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a. Prepare a common-sized income statement comparing the results of operations for Sorenson Electronics Company with the industry average. If required, round percentages to one decimal place. Sorenson Electronics Company Common-Sized Income Statement Sorenson Electronics Sorenson Electronics Electronics Industry Company Percent Company Amount Average Sales $1,570,000 100% Cost of Goods Sold (910,600) % (64)%

a. Prepare a common-sized income statement comparing the results of operations for Sorenson Electronics Company with the industry average. If required, round percentages to one decimal place. Sorenson Electronics Company Common-Sized Income Statement Sorenson Electronics Sorenson Electronics Electronics Industry Company Percent Company Amount Average Sales $1,570,000 100% Cost of Goods Sold (910,600) % (64)%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. Prepare a common-sized income statement comparing the results of operations for Sorenson Electronics Company with the industry average. If required, round percentages to one decimal place. Sorenson Electronics Company Common-Sized Income Statement Sorenson Electronics Sorenson Electronics Electronics Industry Company Percent Company Amount Average Sales $1,570,000 100% Cost of Goods Sold (910,600) % (64)%
Transcribed Image Text:a. Prepare a common-sized income statement comparing the results of operations for Sorenson Electronics Company with the industry average. If required, round percentages to one decimal place. Sorenson Electronics Company Common-Sized Income Statement Sorenson Electronics Sorenson Electronics Electronics Industry Company Percent Company Amount Average Sales $1,570,000 100% Cost of Goods Sold (910,600) % (64)%
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