←个#becausesneaker...HW CH 17v2.cengagenow.com/ilrn/take... ☆Custom OrderCommon-Sized Income StatementRevenue and expense data for the current calendar year for Tannenhill Company and for theelectronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industryaverages are expressed in percentages.SalesCost of merchandise soldGross profitSelling expensesNet incomeAdministrative expensesTotal operating expensesIncome from operationsOther revenue and expense:Other revenueOther expenseIncome before income tax expenseIncome tax expenseTannenhillCompany$1,120,000627,200$492,800$302,400123,200$425,600$67,200SalesCost of merchandise soldGross profit22,400(11,200)$78,40033,600$44,800Common-Sized Income StatementFor the Year Ended December 31Tannenhill Tannenhill ElectronicsCompany Company IndustryAmount PercentAverage$1,120,000627,200$492,800%%100.0%61%ElectronicsIndustryAverage100 %61200039 %23 %1033 %a. Prepare a common-sized income statement comparing the results of operations for TannenhillCompany with the industry average. If required, round percentages to one decimal place. Enterall amounts as positive numbers.Tannenhill Company6 %217%4| @ +3% #becausesneaker...HW CH 17Total operating expensesIncome from operationsOther revenue and expense:Custom OrderOther revenueOther expenseIncome before income tax expenseIncome tax expenseNet incomeSalesCost of merchandise soldGross profitSelling expensesAdministrative expensesTotal operating expensesIncome from operationsOther revenue and expense:Common-Sized Income StatementFor the Year Ended December 31Other revenueNet incomeOther expenseIncome before income taxIncome tax expenseCheck My Worka. Prepare a common-sized income statement comparing the results of operations for TannenhillCompany with the industry average. If required, round percentages to one decimal place. Enterall amounts as positive numbers.Tannenhill Company$492,800$302,400123,200Tannenhill Tannenhill ElectronicsCompany CompanyIndustryAmount Percent Average$1,120,000627,200$425,600$67,200$425,600$67,20022,400(11,200)22,400(11,200)$78,40033,600$44,800$78,40033,600$44,800%%%%%%%%%%%%100.0%61%39%23%10%33%6%2%1%7%4%3%33 %=6%217%43%than theb. The company is managing the cost of manufacturing product (industry, and has slightlyselling and administrative expenses relative to theindustry. The combined impact causes net income as a percent of sales to bethan the industry average.PreviousNext >€

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Description: ←个#becausesneaker...HW CH 17v2.cengagenow.com/ilrn/take... ☆Custom OrderCommon-Sized Income StatementRevenue and expense data for the current calendar year for Tannenhill Company and for theelectronics industry are as follows. Tannenhill's data are

Common size analysis means where each item of profit and loss is expressed in form of percentage and…

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a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Sales Cost of merchandise sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue and expense: Other revenue Other expense Income before income tax Income tax expense Net income Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average $1,120,000 627,200 $492,800 $302,400. 123,200 $425,600 $67,200 22,400 (11,200) $78,400 33,600 $44,800 % % % % % % % % % % % % 100.0% 61% 39% 23% 10% 33% 6% 2% 1% 7% 4% 3% b. The company is managing the cost of manufacturing product industry, and has slightly industry. The combined impact causes net income as a percent of sales to be than the industry average. than the selling and administrative expenses relative to the

a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Tannenhill Company Common-Sized Income Statement For the Year Ended December 31 Sales Cost of merchandise sold Gross profit Selling expenses Administrative expenses Total operating expenses Income from operations Other revenue and expense: Other revenue Other expense Income before income tax Income tax expense Net income Tannenhill Tannenhill Electronics Company Company Industry Amount Percent Average $1,120,000 627,200 $492,800 $302,400. 123,200 $425,600 $67,200 22,400 (11,200) $78,400 33,600 $44,800 % % % % % % % % % % % % 100.0% 61% 39% 23% 10% 33% 6% 2% 1% 7% 4% 3% b. The company is managing the cost of manufacturing product industry, and has slightly industry. The combined impact causes net income as a percent of sales to be than the industry average. than the selling and administrative expenses relative to the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Common-Size Income StatementsConsider the following income statement data from the Ross Company: Current Year Previous Year Sales revenue $529,000 $454,000 Cost of goods sold 336,000 279,000 Selling expenses 109,000 103,000 Administrative expenses 64,000 58,000 Income tax expense 7,800 5,400 Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). Note: Compute percentages for each "Total" (do not add prior percentage amounts to arrive at Totals). ROSS COMPANYCommon-Size Income Statements(Percent of Sales Revenue) Current Year Previous Year Sales Revenue Answer Answer Cost of Goods Sold Answer Answer Answer Answer Answer Answer Selling Expenses Answer Answer Administrative Expenses Answer Answer Total Answer Answer Income before Income Taxes Answer Answer Answer Answer Answer Answer Answer Answer PreviousSave AnswersNext
Revenue and expense data for Bluestem Company are as follows: Administrative expenses Cost of merchandise sold Income tax expense Sales Selling expenses Total operating expenses Year 2 $37,000 350,000 40,000 800,000 150,000 a. Prepare a comparative income statement, with vertical analysis, stating each item for both years as a percent of sales. Round percentages to one decimal place. Bluestem Company $ Comparative Income Statement For Years Ended December 31, Year 2 and Year 1 Year 2 Percent Year 1 $20,000 320,000 32,000 700,000 110,000 Year 2 Amount The most significant increase in expenses is resulting in the overall % % % % % % % 1% % $ Year 1 Amount Year 1 Percent % % % % % % 1% % % b. Complete the following regarding significant changes disclosed by the comparative income statement. which offsets the decrease in of net income. G
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