The second step is to prepare a common-size income statement for the firm. Complete the common-size income statement below: (Round to one decimal place.) 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 %
The second step is to prepare a common-size income statement for the firm. Complete the common-size income statement below: (Round to one decimal place.) 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 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
b. The second step is to prepare a common-size income statement for the firm.
Complete the common-size income statement below: (Round to one decimal place.)
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
|
|
%
|
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