(Answered) Question - revenue and expense data for reuters company are

Accounting

Question - Revenue and expense data for Reuters Company are as follows:

2011 2010

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

(a) Prepare a comparative income statement, with vertical analysis, stating each item for both 2011 and 2010 as a percent of sales.

(b) Comment upon significant changes disclosed by the comparative income statement.

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