Common-Size Income Statements Consider 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 COMPANY Common-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
Common-Size Income Statements Consider 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 COMPANY Common-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
Chapter1: Financial Statements And Business Decisions
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Common-Size Income Statements
Consider 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 COMPANY Common-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
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