InstructionsRevenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed inX.dollars. The electronics industry averages are expressed in percentages.TannenhillElectronicsCompanyIndustry Average2 Sales$4,580 000.00100,0%Cost of goods sold2,581,600.0059.04 Gross profit$2,198,400.0041.0%5 Selling expenses$1,213,70000.22.5%Administrative expenses752,800.0014.07 Total operating expenses$1,946,500.0036.5%4:Operating incOme$251,900.004.5%PreviousNextCheck My Work 2 more Check My Work uses remaining.2. Instructions8 Operating income$251,900.004.5%9 Other revenue104,000.002.310$355,900.006.8%11 Other expense68,000.001.512 Income before income tax$287,900.005.3%13 Income tax expense76,000.001.714 Net income$211,900.003.6%A. Prepare a common-sized income state.ent comparing the results of operations for Tannenhill Company with the industry average. Roundpercentages to one decimal place. Enter all amounts as positive numbers.B. As far as the data permit, comment on significant relationships revealed by the comparisons.Previou=Check My Work 2 more Check My Work uses remaining.

Common size statement is an income statement under which each item is expressed as a percentage of…

Answered: Instructions Revenue and expense data…

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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Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill’s data are expressed in dollars. The electronics industry averages are expressed in percentages. TannenhillCompany ElectronicsIndustryAverage Sales $800,000 100 % Cost of goods sold 512,000 70 Gross profit $288,000 30 % Selling expenses $176,000 17 % Administrative expenses 64,000 7 Total operating expenses $240,000 24 % Operating income $48,000 6 % Other revenue 16,000 2 $64,000 8 % Other expense 8,000 1 Income before income tax $56,000 7 % Income tax expense 24,000 5 Net income $32,000 2 % 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.

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