company's income statements (in $000s) are as follows: 2017 2016 Revenue $4,476,412 $3,904,384 Restaurant operating costs Food, beverage, and packaging 1.535,428 1,365,580 Labor 1,205,992 1,105,001 Occupancy 327.132 293.636 Other operating costs 651.644 641,953 General and administrative expenses 296,388 276,240 Depreciation and amortization 163,348 146,368 Pre-opening costs 12,341 17,162 Loss on disposal of assets 13,345 23,877 Total operating expenses 4,205.618 3,869.817 Income from operations 270,794 34,567 Interest and other income (expense), net 4,949 4,172 Income before income taxes 275,743 38,739 Provision for income taxes 99,490 15,801 Net income $176,253 $22,938 Prepare a common-size income statement for each year. (Round answers to 1 decimal place, e.g. 50.1%.) 2017 2016 Revenue Restaurant operating costs Food, beverage, and packaging Labor Occupancy Other operating costs General and administrative expenses Depreciation and amortization Pre-opening costs Loss on disposal of assets otal operating expenses come from operations aterest and other income (expense), net ncome before income taxes "rovision for income taxes Net income

company's income statements (in $000s) are as follows: 2017 2016 Revenue $4,476,412 $3,904,384 Restaurant operating costs Food, beverage, and packaging 1.535,428 1,365,580 Labor 1,205,992 1,105,001 Occupancy 327.132 293.636 Other operating costs 651.644 641,953 General and administrative expenses 296,388 276,240 Depreciation and amortization 163,348 146,368 Pre-opening costs 12,341 17,162 Loss on disposal of assets 13,345 23,877 Total operating expenses 4,205.618 3,869.817 Income from operations 270,794 34,567 Interest and other income (expense), net 4,949 4,172 Income before income taxes 275,743 38,739 Provision for income taxes 99,490 15,801 Net income $176,253 $22,938 Prepare a common-size income statement for each year. (Round answers to 1 decimal place, e.g. 50.1%.) 2017 2016 Revenue Restaurant operating costs Food, beverage, and packaging Labor Occupancy Other operating costs General and administrative expenses Depreciation and amortization Pre-opening costs Loss on disposal of assets otal operating expenses come from operations aterest and other income (expense), net ncome before income taxes "rovision for income taxes Net income

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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