administrative expenses Income tax expense Sales Cost of merchandise sold Selling expenses Current Year 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. Administrative expenses $4,000,000 2,280,000 600,000 520,000 240,000 $3,600,000 1,872,000 648,000 360,000 216,000 600,000 520,000 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent 100 % $4,000,000 100 % $3,600,000 1,872,000 2,280,000 % % % % 1 % 648,000 360,000 % % % % % Next
Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: 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 
