Revenue and Expense Data for Young Technologies Are as Follows

question 34

Short Answer

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:

Scorpions

Arthropods belonging to the class Arachnida, characterized by their venomous sting, used to kill prey and for defense.

Arthropod

Invertebrates, with an exoskeleton and jointed appendages, such as crustaceans and insects.

Lobsters

Marine crustaceans with a hard shell, long antennae, and ten legs, known for being a popular seafood.

Squids

Cephalopod mollusks known for their bilateral symmetry, elongated bodies, large eyes, and ability to squirt ink as a defense mechanism.