Refer to the data presented for McCormick Designs, Inc. in Exercise E17-15. In Exercise E17-15 Data for
Question:
In Exercise E17-15
Data for McCormick Designs, Inc. follow:
Requirements
1. Prepare a comparative common-size income statement for McCormick Designs, Inc. using the 2016 and 2015 data. Round percentages to one-tenth percent (three decimal places).
2. To an investor, how does 2016 compare with 2015? Explain your reasoning.
Transcribed Image Text:
MCCORMICK DESIGNS, INC. Comparative Income Statement Years Ended December 31, 2016 and 2015 2016 2015 Net Sales Revenue $ 431,250 373,000 Expenses: Cost of Goods Sold Selling and Administrative Expenses Other Expenses Total Expenses 202,000 100,050 8,000 310,050 S121,200 189,000 92,550 2,150 283,700 89,300 Net Income
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Related Book For
Horngrens Accounting
ISBN: 978-0133866889
11th edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
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