From the following, prepare a common-size income statement for Tom Co. by converting the dollar amounts into

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From the following, prepare a common-size income statement for Tom Co. by converting the dollar amounts into percentages. (Round to the nearest hundredth of a percent.) Use net sales as 100%.

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College Accounting A Practical Approach

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Authors: Jeffrey Slater, Mike Deschamps

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Question Posted: Mar 03, 2020 07:31 AM

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From the following, prepare a common-size income statement for Tom Co. by converting the dollar amounts into

Question:

2020 2019 Net Sales $700,000 $450,000 Cost of Goods Sold 504,000 346,500 Gross Profit from Sales 196,000 103,500 Operating Expenses 63,000 36,000 Net Income $133,000 $ 67,500

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College Accounting A Practical Approach

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