Revenue and Expense Data for Young Technologies Are as Follows

question 68

Essay

Revenue and expense data for Young Technologies are as follows: a) Prepare an income statement in comparative form, stating each item for both years as an amount and as a percent of sales. Round to the nearest whole percent.
b) Comment on the significant changes disclosed by the comparative income statement.

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Definitions:

Tariff Reduction

The process of lowering taxes imposed on imported goods, typically to encourage trade between countries.

Homestead Act

A U.S. law enacted in 1862 that provided 160 acres of public land free of charge to any adult who completed five years of continuous residence and cultivation on the land.

Public Land

Land owned by the government rather than private individuals, often designated for public use, conservation, or as government facilities.

Western Settlement

The expansion and colonization of areas in North America by European settlers, primarily in the 19th century, moving westward.