The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.)Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT) $71,600 enter percentages of net sales % Taxes (35%) 25,060 enter percentages of net sales % Net income $46,540 enter percentages of net sales %

The income statement represents the net income or net loss calculated by deducting the expenses from…

Answered: The Cullumber Supply Company reported…

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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The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.)

Cullumber Supply Company Income Statement for the Fiscal Year Ended June 30, 2017($ thousands)
		% of Net Sales
Net sales	$2,111,000	enter percentages of net sales %
Cost of goods sold	1,464,000	enter percentages of net sales %
Selling and administrative expenses	312,200	enter percentages of net sales %
Nonrecurring expenses	27,600	enter percentages of net sales %
Earnings before interest, taxes, depreciation, and amortization (EBITDA)	$307,200	enter percentages of net sales %
Depreciation	117,000	enter percentages of net sales %
Earnings before interest and taxes (EBIT)	190,200	enter percentages of net sales %
Interest expense	118,600	enter percentages of net sales %
Earnings before taxes (EBT)	$71,600	enter percentages of net sales %
Taxes (35%)	25,060	enter percentages of net sales %
Net income	$46,540	enter percentages of net sales %

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