The following income statements were drawn from the annual reports of Toner Sales Company: Net sales Cost of goods sold Gross margin Less: Operating expense Selling and administrative expenses Net income Year 2* $426,100 (259,921) 166,179 (46,871) $ 119,308 Year 3* $ 521,100 (265,761) 255,339 (57,321) $ 198,018 *All dollar amounts are reported in thousands. The president's message in the company's annual report stated that the company had implemented a strategy to increase market share by spending more on advertising. The president indicated that prices held steady and sales grew as expected. Prepare common size income statements and make appropriate references to the differences between Year 2 and Year 3. (Round your final answers for percentage values to 1 decimal place. Enter dollar amounts in thousands, not in whole dollars.)

The following income statements were drawn from the annual reports of Toner Sales Company: Net sales Cost of goods sold Gross margin Less: Operating expense Selling and administrative expenses Net income Year 2* $426,100 (259,921) 166,179 (46,871) $ 119,308 Year 3* $ 521,100 (265,761) 255,339 (57,321) $ 198,018 *All dollar amounts are reported in thousands. The president's message in the company's annual report stated that the company had implemented a strategy to increase market share by spending more on advertising. The president indicated that prices held steady and sales grew as expected. Prepare common size income statements and make appropriate references to the differences between Year 2 and Year 3. (Round your final answers for percentage values to 1 decimal place. Enter dollar amounts in thousands, not in whole dollars.)

Name: The following income statements were drawn from the annual reports of
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Description: The following income statements were drawn from the annual reports of Toner SalesCompany:Net salesCost of goods soldGross marginLess: Operating expenseSelling and administrative expensesNet incomeYear 2*$ 426,100(259,921)166,179(46,871)$ 119,308Year

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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