Common-Size Income Statement 2016 Revenues $ 29,970 % Cost of goods sold (20,030) $ 9,940 Gross profit Operating expenses Net operating income % (8,030) $ 1,910 % Interest expense (860)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Common-Size Income Statement 2016
Revenues
$ 29,970
%
Cost of goods sold
(20,030)
Gross profit
$ 9,940
%
Operating expenses
(8,030)
Net operating income
$ 1,910
%
Interest expense
(860)
Earnings before taxes
$ 1,050
%
Income taxes
(382)
Net income
$ 668
%
Required:
1) Prepare Common size income statement
Transcribed Image Text:Common-Size Income Statement 2016 Revenues $ 29,970 % Cost of goods sold (20,030) Gross profit $ 9,940 % Operating expenses (8,030) Net operating income $ 1,910 % Interest expense (860) Earnings before taxes $ 1,050 % Income taxes (382) Net income $ 668 % Required: 1) Prepare Common size income statement
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