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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Revenue and expense data for ABC firm are as follows:

2006           2005
Administrative expenses       \$ 37,000     \$ 20,000
Cost of goods sold               400,000       320,000
Income tax                            40,000         32,000
Net sales                             900,000       700,000
Selling expenses                  190,000        110,000

(a) Create a comparative income statement, with vertical analysis, stating each item for both 2006 and 2005 as a percent of sales.

(b) describe the important modification disclosed by a comparative income statement.

Accounting Basics, Accounting

• Category:- Accounting Basics
• Reference No.:- M99752

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