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Believe i have it correct, not sure if i put the (90,000), (60,000), (80,000), (50,000); keep them in parentheses or do not? The following income
Believe i have it correct, not sure if i put the (90,000), (60,000), (80,000), (50,000); keep them in parentheses or do not?
The following income statements were drawn from the annual reports of Toner Sales Company: $ 2018" $2ee.eee (90, 80) 110,000 2019 200,00 (80, 800) 12e, eae Net sales Cost of goods sold Gross margin Less: Operating expense Selling and administrative expenses Net Income (60,000) $ 50,000 (50,890) 70,000 $ *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 2018 and 2019. (Round all Intermedlate calculations and final answers for percentage values to 1 decimal place. Enter answers In millions, not In dollar.)) Net Sales TONER SALES COMPANY Income Statement For the Years Ended December 31, 2018 and 2019 2018 2019 $ 200.000 100.0 % $ 200.000 Cost of goods sold (90,000) 65.0 (80,000) Gross margin i 110.000 35.00 120.000 Operating expenses Operating income (80,000) 15.0 (50.000)| Net income s 50.000 20.0% 70.000 100.0 % 55.0 45.0 15.01 30.0 %Step by Step Solution
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