Revenue and Expense Data for Young Technologies Are as Follows

question 38

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:

Trading In

The action of exchanging an old product for a discount on a new purchase.

Repairs

Expenditures to restore equipment, machinery, or property to its previous condition or to keep it in operational status without enhancing its value or extending its life.

Office Equipment

The furniture, computers, machines, and other tools used in offices for operational purposes.

Freight Costs

Charges incurred for transporting goods between locations, typically from the manufacturer to the buyer.